Table 3 Regression result (audit report...

Table 3

Regression result (audit report lag)

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	PEG	MPEG	OJN	PEG	MPEG	OJN	VIF
CONSTANT	0.072^***	0.125^***	0.107^***	0.06^***	0.092^***	0.085^***
CONSTANT	(9.446)	(17.767)	(21.763)	(4.963)	(8.306)	(10.82)
ARL_Q4	0.003^***	0.007^***	0.005^***
ARL_Q4	(2.666)	(6.478)	(6.705)
LNARL				0.019^**	0.017^***	0.018^***	1.40
LNARL				(2.217)	(5.45)	(5.423)
BODSIZE	−0.002^**	−0.003^**	−0.003^**	−0.002^**	−0.004^**	−0.003^***	2.06
BODSIZE	(−1.997)	(−2.004)	(−2.49)	(−2.02)	(−2.542)	(−2.832)
INDDIR	−0.001	0.003	0.002	0.001	0.001	0.001	1.32
INDDIR	(−0.303)	(1.093)	(0.911)	(0.116)	(0.372)	(0.286)
CEODUAL	0.002^*	0.003^***	0.002^***	0.001	0.002^*	0.001	1.05
CEODUAL	(1.652)	(2.951)	(2.707)	(1.015)	(1.823)	(1.442)
BODMEET	0.001	0.003^***	0.002^**	0.001	0.002^**	0.001^*	1.16
BODMEET	(1.345)	(2.981)	(2.29)	(1.121)	(2.202)	(1.727)
BIGN	−0.004^**	−0.004^***	−0.005^***	−0.004^**	−0.003^**	−0.004^***	1.15
BIGN	(−2.16)	(−2.624)	(−4.261)	(−2.458)	(−2.347)	(−3.894)
GCOPIN	−0.01	0.005	0.013	0.012	0.001	0.007	1.01
GCOPIN	(−0.651)	(0.333)	(1.247)	(0.921)	(0.018)	(0.826)
OWNCON	−0.002	−0.003^**	−0.002^**	−0.002	−0.003^*	−0.002^*	1.30
OWNCON	(−1.179)	(−2.024)	(−2.135)	(−1.363)	(−1.892)	(−1.842)
ICWEAK	−0.001	−0.001	−0.001	−0.001	−0.001	−0.001	1.04
ICWEAK	(−0.129)	(−0.247)	(−1.141)	(−0.015)	(−0.277)	(−1.249)
SALEGR	−0.009^**	0.012^***	0.01^***	−0.01^***	0.01^***	0.007^***	1.24
SALEGR	(−2.472)	(3.585)	(4.064)	(−2.814)	(2.804)	(3.121)
LNSIZE	−0.001^***	−0.003^***	−0.001^***	−0.002^**	−0.003^***	−0.002^***	2.19
LNSIZE	(−3.001)	(−8.244)	(−5.934)	(−2.461)	(−9.475)	(−7.467)
LEV	0.015^***	0.025^***	0.022^***	0.013^***	0.025^***	0.021^***	1.49
LEV	(5.206)	(9.522)	(11.713)	(4.416)	(9.541)	(11.487)
BTM	0.054^***	0.043^***	0.036^***	0.054^***	0.043^***	0.037^***	2.18
BTM	(22.167)	(19.22)	(23.153)	(22.926)	(19.532)	(23.703)
ROA	−0.033^***	−0.04^***	−0.011^**	−0.014^**	−0.023^**	−0.028^***	2.34
ROA	(−2.845)	(−3.716)	(−2.469)	(−2.352)	(−2.335)	(−4.023)
LOSS	0.002^**	0.012^***	0.003^*	0.002	0.012^***	0.002	1.23
LOSS	(2.258)	(5.565)	(1.721)	(1.727)	(5.46)	(1.377)
BETA	0.003^***	0.006^***	0.005^***	0.002^***	0.006^***	0.005^***	1.16
BETA	(5.302)	(12.313)	(13.612)	(4.779)	(12.55)	(13.456)
ZSCORE	0.005^***	0.004^***	0.003^***	0.005^***	0.004^***	0.003^***	2.65
ZSCORE	(6.186)	(5.072)	(6.375)	(6.109)	(4.887)	(6.183)
INDUSTRY_FE	Yes	Yes	Yes	Yes	Yes	Yes
YEAR_FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,523	12,523	12,523	12,815	12,523	12,523
R-squared	0.185	0.253	0.327	0.18	0.245	0.314

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	PEG	MPEG	OJN	PEG	MPEG	OJN	VIF
CONSTANT	0.072^***	0.125^***	0.107^***	0.06^***	0.092^***	0.085^***
CONSTANT	(9.446)	(17.767)	(21.763)	(4.963)	(8.306)	(10.82)
ARL_Q4	0.003^***	0.007^***	0.005^***
ARL_Q4	(2.666)	(6.478)	(6.705)
LNARL				0.019^**	0.017^***	0.018^***	1.40
LNARL				(2.217)	(5.45)	(5.423)
BODSIZE	−0.002^**	−0.003^**	−0.003^**	−0.002^**	−0.004^**	−0.003^***	2.06
BODSIZE	(−1.997)	(−2.004)	(−2.49)	(−2.02)	(−2.542)	(−2.832)
INDDIR	−0.001	0.003	0.002	0.001	0.001	0.001	1.32
INDDIR	(−0.303)	(1.093)	(0.911)	(0.116)	(0.372)	(0.286)
CEODUAL	0.002^*	0.003^***	0.002^***	0.001	0.002^*	0.001	1.05
CEODUAL	(1.652)	(2.951)	(2.707)	(1.015)	(1.823)	(1.442)
BODMEET	0.001	0.003^***	0.002^**	0.001	0.002^**	0.001^*	1.16
BODMEET	(1.345)	(2.981)	(2.29)	(1.121)	(2.202)	(1.727)
BIGN	−0.004^**	−0.004^***	−0.005^***	−0.004^**	−0.003^**	−0.004^***	1.15
BIGN	(−2.16)	(−2.624)	(−4.261)	(−2.458)	(−2.347)	(−3.894)
GCOPIN	−0.01	0.005	0.013	0.012	0.001	0.007	1.01
GCOPIN	(−0.651)	(0.333)	(1.247)	(0.921)	(0.018)	(0.826)
OWNCON	−0.002	−0.003^**	−0.002^**	−0.002	−0.003^*	−0.002^*	1.30
OWNCON	(−1.179)	(−2.024)	(−2.135)	(−1.363)	(−1.892)	(−1.842)
ICWEAK	−0.001	−0.001	−0.001	−0.001	−0.001	−0.001	1.04
ICWEAK	(−0.129)	(−0.247)	(−1.141)	(−0.015)	(−0.277)	(−1.249)
SALEGR	−0.009^**	0.012^***	0.01^***	−0.01^***	0.01^***	0.007^***	1.24
SALEGR	(−2.472)	(3.585)	(4.064)	(−2.814)	(2.804)	(3.121)
LNSIZE	−0.001^***	−0.003^***	−0.001^***	−0.002^**	−0.003^***	−0.002^***	2.19
LNSIZE	(−3.001)	(−8.244)	(−5.934)	(−2.461)	(−9.475)	(−7.467)
LEV	0.015^***	0.025^***	0.022^***	0.013^***	0.025^***	0.021^***	1.49
LEV	(5.206)	(9.522)	(11.713)	(4.416)	(9.541)	(11.487)
BTM	0.054^***	0.043^***	0.036^***	0.054^***	0.043^***	0.037^***	2.18
BTM	(22.167)	(19.22)	(23.153)	(22.926)	(19.532)	(23.703)
ROA	−0.033^***	−0.04^***	−0.011^**	−0.014^**	−0.023^**	−0.028^***	2.34
ROA	(−2.845)	(−3.716)	(−2.469)	(−2.352)	(−2.335)	(−4.023)
LOSS	0.002^**	0.012^***	0.003^*	0.002	0.012^***	0.002	1.23
LOSS	(2.258)	(5.565)	(1.721)	(1.727)	(5.46)	(1.377)
BETA	0.003^***	0.006^***	0.005^***	0.002^***	0.006^***	0.005^***	1.16
BETA	(5.302)	(12.313)	(13.612)	(4.779)	(12.55)	(13.456)
ZSCORE	0.005^***	0.004^***	0.003^***	0.005^***	0.004^***	0.003^***	2.65
ZSCORE	(6.186)	(5.072)	(6.375)	(6.109)	(4.887)	(6.183)
INDUSTRY_FE	Yes	Yes	Yes	Yes	Yes	Yes
YEAR_FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	12,523	12,523	12,523	12,815	12,523	12,523
R-squared	0.185	0.253	0.327	0.18	0.245	0.314

Note(s): Standard errors are robust to heteroscedasticity and clustered by firm. t-values are in parentheses. ^***p < 0.01, ^**p < 0.05, ^*p < 0.10. Variable definitions are reported in Appendix

Source(s): Created by authors

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