Sample construction
| Firm with necessary variables from Audit Analytics, Compustat and Center for Research in Security Prices (CRSP) from 2000 to 2017 | 55,975 |
| Excluding | |
| Firm or auditor located outside of the United States | (1,396) |
| Remove firms in the finance or utility industry | (4,574) |
| The distance between the auditor and the firm is less than 100 miles | (13,007) |
| No direct flight between the firm’s location and the auditor’s location | (11,065) |
| Final sample | 25,933 |
| Firm with necessary variables from Audit Analytics, Compustat and Center for Research in Security Prices (CRSP) from 2000 to 2017 | 55,975 |
| Firm or auditor located outside of the United States | (1,396) |
| Remove firms in the finance or utility industry | (4,574) |
| The distance between the auditor and the firm is less than 100 miles | (13,007) |
| No direct flight between the firm’s location and the auditor’s location | (11,065) |
| Final sample | 25,933 |
Note(s): This table describes the construction and composition of our sample
Source(s): Table by authors
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