Table 13 Cross-sectional analysis of Big...

Table 13

Cross-sectional analysis of Big 4 audit

Variable	DM
Variable	(1) Non-Big 4 audit	(2) Big 4 audit
Open	0.0632^***	−0.0217
Open	(2.87)	(−0.31)
Size	0.0956^***	0.0820
Size	(9.83)	(1.46)
ROA	−0.0152	−0.2739
ROA	(−0.17)	(−0.65)
Growth	−0.0095^**	0.0227
Growth	(−2.19)	(0.89)
Lev	0.0833^**	−0.1325
Lev	(2.08)	(−0.55)
AM	0.0217	−0.0938
AM	(0.43)	(−0.44)
CFO	0.1509^***	0.2885
CFO	(3.48)	(1.46)
Top1	0.0014^**	0.0030
Top1	(2.45)	(1.28)
Dual	−0.0153	0.0249
Dual	(−1.52)	(0.69)
QFII	0.1950	4.8720^*
QFII	(0.24)	(1.67)
Constant	−1.8444^***	−1.4476
Constant	(−8.68)	(−1.09)
Firm FE	Control	Control
Year FE	Control	Control
R²	0.2056	0.2227
N	9,943	408

Variable	DM
Variable	(1)Non-Big 4 audit	(2)Big 4 audit
Open	0.0632^***	−0.0217
Open	(2.87)	(−0.31)
Size	0.0956^***	0.0820
Size	(9.83)	(1.46)
ROA	−0.0152	−0.2739
ROA	(−0.17)	(−0.65)
Growth	−0.0095^**	0.0227
Growth	(−2.19)	(0.89)
Lev	0.0833^**	−0.1325
Lev	(2.08)	(−0.55)
AM	0.0217	−0.0938
AM	(0.43)	(−0.44)
CFO	0.1509^***	0.2885
CFO	(3.48)	(1.46)
Top1	0.0014^**	0.0030
Top1	(2.45)	(1.28)
Dual	−0.0153	0.0249
Dual	(−1.52)	(0.69)
QFII	0.1950	4.8720^*
QFII	(0.24)	(1.67)
Constant	−1.8444^***	−1.4476
Constant	(−8.68)	(−1.09)
Firm FE	Control	Control
Year FE	Control	Control
R²	0.2056	0.2227
N	9,943	408

Note(s): This table presents the regression results of the cross-sectional analysis of Big 4 audit. Variable definitions are available in Appendix 2. T-values are reported in parentheses. ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Table by authors

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