Multivariate analysis results
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| REM1 | VIF | |||
| Audit | −0.034*** | −0.003 | −0.023*** | 2.33 |
| Audit × Leverage | 0.058** | 0.021 | 0.032 | 2.15 |
| Leverage | −0.080*** | −0.015 | −0.075*** | 1.81 |
| Audit × CFO | −0.071** | −0.042** | −0.075*** | 1.63 |
| CFO | −1.007*** | −0.998*** | −1.004*** | 1.53 |
| Firmsize | 0.011*** | 0.011*** | 0.011*** | 1.62 |
| ROA | 0.049* | 0.254*** | 0.052** | 1.24 |
| PPE | −0.014 | −0.043*** | −0.012 | 1.25 |
| State | 0.003 | 0.011*** | −0.004 | 1.08 |
| Constant | −0.264*** | −0.276*** | −0.253*** | |
| Mean VIF | 1.63 | |||
| Year FE | No | Yes | Yes | |
| Firm FE | No | Yes | No | |
| Sector FE | No | No | Yes | |
| Observations | 5,387 | 5,387 | 5,387 | |
| R-squared | 0.600 | 0.916 | 0.655 | |
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| REM1 | VIF | |||
| Audit | −0.034*** | −0.003 | −0.023*** | 2.33 |
| Audit × Leverage | 0.058** | 0.021 | 0.032 | 2.15 |
| Leverage | −0.080*** | −0.015 | −0.075*** | 1.81 |
| Audit × CFO | −0.071** | −0.042** | −0.075*** | 1.63 |
| CFO | −1.007*** | −0.998*** | −1.004*** | 1.53 |
| Firmsize | 0.011*** | 0.011*** | 0.011*** | 1.62 |
| ROA | 0.049* | 0.254*** | 0.052** | 1.24 |
| PPE | −0.014 | −0.043*** | −0.012 | 1.25 |
| State | 0.003 | 0.011*** | −0.004 | 1.08 |
| Constant | −0.264*** | −0.276*** | −0.253*** | |
| Year FE | No | Yes | Yes | |
| Firm FE | No | Yes | No | |
| Sector FE | No | No | Yes | |
| Observations | 5,387 | 5,387 | 5,387 | |
| 0.600 | 0.916 | 0.655 | ||
Note(s): *, **, and *** denote statistical significance at the 0.10, 0.05, and 0.01 levels, respectively
Source(s): Author’s estimation