Table 4 OLS regression analyses...

Table 4

OLS regression analyses

Dependent variable	REL_GAAP			UNREL_GW			INC_EM			OPP_MGMT
Variable	Coef.	S.E.^R	p-value	Coef.	S.E.^R	p-value	Coef.	S.E.	p-value	Coef.	S.E.^R	p-value
AUDITOR	−0.314	0.240	0.192	−0.389	0.241	0.108	−0.698***	0.214	0.001	−0.270	0.198	0.174
BIG4	0.338	0.296	0.254	−0.156	0.425	0.714	0.115	0.300	0.701	−0.056	0.300	0.852
FEMALE	0.388**	0.154	0.013	−0.261	0.187	0.164	−0.416**	0.182	0.023	−0.162	0.183	0.378
FEMALE×AUDITOR	0.011	0.340	0.973	0.706**	0.327	0.032	0.552*	0.318	0.084	0.056	0.337	0.867
FEMALE×BIG4	−0.784*	0.455	0.086	0.265	0.462	0.567	−0.056	0.432	0.897	−0.199	0.467	0.671
AGE	−0.098**	0.041	0.019	0.019	0.049	0.702	−0.015	0.048	0.748	0.062	0.046	0.184
AGE2	0.001**	0.000	0.019	0.000	0.001	0.847	0.000	0.001	0.794	−0.001	0.001	0.291
EXPE	0.009	0.026	0.737	0.009	0.026	0.733	0.004	0.026	0.891	−0.044*	0.023	0.055
EXPE2	0.000	0.001	0.757	0.000	0.001	0.643	0.000	0.001	0.820	0.001**	0.001	0.043
INDU	−0.026	0.109	0.814	−0.177	0.109	0.107	−0.139	0.120	0.248	−0.096	0.104	0.358
INDU2	0.014	0.013	0.291	0.035***	0.013	0.007	0.030*	0.016	0.066	0.020*	0.011	0.083
FIN_WORK	0.017	0.155	0.914	0.059	0.172	0.730	−0.153	0.158	0.335	−0.138	0.168	0.412
HIGHER	0.003	0.180	0.985	0.324*	0.189	0.088	−0.154	0.173	0.376	0.003	0.193	0.989
NON_BUS	0.003	0.207	0.987	−0.093	0.286	0.747	−0.315	0.345	0.362	−0.468	0.317	0.142
NON_US	0.363	0.221	0.102	0.231	0.363	0.525	0.408	0.430	0.344	1.000**	0.404	0.014
CONSTANT	1.907**	0.770	0.014	−0.330	0.932	0.724	0.899	0.889	0.313	−0.956	0.871	0.274
Obs	194			194			194			194
F-statistic	2.08**		0.013	2.23***		0.007	1.70*		0.054	1.90**		0.026
R²	0.129			0.092			0.052			0.094

Dependent variable	REL_GAAP			UNREL_GW			INC_EM			OPP_MGMT
Variable	Coef.	S.E.^R	p-value	Coef.	S.E.^R	p-value	Coef.	S.E.	p-value	Coef.	S.E.^R	p-value
AUDITOR	−0.314	0.240	0.192	−0.389	0.241	0.108	−0.698***	0.214	0.001	−0.270	0.198	0.174
BIG4	0.338	0.296	0.254	−0.156	0.425	0.714	0.115	0.300	0.701	−0.056	0.300	0.852
FEMALE	0.388**	0.154	0.013	−0.261	0.187	0.164	−0.416**	0.182	0.023	−0.162	0.183	0.378
FEMALE×AUDITOR	0.011	0.340	0.973	0.706**	0.327	0.032	0.552*	0.318	0.084	0.056	0.337	0.867
FEMALE×BIG4	−0.784*	0.455	0.086	0.265	0.462	0.567	−0.056	0.432	0.897	−0.199	0.467	0.671
AGE	−0.098**	0.041	0.019	0.019	0.049	0.702	−0.015	0.048	0.748	0.062	0.046	0.184
AGE2	0.001**	0.000	0.019	0.000	0.001	0.847	0.000	0.001	0.794	−0.001	0.001	0.291
EXPE	0.009	0.026	0.737	0.009	0.026	0.733	0.004	0.026	0.891	−0.044*	0.023	0.055
EXPE2	0.000	0.001	0.757	0.000	0.001	0.643	0.000	0.001	0.820	0.001**	0.001	0.043
INDU	−0.026	0.109	0.814	−0.177	0.109	0.107	−0.139	0.120	0.248	−0.096	0.104	0.358
INDU2	0.014	0.013	0.291	0.035***	0.013	0.007	0.030*	0.016	0.066	0.020*	0.011	0.083
FIN_WORK	0.017	0.155	0.914	0.059	0.172	0.730	−0.153	0.158	0.335	−0.138	0.168	0.412
HIGHER	0.003	0.180	0.985	0.324*	0.189	0.088	−0.154	0.173	0.376	0.003	0.193	0.989
NON_BUS	0.003	0.207	0.987	−0.093	0.286	0.747	−0.315	0.345	0.362	−0.468	0.317	0.142
NON_US	0.363	0.221	0.102	0.231	0.363	0.525	0.408	0.430	0.344	1.000**	0.404	0.014
CONSTANT	1.907**	0.770	0.014	−0.330	0.932	0.724	0.899	0.889	0.313	−0.956	0.871	0.274
Obs	194			194			194			194
F-statistic	2.08**		0.013	2.23***		0.007	1.70*		0.054	1.90**		0.026
R²	0.129			0.092			0.052			0.094

Note(s): ^aRobust standard errors used. *** p-value < 0.01; ** p-value < 0.05; * p-value < 0.1. These models were estimated using maximum likelihood estimation that allows for estimating parameters with missing values. The results were qualitatively similar to the ones presented here, which suggests that a bias resulting from missing observations is not of a great concern

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