Table 3. The baseline regression (1) (2)...

Table 3.

The baseline regression

	(1)		(2)		(3)
	Big10		Big10		Big10
Variable		VIF		VIF		VIF
ln_con_1	0.054*** (5.270)	1.07
ln_con_2			0.069*** (7.077)	1.13
ln_con_3					0.020** (2.074)	1.14
SIZE	0.148*** (19.747)	1.66	0.149*** (19.831)	1.65	0.149*** (19.816)	1.66
LEV	−0.220*** (−4.194)	2.36	−0.223*** (−4.240)	2.36	−0.226*** (−4.306)	2.36
ROA	0.828*** (6.685)	1.99	0.833*** (6.720)	1.99	0.827*** (6.671)	1.99
ISSUE	−0.069*** (−4.626)	2.07	−0.070*** (−4.693)	2.07	−0.069*** (−4.626)	2.07
ATURN	0.091*** (4.804)	4.11	0.090*** (4.712)	4.11	0.095*** (4.999)	4.11
CURR	0.002 (0.625)	3.34	0.002(0.574)	3.34	0.003 (0.696)	3.34
GROWTH	−0.046*** (−2.986)	1.28	−0.047*** (−2.999)	1.28	−0.047*** (−3.000)	1.28
FOREIGN	0.641*** (18.776)	1.30	0.637*** (18.663)	1.30	0.640*** (18.744)	1.30
SOE	−0.074*** (−3.997)	2.70	−0.077*** (−4.156)	2.70	−0.073*** (−3.963)	2.71
GDP	−0.032*** (−2.738)	1.29	−0.043*** (−3.574)	1.33	−0.029** (−2.427)	1.35
RELIGION	0.012** (2.376)	1.24	0.007(1.489)	1.25	0.010** (1.964)	1.25
CG	0.098*** (6.810)	1.54	0.100*** (6.944)	1.53	0.101*** (7.044)	1.53
_cons	−4.180*** (−21.773)		−4.142*** (−21.555)		−4.180*** (−21.773)
Industry	Y		Y		Y
Year	Y		Y		Y
N	34,046		34,046		34,046
Pseudo R²	0.105		0.105		0.104

	(1)		(2)		(3)
	Big10		Big10		Big10
Variable		VIF		VIF		VIF
ln_con_1	0.054*** (5.270)	1.07
ln_con_2			0.069*** (7.077)	1.13
ln_con_3					0.020** (2.074)	1.14
SIZE	0.148*** (19.747)	1.66	0.149*** (19.831)	1.65	0.149*** (19.816)	1.66
LEV	−0.220*** (−4.194)	2.36	−0.223*** (−4.240)	2.36	−0.226*** (−4.306)	2.36
ROA	0.828*** (6.685)	1.99	0.833*** (6.720)	1.99	0.827*** (6.671)	1.99
ISSUE	−0.069*** (−4.626)	2.07	−0.070*** (−4.693)	2.07	−0.069*** (−4.626)	2.07
ATURN	0.091*** (4.804)	4.11	0.090*** (4.712)	4.11	0.095*** (4.999)	4.11
CURR	0.002 (0.625)	3.34	0.002(0.574)	3.34	0.003 (0.696)	3.34
GROWTH	−0.046*** (−2.986)	1.28	−0.047*** (−2.999)	1.28	−0.047*** (−3.000)	1.28
FOREIGN	0.641*** (18.776)	1.30	0.637*** (18.663)	1.30	0.640*** (18.744)	1.30
SOE	−0.074*** (−3.997)	2.70	−0.077*** (−4.156)	2.70	−0.073*** (−3.963)	2.71
GDP	−0.032*** (−2.738)	1.29	−0.043*** (−3.574)	1.33	−0.029** (−2.427)	1.35
RELIGION	0.012** (2.376)	1.24	0.007(1.489)	1.25	0.010** (1.964)	1.25
CG	0.098*** (6.810)	1.54	0.100*** (6.944)	1.53	0.101*** (7.044)	1.53
_cons	−4.180*** (−21.773)		−4.142*** (−21.555)		−4.180*** (−21.773)
Industry	Y		Y		Y
Year	Y		Y		Y
N	34,046		34,046		34,046
Pseudo R²	0.105		0.105		0.104

Note(s): This table examines the association between Confucian culture and the selection of high-quality auditors. All variables are defined in Appendix. Continuous variables are winsorized at the top and bottom 1%. Year and industry fixed effects are included but not shown. We report two-sided t statistics computed using standard errors clustered by firm. *, ** and ***indicate significance at the 10, 5 and 1% levels

Source(s): Authors’ own work

[ViewLarge]

Sharing Unavailable