Table 7 Regression results using...

Table 7

Regression results using pooled-OLS model and fixed-effects model

Variables	Model 3		Model 4
Variables	Coef.	Std. err.	Coef.	Std. err.
ACSIZE	−7.22^**	3.11	−2.22^*	12.31
ACIND	−3.13	8.73	1.82	12.47
ACGD	−9.75^*	6.97	−8.84^***	10.98
ACD	0.37	1.57	−2.62^*	1.28
ACE	−6.05^**	7.07	−5.51^**	14.57
BIG4	−7.66^**	7.88	−7.89^**	2.92
ART	8.45^***	3.74	7.81^**	11.72
FSIZE	−2.90^**	1.21	−9.72^*	10.67
LEV	6.28^***	4.01	2.92	12.19
ROA	−9.20^***	6.60	−10.12^*	26.01
CONSTANT	−196.48	167.69	−222.79	145.37
Year dummy	Yes		Yes
Observations	240		240
R-squared	0.20		0.23
F-stat (p-value)	2.73^***		2.83^***

Variables	Model 3		Model 4
Variables	Coef.	Std. err.	Coef.	Std. err.
ACSIZE	−7.22^**	3.11	−2.22^*	12.31
ACIND	−3.13	8.73	1.82	12.47
ACGD	−9.75^*	6.97	−8.84^***	10.98
ACD	0.37	1.57	−2.62^*	1.28
ACE	−6.05^**	7.07	−5.51^**	14.57
BIG4	−7.66^**	7.88	−7.89^**	2.92
ART	8.45^***	3.74	7.81^**	11.72
FSIZE	−2.90^**	1.21	−9.72^*	10.67
LEV	6.28^***	4.01	2.92	12.19
ROA	−9.20^***	6.60	−10.12^*	26.01
CONSTANT	−196.48	167.69	−222.79	145.37
Year dummy	Yes		Yes
Observations	240		240
R-squared	0.20		0.23
F-stat (p-value)	2.73^***		2.83^***

Note(s): This table represents the result of the relationship between audit committee characteristics and audit report lag using Equation (1). Model 3 is estimated by using pooled-OLS model with Driscoll–Kraay standard errors, whereas Model 4 is estimated by using fixed-effects model. Standard errors are in parentheses. ^***, ^** and ^* indicate level of significance at 1, 5 and 10%, respectively. For definition of variables, refer to Table 2

Source(s): Authors’ own creation

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