Table 8 Regression results of large vs...

Table 8

Regression results of large vs small firms

Variables	Model 5 (large firms)		Model 6 (small firms)
Variables	Coef.	Std. err.	Coef.	Std. err.
ACSIZE	−5.10^***	7.95	−2.22	12.31
ACIND	−6.42	11.23	−1.82	12.47
ACGD	−3.85^**	9.57	−4.84^*	10.98
ACD	0.02	2.57	2.62	1.28
ACE	−5.36^***	13.63	−5.51	14.57
BIG4	−4.92^**	5.25	−7.89	2.92
ART	6.98^***	4.90	7.81	11.72
FSIZE	−3.75^*	2.30	−8.72^*	10.67
LEV	2.23	4.93	9.92^***	14.19
ROA	−9.80^**	12.11	−11.12^*	36.01
CONSTANT	−131.09	38.00	−122.79	45.37
Year dummy	Yes		Yes
Observations	121		119
R-squared	0.37		0.24
F-stat (p-value)	3.65^***		4.22^***

Variables	Model 5 (large firms)		Model 6 (small firms)
Variables	Coef.	Std. err.	Coef.	Std. err.
ACSIZE	−5.10^***	7.95	−2.22	12.31
ACIND	−6.42	11.23	−1.82	12.47
ACGD	−3.85^**	9.57	−4.84^*	10.98
ACD	0.02	2.57	2.62	1.28
ACE	−5.36^***	13.63	−5.51	14.57
BIG4	−4.92^**	5.25	−7.89	2.92
ART	6.98^***	4.90	7.81	11.72
FSIZE	−3.75^*	2.30	−8.72^*	10.67
LEV	2.23	4.93	9.92^***	14.19
ROA	−9.80^**	12.11	−11.12^*	36.01
CONSTANT	−131.09	38.00	−122.79	45.37
Year dummy	Yes		Yes
Observations	121		119
R-squared	0.37		0.24
F-stat (p-value)	3.65^***		4.22^***

Note(s): This table represents the result of the relationship between audit committee characteristics and audit report lag using Equation (1). Models 5 and 6 is estimated by using PCSE model with first-order autocorrelation structure for large firms and small firms, respectively. 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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