Variables | Expected | (1) AuditOpinion | (2) AuditOpinion |
RiskRating | + | 0.3543*** | 0.4859*** |
|
| (3.66) | (4.27) |
Big4 | - | 4.5883*** | −1.1745*** |
|
| (4.59) | (−2.87) |
RiskRating × Big4 | - | −1.0991*** |
|
|
| (−5.43) |
|
Social | - | −0.0223 | 3.1983*** |
|
| (−0.05) | (4.39) |
RiskRating × Social | - |
| −0.5858*** |
|
|
| (−3.12) |
Lev | + | 2.7076*** | 2.7127*** |
|
| (3.97) | (3.89) |
ROA | - | −0.5021* | −0.4707* |
|
| (−1.80) | (−1.70) |
Growth | - | −0.2387** | −0.2346** |
|
| (−2.30) | (−2.30) |
|DA| | + | 1.9139 | 1.9076 |
|
| (1.30) | (1.30) |
logAssets | - | −0.4485*** | −0.4587*** |
|
| (−3.94) | (−3.99) |
Change | + | 0.2257 | 0.2450 |
|
| (1.31) | (1.42) |
CashFlow | - | −0.3992 | −0.3609 |
|
| (−0.35) | (−0.31) |
L. AuditOpinion | + | 3.1124*** | 3.0746*** |
|
| (19.33) | (18.34) |
YEAR |
| Yes | Yes |
IND |
| Yes | Yes |
_cons |
| −85.2794 | −1.0e+02 |
|
| (−0.96) | (−1.07) |
N |
| 2394 | 2394 |
Pseudo R2 |
| 0.3866 | 0.3889 |
| Z statistics in parentheses | ||
| =“* p < 0.1 ** p < 0.05 *** p < 0.01” |