Culture

−0.098**

−0.108***

−0.063**

−0.296***

(−2.374)

(−3.958)

(−2.071)

(−4.248)

size

0.384***

0.390***

0.355***

(57.379)

(66.092)

(29.199)

debt

−0.054*

−0.036

−0.100

(−1.648)

(−0.875)

(−1.400)

roa

0.061

−0.046

0.277

(0.513)

(−0.321)

(1.083)

caset2

−0.115***

−0.111**

−0.200**

(−2.753)

(−2.311)

(−2.187)

loss

0.061***

0.051*

0.087*

(2.709)

(1.947)

(1.793)

listtime

−0.029***

−0.040***

−0.002

(−2.704)

(−3.494)

(−0.106)

ownership

−0.063***

−0.069***

−0.013

(−5.600)

(−5.445)

(−0.453)

Big4/big5

0.640***

0.593***

0.792***

(17.634)

(20.504)

(12.895)

audittenure

0.011

0.017*

−0.022

(1.400)

(1.853)

(−1.151)

autype

−0.143***

−0.156***

−0.107*

(−5.593)

(−4.542)

(−1.946)

age

4.575

0.520

21.044

(0.388)

(0.037)

(0.797)

tenure

0.007

0.000

0.042*

(0.659)

(0.014)

(1.770)

Constant

12.487***

−11.336

3.215

−76.300

(165.466)

(−0.269)

(0.059)

(−0.740)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Adj.-R2

0.187

0.645

0.653

0.642

N

7744

6958

5508

1304

Chi2

11.02***