Variables

(1)

(2)

(3)

(4)

Small board size

Big board size

Short tenure

Long tenure

Culture

−0.065

−0.225***

−0.039

−0.188**

(−0.896)

(−2.600)

(−0.687)

(−2.451)

size

0.373***

0.399***

0.383***

0.385***

(22.213)

(18.402)

(23.162)

(22.190)

debt

−0.052

−0.092

0.002

−0.144

(−0.697)

(−0.909)

(0.028)

(−1.623)

roa

0.310

−0.358

−0.062

0.176

(1.348)

(−1.211)

(−0.256)

(0.730)

caset2

−0.085

−0.164

−0.199**

−0.003

(−0.852)

(−1.247)

(−2.101)

(−0.021)

loss

0.083**

0.031

0.021

0.117***

(2.543)

(0.630)

(0.638)

(2.820)

listtime

−0.032

−0.014

−0.043*

0.013

(−1.225)

(−0.421)

(−1.916)

(0.345)

ownership

−0.061*

−0.062*

−0.064**

−0.072**

(−1.953)

(−1.900)

(−2.366)

(−2.222)

Big 4/big 5

0.670***

0.599***

0.618***

0.664***

(6.775)

(6.868)

(6.318)

(10.258)

audittenure

0.041**

−0.035*

0.016

0.002

(2.404)

(−1.829)

(1.039)

(0.102)

autype

−0.146***

−0.144**

−0.143***

−0.144***

(−3.669)

(−2.284)

(−3.335)

(−3.096)

age

21.416

−24.793

−13.816

30.582

(0.691)

(−0.627)

(−0.518)

(0.817)

tenure

−0.019

0.050

(−0.781)

(1.593)

Constant

−78.091

101.847

59.319

−114.196

(−0.645)

(0.659)

(0.570)

(−0.782)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Adj.−R2

0.630

0.681

0.645

0.640

N

4422

2536

4040

2918

Chi2

8.27***

7.48***