Variable

Coefficient

Std. Error

t-Statistic

Prob.

C

58.69574

1.879444

31.23037

0.0000

Audit Committee Size

−0.689690

0.124718

−5.530004

0.0000

Audit Committee Independence

5.293052

0.638448

8.290495

0.0000

Audit Committee Meetings

−0.013522

0.027806

−0.486302

0.6269

Audit Committee Expertise

−3.611554

0.635687

−5.681341

0.0000

Audit Committee Gender

−17.30807

1.217635

−14.21450

0.0000

Firm Size

−7.689621

0.255651

−30.07856

0.0000

Big 4

1.470544

0.271919

5.408017

0.0000

Block Holder Ownership

−7.592850

0.734041

−10.34391

0.0000

Managerial Ownership

0.731234

0.692453

1.056005

0.2914

Firm Leverage

5.079547

0.532245

9.543628

0.0000

R-squared

0.841208

Adjusted R-squared

0.837129

F-statistic

206.2256

Prob (F-statistic)

0.000000