Variables

Expected

(1)

AuditOpinion

(2)

AuditOpinion

RiskRating

+

0.3408***

(3.46)

News

+

0.0158***

(3.69)

Lev

+

2.7035***

2.6793***

(3.99)

(4.01)

ROA

-

−0.5009*

−0.5319*

(−1.79)

(−1.87)

Big4

?

−1.2461***

−1.3509***

(−2.85)

(−2.87)

Growth

-

−0.2386**

−0.2409**

(−2.30)

(−2.12)

|DA|

+

1.8957

1.8075

(1.29)

(1.23)

logAssets

-

−0.4491***

−0.4212***

(−3.95)

(−3.54)

Change

+

0.2251

0.2425

(1.30)

(1.42)

Social

-

−0.0280

−0.0944

(−0.06)

(−0.20)

CashFlow

-

−0.4233

−0.4136

(−0.37)

(−0.34)

L. AuditOpinion

+

3.1137***

3.1640***

(19.35)

(19.22)

YEAR

Yes

Yes

IND

Yes

Yes

_cons

−85.2794

−1.0e+02

(−0.96)

(−1.07)

N

2394

2394

Pseudo R2

0.3859

0.3812

Z statistics in parentheses

=“* p < 0.1 ** p < 0.05 *** p < 0.01”