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”