Culture

−0.065*

−0.225***

−0.039

−0.188***

(−1.882)

(−4.894)

(−1.007)

(−4.981)

size

0.373***

0.399***

0.383***

0.385***

(56.600)

(44.287)

(53.767)

(49.113)

debt

−0.052

−0.092

0.002

−0.144***

(−1.201)

(−1.539)

(0.043)

(−2.684)

roa

0.310**

−0.358*

−0.062

0.176

(2.012)

(−1.744)

(−0.354)

(1.021)

caset2

−0.085*

−0.164**

−0.199***

−0.003

(−1.698)

(−2.088)

(−3.439)

(−0.043)

loss

0.083***

0.031

0.021

0.117***

(2.841)

(0.832)

(0.674)

(3.513)

listtime

−0.032***

−0.014

−0.043***

0.013

(−2.620)

(−0.808)

(−3.488)

(0.648)

ownership

−0.061***

−0.062***

−0.064***

−0.072***

(−4.291)

(−3.213)

(−4.016)

(−4.402)

Big4/big5

0.670***

0.599***

0.618***

0.664***

(18.874)

(15.379)

(17.078)

(17.968)

audittenure

0.041***

−0.035**

0.016

0.002

(3.939)

(−2.566)

(1.491)

(0.156)

autype

−0.146***

−0.144***

−0.143***

−0.144***

(−3.989)

(−2.969)

(−3.781)

(−3.175)

age

21.416

−24.793

−13.816

30.582

(1.398)

(−1.199)

(−0.851)

(1.623)

tenure

−0.019

0.050***

(−1.472)

(2.885)

Constant

−78.091

101.847

59.319

−114.196

(−1.306)

(1.262)

(0.936)

(−1.553)

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***