Variables

(1)

(2)

(3)

(4)

Total sample

Total sample

No duality

Duality

Culture

−0.101**

−0.128***

−0.090***

−0.334***

(−2.234)

(−4.041)

(−2.673)

(−3.927)

size

0.373***

0.377***

0.357***

(49.301)

(56.390)

(24.454)

debt

−0.095**

−0.062

−0.218**

(−2.421)

(−1.301)

(−2.456)

roa

−0.139

−0.274*

0.213

(−1.059)

(−1.667)

(0.683)

caset 2

−0.104**

−0.093*

−0.269**

(−2.216)

(−1.743)

(−2.391)

loss

0.060**

0.047

0.113*

(2.380)

(1.594)

(1.889)

listtime

−0.003

−0.018

0.055*

(−0.195)

(−1.229)

(1.937)

ownership

−0.043***

−0.045***

−0.008

(−3.426)

(−3.185)

(−0.232)

Big 4/big 5

0.607***

0.569***

0.751***

(14.324)

(17.377)

(10.092)

audittenure

0.001

0.005

−0.025

(0.098)

(0.431)

(−1.096)

autype

−0.130***

−0.142***

−0.067

(−4.591)

(−3.510)

(−0.993)

age

17.135

12.796

41.755

(1.234)

(0.798)

(1.281)

tenure

0.004

0.007

0.007

(0.282)

(0.503)

(0.214)

Constant

13.411***

−61.441

−44.564

−157.340

(355.596)

(−1.134)

(−0.712)

(−1.236)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Adj.−R2

0.179

0.622

0.630

0.623

N

6249

5530

4460

962

Chi2

7.86***