Culture

−0.094**

−0.223***

−0.054

−0.202***

(−2.395)

(−4.295)

(−1.158)

(−4.963)

size

0.358***

0.389***

0.367***

0.379***

(47.313)

(37.944)

(41.949)

(45.417)

debt

−0.082

−0.156**

−0.033

−0.178***

(−1.581)

(−2.253)

(−0.557)

(−3.056)

roa

0.090

−0.573**

−0.258

−0.045

(0.501)

(−2.397)

(−1.163)

(−0.244)

caset2

−0.090

−0.111

−0.211***

0.007

(−1.570)

(−1.245)

(−2.980)

(0.111)

loss

0.061*

0.049

0.019

0.112***

(1.828)

(1.163)

(0.489)

(3.117)

listtime

0.002

−0.000

−0.028

0.033

(0.144)

(−0.003)

(−1.617)

(1.489)

ownership

−0.047***

−0.032

−0.047**

−0.046***

(−2.956)

(−1.468)

(−2.467)

(−2.662)

Big4/big5

0.642***

0.558***

0.603***

0.605***

(15.396)

(12.723)

(13.510)

(15.353)

audittenure

0.033***

−0.050***

0.012

−0.013

(2.758)

(−3.253)

(0.893)

(−0.992)

autype

−0.128***

−0.140**

−0.115**

−0.150***

(−2.946)

(−2.460)

(−2.405)

(−3.020)

age

29.158

−4.728

−5.218

35.533*

(1.615)

(−0.199)

(−0.257)

(1.763)

tenure

−0.019

0.040*

(−1.237)

(1.893)

Constant

−108.161

23.688

26.013

−133.481*

(−1.535)

(0.255)

(0.328)

(−1.696)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Adj.−R2

0.599

0.670

0.626

0.617

N

3509

2021

2821

2709

Chi²

3.88**

5.37**