Culture

−0.101

−0.108*

−0.063

−0.296**

(−0.944)

(−1.877)

(−1.024)

(−2.549)

size

0.384***

0.390***

0.355***

(27.777)

(25.801)

(13.579)

debt

−0.054

−0.036

−0.100

(−0.868)

(−0.526)

(−0.787)

roa

0.061

−0.046

0.277

(0.324)

(−0.227)

(0.614)

caset2

−0.115

−0.111

−0.200

(−1.402)

(−1.222)

(−1.284)

loss

0.061**

0.051

0.087

(2.148)

(1.574)

(1.467)

listtime

−0.029

−0.040*

−0.002

(−1.330)

(−1.664)

(−0.060)

ownership

−0.063***

−0.069***

−0.013

(−2.602)

(−2.727)

(−0.262)

Big4/big5

0.640***

0.593***

0.792***

(9.525)

(8.527)

(5.004)

audittenure

0.011

0.017

−0.022

(0.868)

(1.178)

(−0.806)

autype

−0.143***

−0.156***

−0.107*

(−4.147)

(−3.719)

(−1.688)

age

4.575

0.520

21.044

(0.179)

(0.019)

(0.415)

tenure

0.007

0.000

0.042

(0.350)

(0.008)

(0.988)

Constant

13.411***

−12.536

3.215

−76.300

(207.736)

(−0.126)

(0.029)

(−0.385)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Adj.−R2

0.179

0.645

0.653

0.642

N

6249

6958

5508

1304

Chi2

11.02