Variables | (1) | (2) | (3) | (4) |
Small board size | Big board size | Short tenure | Long tenure | |
Culture | −0.065 | −0.225*** | −0.039 | −0.188** |
(−0.896) | (−2.600) | (−0.687) | (−2.451) | |
size | 0.373*** | 0.399*** | 0.383*** | 0.385*** |
(22.213) | (18.402) | (23.162) | (22.190) | |
debt | −0.052 | −0.092 | 0.002 | −0.144 |
(−0.697) | (−0.909) | (0.028) | (−1.623) | |
roa | 0.310 | −0.358 | −0.062 | 0.176 |
(1.348) | (−1.211) | (−0.256) | (0.730) | |
caset2 | −0.085 | −0.164 | −0.199** | −0.003 |
(−0.852) | (−1.247) | (−2.101) | (−0.021) | |
loss | 0.083** | 0.031 | 0.021 | 0.117*** |
(2.543) | (0.630) | (0.638) | (2.820) | |
listtime | −0.032 | −0.014 | −0.043* | 0.013 |
(−1.225) | (−0.421) | (−1.916) | (0.345) | |
ownership | −0.061* | −0.062* | −0.064** | −0.072** |
(−1.953) | (−1.900) | (−2.366) | (−2.222) | |
Big 4/big 5 | 0.670*** | 0.599*** | 0.618*** | 0.664*** |
(6.775) | (6.868) | (6.318) | (10.258) | |
audittenure | 0.041** | −0.035* | 0.016 | 0.002 |
(2.404) | (−1.829) | (1.039) | (0.102) | |
autype | −0.146*** | −0.144** | −0.143*** | −0.144*** |
(−3.669) | (−2.284) | (−3.335) | (−3.096) | |
age | 21.416 | −24.793 | −13.816 | 30.582 |
(0.691) | (−0.627) | (−0.518) | (0.817) | |
tenure | −0.019 | 0.050 | ||
(−0.781) | (1.593) | |||
Constant | −78.091 | 101.847 | 59.319 | −114.196 |
(−0.645) | (0.659) | (0.570) | (−0.782) | |
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*** |