Type | Indicator | Content |

Dependent Variables | Audit_Fee | The natural logarithm of audit fees |

Opinion | 1 when issued standard audit opinion, Otherwise 0. | |

Audit_Lag | The logarithm of the interval days between the audit report date and the balance sheet date | |

Restatement | 1 when financial report restatement occurs, otherwise 0. | |

Independent Variables | R&D1 | Natural logarithm of number of innovation activities |

R&D2 | Natural logarithm of amount of innovation activities | |

R&D_Z | Natural logarithm of amount of capitalized R&D expenditure | |

R&D_F | Natural logarithm of expensed R&D expenditure | |

Control Variables | Size | Natural logarithm of asset |

Lev | Leverage/Asset | |

OtherRec | Other receivables/Asset | |

Turnover | Revenue/Asset | |

CFO | Cash flow from operating activities/Asset | |

Growth | Revenue growth rate | |

ROA | Net profit/Assets | |

Loss | 1 when net profit is negative, otherwise 0 | |

IIR | Institutional shareholding ratio | |

Ret | Monthly cumulative stock returns from May to April of the following year | |

Sd_Ret | Standard deviation of stock return per month of the year | |

Big4 | 1 when auditors are the Big Four, Otherwise 0 |