Audit_Fee

Opinion

(1)

(2)

(3)

(4)

(5)

(6)

R&D1

0.0156**

0.0543

(2.10)

(0.65)

R&D2

0.0019**

0.0028

(2.42)

(0.29)

R&D_Z

0.0021**

−0.0217*

(2.47)

(−1.81)

R&D_F

0.0010

0.0309**

(1.43)

(2.12)

Size

0.3450***

0.3449***

0.3438***

0.8017***

0.8041***

0.8099***

(27.04)

(27.08)

(27.02)

(12.37)

(12.31)

(12.38)

Lev

−0.0110

−0.0110

−0.0111

−4.3425***

−4.3425***

−4.3763***

(−0.29)

(−0.29)

(−0.29)

(−13.56)

(−13.55)

(−13.59)

OtherRev

0.5156***

0.5175***

0.5156***

−5.3883***

−5.3827***

−5.4453***

(3.55)

(3.56)

(3.54)

(−3.31)

(−3.31)

(−3.35)

Turnover

0.2513***

0.2493***

0.2478***

2.2980***

2.3215***

2.3694***

(3.07)

(3.05)

(3.04)

(3.18)

(3.22)

(3.29)

CashFlow

0.0474

0.0466

0.0459

0.5273

0.5248

0.5017

(1.34)

(1.31)

(1.29)

(0.71)

(0.71)

(0.67)

Growth

−0.0022

−0.0023

−0.0021

−0.0902

−0.0903

−0.0869

(−0.40)

(−0.41)

(−0.39)

(−0.78)

(−0.78)

(−0.74)

Roa

0.0997

0.1010

0.1033

6.3091***

6.3084***

6.2886***

(1.08)

(1.10)

(1.12)

(4.26)

(4.26)

(4.23)

Loss

0.0347***

0.0344***

0.0346***

−0.7292***

−0.7300***

−0.7394***

(3.44)

(3.43)

(3.44)

(−3.81)

(−3.82)

(−3.86)

IIR

−0.0054

−0.0265

−0.0250

0.5982**

0.5966**

0.5456*

(−1.29)

(−1.30)

(−1.22)

(2.12)

(2.11)

(1.92)

Ret

−0.0053

−0.0054

−0.0055

0.6320***

0.6313***

0.6411***

(−0.94)

(−0.95)

(−0.96)

(3.71)

(3.70)

(3.75)

Sd_Ret

0.0469

0.0458

0.0465

−3.4006***

−3.3905***

−3.3238***

(0.85)

(0.83)

(0.84)

(−2.93)

(−2.92)

(−2.85)

Big4

0.2523***

0.2522***

0.2519***

(4.57)

(4.57)

(4.58)

_cons

5.7143***

5.7169***

5.7397***

−10.5310***

−10.5782***

−10.6568***

(20.73)

(20.78)

(20.89)

(−7.43)

(−7.42)

(−7.47)

year

Control

Control

Control

Control

Control

Control

Industry

Control

Control

Control

Control

Control

Control

N

14958

14958

14958

14958

14958

14958

adj. R-sq

(Pseudo R²)

0.6544

0.6546

0.6543

0.2990

0.2989

0.3002