Panel A: For BIG4 auditors

non-crisis

crisis

Mean

Std. Dev.

Mean

Std. Dev.

Germany

0.43

0.49

0.69

0.46

France

0.35

0.47

0.60

0.49

Italy

0.28

0.45

0.60

0.48

Spain

0.32

0.46

0.77

0.41

Panel B: For non-BIG4 auditors

non-crisis

crisis

Mean

Std. Dev.

Mean

Std. Dev.

Germany

0.32

0.46

0.51

0.50

France

0.19

0.39

0.45

0.49

Italy

0.31

0.46

0.52

0.50

Spain

0.22

0.42

0.43

0.50