Variablesa

Big 4 CPA firms

Non-Big 4 CPA firms

Pred. Sign

Coef.

t-valueb

Coef.

t-value

CONSTANT

2.4496

3.67***

2.6506

3.98***

DME

+

0.1286

2.65***

0.0260

0.62

SIZE

+/−

−0.1888

−6.02***

−0.1058

−2.97***

DE

+/−

−0.7066

−2.85***

−0.3349

−1.45

ROA

+/−

0.9250

0.91

0.7782

1.04

DP

+/−

−0.0007

−3.90***

−0.0778

−1.68*

BHold

+/−

0.1420

0.75

0.2889

0.91

MHold

+/−

0.9886

1.02

−1.5913

−1.42

PDM

+/−

−0.4764

−2.54**

−0.3778

−1.37

AGE

+/−

−0.0069

−3.51***

−0.0058

−1.36

Foreign

+/−

1.5949

4.41***

−0.0185

−0.05

Public

+/−

3.4823

2.7***

1.2354

3.43***

Adj. R2

20.54%

N

947

120