| Ln fee | (1) | (2) | (3) | (4) | (5) |
| Constant | 13.518*** (378.483) | 13.675*** (856.009) | 5.659*** (30.553) | 5.646*** (30.396) | 5.704*** (30.603) |
| Lnnum | 0.046*** (5.783) | 0.016*** (2.803) | 0.019*** (2.837) | 0.009 (1.169) | |
| Local | 0.091*** (3.620) | −-0.019 (−0.922) | −0.267*** (−3.238) | ||
| Lnnum × Local | 0.050*** (3.105) | ||||
| Opinion | 0.168*** (3.656) | 0.167*** (3.624) | 0.169*** (3.669) | ||
| Lnasset | 0.356*** (42.144) | 0.357*** (42.151) | 0.356*** (42.071) | ||
| Lev | −0.0004 (−0.573) | −0.0004 (−0.600) | −0.0004 (−0.564) | ||
| Big 4 | 0.543*** (13.921) | 0.543*** (13.913) | 0.534*** (13.679) | ||
| Industry | control | control | control | ||
| Durbin-Watson |
|
|
| 1.925 | 1.927 |
| Adj.R2 | 0.012 | 0.004 | 0.567 | 0.567 | 0.568 |
| F |
|
|
| 143.215 | 138.291 |
| No.of obs. | 2716 | 2716 | 2716 | 2716 | 2716 |