ICOP

High audit fee

Low audit fee

ICAF

−0.453

−1.336***

(−0.982)

(−3.458)

ICAF_r

1.144

−7.511***

(0.328)

(−3.025)

ICQ

−4.688***

−4.633***

−4.244***

−4.211***

(−5.432)

(−5.394)

(−4.574)

(−4.668)

DA

−6.518*

−6.711**

0.958

0.858

(−1.945)

(−2.048)

(0.634)

(0.615)

pre_ICOP

1.507**

1.457**

2.740***

2.617***

(2.516)

(2.482)

(7.120)

(6.775)

AGE

0.033

0.034

0.021

0.022

(0.834)

(0.875)

(0.625)

(0.680)

LOSS

0.297

0.279

0.865

0.864

(0.393)

(0.370)

(1.506)

(1.519)

SIZE

0.014

−0.050

0.304

0.031

(0.059)

(−0.193)

(1.645)

(0.161)

LEV

−0.156

−0.357

−1.115

−1.152

(−0.109)

(−0.247)

(−1.099)

(−1.099)

ROA

−7.794

−7.885

−4.068

−3.519

(−1.160)

(−1.132)

(−1.179)

(−1.018)

CFO

2.950

3.279

−0.762

−0.755

(0.692)

(0.772)

(−0.374)

(−0.388)

INVTA

0.717

0.746

−2.005

−1.971

(0.428)

(0.432)

(−1.573)

(−1.493)

RECTA

1.491

1.919

2.442

2.606

(0.736)

(0.941)

(1.531)

(1.581)

GRTH

0.905***

0.903***

0.406**

0.429***