| Variable | Equation (2): Transition from Big 4 to Big 3 Period | |||
| Coef. | t-stat | p-value | ||
| FeePrem | 0.240 | 10.467 | 0.000 | *** |
| Big3Per | 0.120 | 5.348 | 0.000 | *** |
| ClientSeg | (0.028) | (2.733) | 0.006 | *** |
| FeePrem × Big3Per | 0.035 | 1.871 | 0.061 | ** |
| TA | 0.251 | 33.775 | 0.000 | *** |
| IndPTA | 1.449 | 7.399 | 0.000 | *** |
| SUBS | 0.093 | 15.052 | 0.000 | *** |
| FORN | 0.053 | 2.479 | 0.013 | ** |
| ROI | (0.362) | (7.964) | 0.000 | *** |
| LIQ | 0.121 | 4.252 | 0.000 | *** |
| LEV | 0.001 | 1.865 | 0.062 | * |
| LOSS | 0.095 | 9.314 | 0.000 | *** |
| GAAP | 1.510 | 4.710 | 0.000 | *** |
| TEAM | 0.014 | 4.478 | 0.000 | *** |
| TENR | (0.015) | (4.995) | 0.000 | *** |
| NAF | 0.138 | 13.710 | 0.000 | *** |
| AISpec | 0.129 | 2.221 | 0.026 | ** |
| DOMN | 0.016 | 6.827 | 0.000 | *** |
| AOP | (0.216) | (2.011) | 0.044 | ** |
| POW | 0.200 | 9.367 | 0.000 | *** |
| DIST | (0.561) | (4.011) | 0.000 | *** |
| GFC | (0.194) | (1.297) | 0.195 |
|
| REG | 0.090 | 0.603 | 0.547 |
|
| ACC | 0.026 | 0.351 | 0.726 |
|
| n | 15,310 | |||
| Industry dummy variables | Included | |||
| Year dummy variables | Included | |||
| Adj. R-Squared | 63.97% | |||