Variable | Fixed Effect | Random Effect | Hausman Test | ||
Coefficient | Prob. | Coefficient | Prob. | ||
C | 45.73572 | 0.0000 | 64.75433 | 0.0000 | 0.0030 |
Audit Committee Size | −0.050913 | 0.5950 | −0.137494 | 0.6926 | |
Audit Committee Independence | −1.002169 | 0.2295 | −1.017318 | 0.5977 | |
Audit Committee Meetings | −0.027675 | 0.3722 | 0.079561 | 0.4096 | |
Audit Committee Expertise | 0.396088 | 0.5148 | 2.397622 | 0.1460 | |
Audit Committee Gender | 0.095733 | 0.9573 | −3.393734 | 0.3805 | |
Firm Size | −5.842403 | 0.0000 | −9.722386 | 0.0000 | |
Big 4 | 0.026251 | 0.9115 | 0.102686 | 0.8800 | |
Block Holder Ownership | −3.362033 | 0.0000 | −7.482825 | 0.0000 | |
Managerial Ownership | 1.674218 | 0.0522 | 3.985076 | 0.0931 | |
Firm Leverage | 3.950094 | 0.0000 | 9.502197 | 0.0000 |