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