| Panel A: The test of cross-correlation differences in the nature of different stock rights using crossover terms | ||
| Variable | ExplainedVariable—later loss | Explained variable—ln_auditfee |
| (1) | (2) | |
| dcscost | 2.414*** | 0.198*** |
| soe | 0.090 | −0.048*** |
| dcscost*soe | −2.161** | −0.109 |
| Others Var. | Yes | Yes |
| Ind./Year | Yes | Yes |
| N | 19100 | 21695 |
| adj-R2 | - | 0.667 |
| Panel B: Tests on the differences of related relationships under different ownership properties by grouping | ||
| Variable | Explained variable—ln_auditfee | |
| state-owned enterprises | state-owned enterprises | |
| (5) |
| |
| dcs_cost | 0.045 | 0.082* |
| Difference | 0.037 | |
| Others Var. | Yes | Yes |
| Ind./Year | Yes | Yes |
| N | 8036 | 13,768 |
| adj-R2 | 0.651 | 0.600 |