| Variable | Explained variable —later_loss | Explained variable —ln_auditfee | Variable | Explained variable —later_loss | Explained variable —ln_auditfee |
|
| (1) | (2) |
| (3) | (4) |
| dcscost | 1.865*** | 0.078** | cha_dcscost | 1.878*** | 0.071** |
| change_zd | 0.180*** | 0.010** |
|
|
|
| MP | 1.756*** | −0.006 |
|
|
|
| others Var. | Yes | Yes | others Var. | Yes | Yes |
| Ind./Year | Yes | Yes | Ind./Year | Yes | Yes |
| N | 20,400 | 22,887 | N | 20,400 | 22,887 |
| adj-R2 | - | 0.645 | adj-R2 | - | 0.645 |
| Variable | Explained variable —later_roa | Explained variable —cha_lnauditfee | Variable | Explained variable —later_sdroa | Explained variable —cha_lnauditfee |
|
| (5) | (6) |
| (7) | (8) |
| dcscost | −0.020** | 0.083** | dcscost | 0.023*** |
|
|
|
|
| cha_dcscost |
| 0.073* |
| others Var. | Yes | Yes | others Var. | Yes | Yes |
| Ind./Year | Yes | Yes | Ind./Year | Yes | Yes |
| N | 20,417 | 22,887 | N | 20,459 | 22,887 |
| adj-R2 | 0.008 | 0.782 | adj-R2 | 0.128 | 0.782 |