Variable

(1)

Aud

(2)

ET

(3)

Aud

ET

−0.0000^***

(−6.9871)

SD

0.0000^*

0.1629^***

−0.0000

(1.7098)

(2.7592)

(−0.5460)

Size

−0.0002^***

−0.2987^***

−0.0001^***

(−18.8307)

(−14.3950)

(−88.9612)

Lev

−0.0001^***

1.1060^***

0.0000

(−2.9466)

(8.4489)

(1.2416)

roa

−0.0000

4.5785^***

−0.0003^***

(−0.5622)

(8.6992)

(−7.6489)

TobinQ

−0.0000

−0.1036^***

0.0000^***

(−0.8992)

(−6.4936)

(11.6962)

Board

0.0000

−0.4067^***

−0.0000^**

(0.5771)

(−3.3341)

(−2.3050)

Indep

−0.0000

0.0003

0.0000^***

(−1.1539)

(0.0796)

(4.3753)

Top1

0.0000^***

0.0004

0.0000^***

(2.8516)

(0.3152)

(3.6768)

Big4

0.0001^***

−0.3296^***

0.0002^***

(5.1674)

(−3.9759)

(25.8451)

SOE

0.0000

0.0506

−0.0000^***

Constant

(1.0843)

(1.1034)

(−6.2760)

0.0043^***

12.5057^***

0.0032^***

(18.1755)

(24.1617)

(85.8980)

Observations

16,702

15,390

15,390

R-squared

0.1932

0.0250

0.5112

Number of stkcd

2937

2937

2937

firm

yes

yes

yes

year

yes

yes

yes