Does Signing Auditor’s Reputational Promotion Ease the Financing Constraints of Audited Firms?

Table 4

Tests of the influence of enterprise characteristics.

	(1)	(2)
	Full sample	Full sample
AUDITOR	0.354^∗∗	7.417^∗∗∗
	(0.045)	(0.000)
SOE	0.026^∗∗∗
	(0.000)
Auditor × Soe	−0.514^∗
	(0.061)
SIZE		0.008^∗∗∗
		(0.000)
Auditor × Size		−0.329^∗∗∗
		(0.000)
LEV	0.059^∗∗∗	−0.022^∗∗∗
	(0.000)	(0.000)
ROA	−0.012	−0.034^∗∗∗
	(0.412)	(0.000)
AGE	−0.664^∗∗∗	−0.483^∗∗∗
	(0.000)	(0.000)
CFO	0.050^∗∗∗	0.023^∗∗∗
	(0.330)	(0.000)
Tobin’s Q	0.004^∗∗∗	0.004^∗∗∗
	(0.000)	(0.000)
TOP1	0.084^∗∗∗	0.039^∗∗∗
	(0.000)	(0.000)
BSIZE	0.090^∗∗∗	0.003
	(0.000)	(0.579)
OUTDIR	0.371^∗∗∗	0.016
	(0.000)	(0.245)
DUAL	0.009^∗∗∗	0.005^∗∗∗
	(0.000)	(0.000)
Market	0.004^∗∗∗	0.003^∗∗∗
	(0.000)	(0.001)
Industry	Control	Control
Year	Control	Control
Constant	−2.390^∗∗∗	−2.648^∗∗∗
	(0.000)	(0.000)
N	16536	16536
R [2]	0.752	0.737

Note. P values are in parentheses, and ^∗∗∗, and ^∗∗∗ indicate significance at the 10%, 5%, and 1% levels, respectively. Data source: collected and sorted by the authors.