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

Table 5

Test of the influence of marketization process.

	(1)	(2)
AUDITOR	0.003^∗	0.004
	(0.097)	(0.184)
SOE	0.003	0.039^∗∗∗
	(0.304)	(0.000)
LEV	0.058^∗∗∗	0.087^∗∗∗
	(0.000)	(0.000)
ROA	0.031	0.017
	(0.113)	(0.452)
AGE	−0.632^∗∗∗	−0.695^∗∗∗
	(0.000)	(0.000)
CFO	0.0134	−0.010
	(0.507)	(0.714)
Tobin’s Q	0.004^∗∗∗	0.004^∗∗∗
	(0.000)	(0.008)
TOP1	0.061^∗∗∗	0.075^∗∗∗
	(0.000)	(0.000)
BSIZE	0.041^∗∗∗	0.108^∗∗∗
	(0.000)	(0.000)
OUTDIR	0.157^∗∗∗	0.429^∗∗∗
	(0.000)	(0.000)
DUAL	0.006	0.014^∗∗∗
	(0.106)	(0.000)
Industry	Control	Control
Year	Control	Control
Constant	−2.219^∗∗∗	−2.306^∗∗∗
	(0.000)	(0.000)
N	5539	5366
	0.796	0.742

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.