Computational Intelligence and Neuroscience

Research Article

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

Table 7

Robustness test on alternative variables of financing constraints.


	(1)	(2)	(3)	(4)	(5)	(6)
	(1)	BIG4 = = 0	BIG4 = = 1	(4)	(5)	(6)

AUDITOR	−0.107^∗	−0.116^∗	0.208	−0.178^∗	−0.069^∗	−0.019^∗∗
AUDITOR	(0.099)	(0.076)	(0.528)	(0.050)	(0.099)	(0.045)

Auditor × Soe(SIZE)				0.277^∗∗	0.0001^∗∗∗
Auditor × Soe(SIZE)				(0.038)	(0.000)

SIZE					−0.047^∗∗∗
SIZE					(0.000)

SOE	−0.011^∗∗∗	0.010^∗∗∗	0.021^∗∗∗	−0.015^∗∗∗		0.190^∗∗∗
SOE	(0.000)	(0.000)	(0.000)	(0.000)		(0.000)

LEV	−0.110^∗∗∗	0.105^∗∗∗	0.169^∗∗∗	−0.117^∗∗∗	0.0139^∗∗∗	3.989^∗∗∗
LEV	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)

ROA	−0.266^∗∗∗	0.269^∗∗∗	0.368^∗∗∗	−0.274^∗∗∗	−0.165^∗∗∗	−3.765^∗∗∗
ROA	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)

AGE	0.008^∗∗∗	0.005^∗∗∗	0.035^∗∗∗	0.008^∗∗∗	0.005^∗∗∗	0.050^∗∗
AGE	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.031)

CFO	−0.081^∗∗∗	0.076^∗∗∗	0.147^∗∗∗	−0.094^∗∗∗	−0.069^∗∗∗	−3.650^∗∗∗
CFO	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)

Tobin’s Q	0.008^∗∗∗	0.007^∗∗∗	0.033^∗∗∗	0.008^∗∗∗	0.001^∗∗∗	0.099^∗∗∗
Tobin’s Q	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)

TOP1	−0.032^∗∗∗	0.031^∗∗∗	0.033^∗∗∗	−0.041^∗∗∗	−0.009^∗∗∗	−0.731^∗∗∗
TOP1	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)

BSIZE	−0.058^∗∗∗	0.057^∗∗∗	0.054^∗∗∗	−0.064^∗∗∗	0.0005	−0.110^∗∗
BSIZE	(0.000)	(0.000)	(0.000)	(0.000)	(0.810)	(0.014)

OUTDIR	−0.121^∗∗∗	0.107^∗∗∗	0.140^∗∗∗	−0.146^∗∗∗	0.020^∗∗∗	0.238
OUTDIR	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.114)

DUAL	0.004^∗∗∗	0.004^∗∗∗	0.006	0.004^∗∗∗	−0.001	−0.071^∗∗∗
DUAL	(0.000)	(0.000)	(0.268)	(0.000)	(0.121)	(0.000)

Market	−0.002^∗∗∗	0.001^∗∗∗	0.005^∗∗∗	−0.003^∗∗∗	−0.001^∗∗∗	−0.005
Market	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.157)

BIG4	−0.056^∗∗∗					−0.081^∗∗∗
BIG4	(0.000)					(0.000)

Year	Control	Control	Control	Control	Control	Control
Industry	Control	Control	Control	Control	Control	Control
Constant	−0.782^∗∗∗	0.787^∗∗∗	0.815^∗∗∗	−0.747^∗∗∗	0.0171^∗	1.737^∗∗∗
Constant	(0.000)	(0.000)	(0.000)	(0.000)	(0.093)	(0.000)

N	10933	10192	741	10933	10933	15145
R²	0.458	0.389	0.542	0.419	0.455	0.611

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.