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

Table 8

Robustness test based on lagged signatory auditor reputation.

	(1)	(2)	(3)
		BIG4 = = 0	BIG4 = = 1
AUDITOR	0.284^∗	0.259^∗∗	−1.372
	(0.055)	(0.029)	(0.352)
SOE	0.016^∗∗∗	0.013^∗∗∗	0.082^∗∗∗
	(0.000)	(0.000)	(0.000)
LEV	0.049^∗∗∗	0.052^∗∗∗	0.573^∗∗∗
	(0.000)	(0.000)	(0.000)
ROA	0.004	−0.017	0.512^∗∗
	(0.795)	(0.168)	(0.022)
AGE	−0.696^∗∗∗	0.678^∗∗∗	0.819^∗∗∗
	(0.000)	(0.000)	(0.000)
CFO	−0.002	0.008	0.461^∗∗∗
	(0.882)	−0.571	(0.000)
Tobin’s Q	0.011^∗∗∗	0.011^∗∗∗	0.035^∗∗∗
	(0.000)	(0.000)	(0.000)
TOP1	0.061^∗∗∗	0.056^∗∗∗	0.179^∗∗∗
	(0.000)	(0.000)	(0.000)
BSIZE	0.080^∗∗∗	0.064^∗∗∗	0.310^∗∗∗
	(0.000)	(0.000)	(0.000)
OUTDIR	0.322^∗∗∗	0.177^∗∗∗	0.948^∗∗∗
	(0.000)	(0.000)	(0.000)
DUAL	0.010^∗∗∗	0.009^∗∗∗	−0.018
	(0.000)	(0.000)	(0.481)
Market	0.002^∗∗∗	−0.0001	0.032^∗∗∗
	(0.000)	(0.871)	(5.43)
BIG4	0.149^∗∗∗
	(0.000)
Year	Control	Control	Control
Industry	Control	Control	Control
Constant	−2.200^∗∗∗	2.198^∗∗∗	3.323^∗∗∗
	(0.000)	(0.000)	(0.000)
N	13108	12334	774
R^2	0.774	0.816	0.701

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.