The High-Speed Railway Opening and Audit Fees: Evidence from China
Abstract
:1. Introduction
2. Theoretical Analysis and Research Hypothesis
2.1. The HSR Opening on Audit Fees
2.1.1. Audit Market Competition Perspective
2.1.2. Information Asymmetry Perspective
2.2. The HSR Opening and Audit Fees: The Impact of Regional Heterogeneity
2.3. The HSR Opening and Audit Fees: The Impact of Auditor Heterogeneity
3. Research Design
3.1. Sample Data
3.2. Model Design and Variable Definition
3.2.1. Model Design
3.2.2. Variable Definition
- HSR opening effect (HSR × Post). According to The Code for Design of High-speed Railway (Trial) (2009) and Regulations on the Administration of Railway Safety, a railway with a speed of 250 km per hour (including reserved) or more and an initial speed of 200 km per hour or more is defined as HSR. The audit work of listed companies is in the first half of the year, and the first half of the year is to audit the financial statements of the previous year. The audit fees of the previous year have generally been determined before the audit, and the audit fees of the current year will be determined by referring to the audit situation of the previous year. We believe that the HSR opening in the first half of the year will have an impact on the audit fees of the current year. Similarly, the HSR opening in the second half of the year will essentially affect the audit fees for the next year. Therefore, we define the HSR opening in the first half of the year as the HSR opening in the city where the listed company’s office is located in the current year. If the HSR opening is in the second half of the year, it would be defined as opening in the next year. Some studies suppose that the HSR opening should be defined by the actual opening time [13]. However, most of the HSRs opened at the end of December, which has little impact on audit firms. Therefore, in the robustness test, we define the HSR opening in the city where the listed company’s office is located from January to November as the opening of the current year, and the HSR opening in December as the opening of the next year.
- Regional heterogeneity. According to The National Urban System Planning 2006–2020, Chinese cities are divided into three categories: national central city (NCC), regional central city (RCC), and non-central city (Non_CC). The specific classification assumptions are mentioned in Hypothesis 2 and will not be repeated here.
- Auditor heterogeneity. Using the Top 100 information of Comprehensive Evaluation of Audit Firms published by the Chinese Institute of Certified Public Accountants every year (since 2003), the top 10 audit firms are identified as the big 10 (Big10), and the rest are identified as non-big 10 (Non_Big10).
- Audit market competition (AMC). According to Numan and Willekens (2012) [15], we use the market share of current audit firms of enterprises in the same industry, region (province), and year to measure AMC.
- Information asymmetry (IA). Referring to Hutton et al. (2009) [56], we use the sum of the absolute value of discretionary accruals in the past three years and the dummy variables for the degree of information asymmetry constructed by median grouping to measure the information asymmetry (IA).
4. Empirical Results and Analysis
4.1. Describe Statistical Results and Analysis
4.2. Robustness Test
4.2.1. Parallel Trend Test
4.2.2. Placebo Test
4.2.3. Control the Impact of Other Transportation Infrastructure, City Categories, and the Internet
4.2.4. Replace the Measurement Method of HSR Opening
4.2.5. Exclude the Impact of Differences in Accounting Standards on the Research
4.2.6. Replace the Estimation Method
4.2.7. Replacement of the Explanatory Variables
5. Further Study
5.1. Analysis of the Impact Mechanism
5.1.1. Audit Market Competition Mechanism
5.1.2. Information Asymmetry Mechanism
5.2. The HSR Opening and Audit Quality
6. Conclusions and Suggestions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variables | Definitions |
---|---|
Fee | Natural logarithm of annual audit fees of enterprises. |
HSR × Post | The interaction term of whether the HSR is opened in the city where the listed company’s office is located (HSR) and after the opening time of the HSR in the city where the listed company’s office is located (Post). |
NCC/RCC/Non_CC | Cities in China are divided into national central cities (NCC), regional central cities (RCC), and non-central cities (Non_CC). |
Big10/Non_Big10 | Using the Top 100 Information of Comprehensive Evaluation of Audit Firms published by the Chinese Institute of Certified Public Accountants from 2003 to 2017, the top 10 CPA firms are identified as “big 10” CPA firms (Big10), and the rest are identified as “non-big 10” CPA firms (Non_Big10). |
AMC | The market share of the current audit firms in the same industry, region (province), and year. |
IA | The sum of the absolute value of discretionary accruals in the past three years (IA_SUM). If the IA is higher than the median (IA_Med), the variable is 1; otherwise, it is 0. |
Size | The natural logarithm of total assets at the end of the year. |
Roa | The ratio of net profit to total assets at the end of the year. |
Lev | The ratio of total liabilities to total assets at the end of the year. |
Loss | If the net profit of the company is negative, it is 1; otherwise, it is 0. |
Rip | The ratio of the sum of inventory and accounts receivable to the total assets. |
Growth | The growth rate of main business income. |
Quick | The ratio of current asset inventory to current liabilities. |
Top1 | The shareholding ratio of the largest shareholder. |
Outdir | The proportion of independent directors on the board. |
Con | The shareholding ratio of the management. |
Board | The total number of directors. |
Soe | The state-owned enterprise is 1; otherwise, it is 0 |
Big4 | The big four audit firms (PwC, DTT, KPMG, and EY) is 1; otherwise, it is 0 |
Switch | The change in the listed company’s CPA firm is 1; otherwise, it is 0. |
Opinion | If the annual audit opinion of the company is a non-standard audit opinion, it is 1; otherwise, it is 0. |
City | The dummy variable of the city where the listed company’s office is located—266 dummy variables are set. |
Year | Year dummy variable—14 dummy variables are set. |
VarName | Obs | Mean | SD | Max | Min | P25 | Median | P75 |
---|---|---|---|---|---|---|---|---|
Fee | 26054 | 13.524 | 0.733 | 16.200 | 12.206 | 13.017 | 13.430 | 13.892 |
HSR × Post | 26054 | 0.434 | 0.496 | 1.000 | 0.000 | 0.000 | 0.000 | 1.000 |
Size | 26054 | 21.868 | 1.286 | 25.768 | 19.114 | 20.958 | 21.724 | 22.607 |
Roa | 26054 | 0.040 | 0.061 | 0.225 | −0.213 | 0.013 | 0.036 | 0.068 |
Lev | 26054 | 0.460 | 0.220 | 1.136 | 0.051 | 0.292 | 0.459 | 0.617 |
Loss | 26054 | 0.902 | 0.297 | 1.000 | 0.000 | 1.000 | 1.000 | 1.000 |
Rip | 26054 | 0.272 | 0.173 | 0.762 | 0.005 | 0.141 | 0.249 | 0.374 |
Growth | 26054 | 0.219 | 0.557 | 3.943 | −0.646 | −0.013 | 0.123 | 0.303 |
Quick | 26054 | 1.697 | 2.219 | 14.803 | 0.127 | 0.613 | 1.003 | 1.767 |
Top1 | 26054 | 0.363 | 0.155 | 0.752 | 0.090 | 0.240 | 0.340 | 0.475 |
Outdir | 26054 | 0.367 | 0.053 | 0.571 | 0.250 | 0.333 | 0.333 | 0.400 |
Con | 26054 | 0.090 | 0.176 | 0.670 | 0.000 | 0.000 | 0.000 | 0.062 |
Board | 26054 | 8.920 | 1.829 | 15.000 | 5.000 | 8.000 | 9.000 | 9.000 |
Soe | 26054 | 0.484 | 0.500 | 1.000 | 0.000 | 0.000 | 0.000 | 1.000 |
Big4 | 26054 | 0.061 | 0.239 | 1.000 | 0.000 | 0.000 | 0.000 | 0.000 |
Switch | 26054 | 0.153 | 0.360 | 1.000 | 0.000 | 0.000 | 0.000 | 0.000 |
Opinion | 26054 | 0.046 | 0.209 | 1.000 | 0.000 | 0.000 | 0.000 | 0.000 |
VarName | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
Full Sample | NCC | RCC | Non_CC | Big10 | Non_Big10 | |
HSR × Post | −0.026 ** | 0.004 | −0.014 | −0.037 ** | 0.016 | −0.042 *** |
(−2.528) | (0.208) | (−0.771) | (−2.123) | (1.094) | (−3.054) | |
Size | 0.296 *** | 0.294 *** | 0.308 *** | 0.276 *** | 0.332 *** | 0.272 *** |
(33.201) | (18.833) | (17.954) | (18.969) | (22.131) | (24.042) | |
Roa | 0.124 * | 0.139 | 0.116 | 0.097 | −0.010 | 0.170 ** |
(1.762) | (1.015) | (0.938) | (0.979) | (−0.087) | (2.254) | |
Lev | 0.069 ** | 0.042 | 0.112 * | 0.044 | 0.013 | 0.082 ** |
(2.074) | (0.623) | (1.884) | (0.978) | (0.265) | (2.032) | |
Loss | −0.023 *** | −0.016 | −0.014 | −0.033 *** | −0.009 | −0.026 ** |
(−2.657) | (−0.866) | (−0.926) | (−2.674) | (−0.775) | (−2.407) | |
Rip | −0.050 | 0.001 | −0.149 ** | 0.051 | −0.013 | −0.040 |
(−1.277) | (0.010) | (−2.392) | (0.828) | (−0.210) | (−0.924) | |
Growth | −0.003 | −0.006 | −0.016 ** | 0.006 | 0.003 | −0.013 *** |
(−0.657) | (−0.881) | (−2.081) | (0.799) | (0.364) | (−2.762) | |
Quick | −0.003 | −0.001 | −0.003 | −0.004 | −0.007 ** | −0.001 |
(−1.237) | (−0.327) | (−0.797) | (−1.252) | (−2.307) | (−0.430) | |
Top1 | −0.045 | −0.023 | −0.090 | −0.043 | −0.143 * | −0.052 |
(−0.833) | (−0.223) | (−0.919) | (−0.511) | (−1.793) | (−0.796) | |
Outdir | 0.062 | 0.222 | 0.071 | −0.094 | 0.082 | 0.024 |
(0.798) | (1.435) | (0.548) | (−0.870) | (0.803) | (0.264) | |
Con | −0.078 | −0.148 | 0.029 | −0.000 | −0.092 | 0.002 |
(−1.469) | (−1.380) | (0.317) | (−0.007) | (−1.606) | (0.031) | |
Board | 0.008 ** | 0.004 | 0.010 * | 0.006 | 0.012 ** | 0.007 ** |
(2.401) | (0.584) | (1.836) | (1.327) | (2.517) | (1.973) | |
Soe | −0.015 | −0.002 | 0.029 | −0.059 * | −0.035 | 0.008 |
(−0.714) | (−0.047) | (0.810) | (−1.829) | (−1.087) | (0.362) | |
Big4 | 0.297 *** | 0.223 *** | 0.412 *** | 0.298 *** | 0.293 *** | 0.108 |
(7.351) | (4.260) | (4.931) | (3.489) | (5.621) | (1.464) | |
Switch | −0.022 *** | −0.037 *** | −0.020 ** | −0.014 * | −0.042 *** | −0.011 * |
(−4.462) | (−4.092) | (−2.241) | (−1.786) | (−4.381) | (−1.777) | |
Opinion | 0.080 *** | 0.101 *** | 0.079 *** | 0.066 *** | 0.069 *** | 0.064 *** |
(5.346) | (3.312) | (3.290) | (2.831) | (2.688) | (3.750) | |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 6.181 *** | 7.139 *** | 5.583 *** | 7.730 *** | 7.068 *** | 7.156 *** |
(30.532) | (13.970) | (15.440) | (23.410) | (19.464) | (26.846) | |
N | 26,054 | 8314 | 8021 | 9719 | 10,629 | 15,425 |
Adj. R2 | 0.700 | 0.627 | 0.714 | 0.677 | 0.625 | 0.690 |
VarName | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
Full Sample | NCC | RCC | Non_CC | Big10 | Non_Big10 | |
HSR × Before3+ | −0.007 | −0.021 | −0.012 | 0.007 | −0.024 | 0.009 |
(−0.611) | (−0.972) | (−0.628) | (0.376) | (−0.746) | (0.642) | |
HSR × Before2 | −0.011 | −0.012 | −0.025 | 0.002 | −0.041 | 0.002 |
(−1.329) | (−0.679) | (−1.625) | (0.162) | (−1.556) | (0.236) | |
HSR × Cur | −0.007 | −0.008 | 0.009 | −0.007 | 0.020 | −0.015 |
(−0.838) | (−0.445) | (0.649) | (−0.545) | (1.039) | (−1.425) | |
HSR × After1 | −0.025 ** | −0.022 | −0.014 | −0.013 | −0.000 | −0.026 ** |
(−2.557) | (−1.154) | (−0.802) | (−0.825) | (−0.009) | (−2.075) | |
HSR × After2 | −0.037 *** | −0.006 | −0.025 | −0.043 ** | 0.008 | −0.049 *** |
(−3.232) | (−0.223) | (−1.174) | (−2.411) | (0.699) | (−3.131) | |
HSR × After3+ | −0.059 *** | −0.002 | −0.062 ** | −0.063 ** | 0.009 | −0.079 *** |
(−3.797) | (−0.067) | (−2.148) | (−2.476) | (0.391) | (−3.855) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 6.192 *** | 7.145 *** | 5.634 *** | 7.747 *** | 7.099 *** | 7.183 *** |
(30.656) | (13.943) | (15.588) | (23.482) | (19.276) | (27.045) | |
N | 26,054 | 8314 | 8021 | 9719 | 10,629 | 15,425 |
Adj. R2 | 0.701 | 0.626 | 0.715 | 0.677 | 0.625 | 0.690 |
VarName | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
Full Sample | NCC | RCC | Non_CC | Big10 | Non_Big10 | |
Panel A: One year | ||||||
HSR × Postt−1 | −0.009 | 0.014 | - | - | −0.014 | −0.008 |
(−0.354) | (0.415) | - | - | (−0.219) | (−0.311) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 7.536 *** | 8.250 *** | 7.227 *** | 9.119 *** | 7.585 *** | 8.845 *** |
(16.751) | (12.173) | (10.655) | (15.651) | (5.979) | (25.059) | |
N | 6482 | 1985 | 2117 | 2380 | 1076 | 5406 |
Adj. R2 | 0.237 | 0.197 | 0.282 | 0.253 | 0.256 | 0.186 |
Panel B: Two years | ||||||
HSR × Postt−1 | −0.007 | −0.014 | 0.001 | 0.053 | 0.017 | −0.007 |
(−0.351) | (−0.420) | (0.039) | (0.649) | (0.247) | (−0.333) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 7.538 *** | 8.223 *** | 7.227 *** | 9.109 *** | 7.603 *** | 8.844 *** |
(16.769) | (12.171) | (10.649) | (15.619) | (6.017) | (25.008) | |
N | 6482 | 1985 | 2117 | 2380 | 1076 | 5406 |
Adj. R2 | 0.237 | 0.197 | 0.281 | 0.253 | 0.256 | 0.186 |
Panel C: Three years | ||||||
HSR × Postt−1 | 0.009 | 0.002 | 0.009 | −0.004 | 0.021 | −0.006 |
(0.638) | (0.067) | (0.318) | (−0.095) | (0.464) | (−0.397) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 8.468 *** | 8.588 *** | 7.178 *** | 9.122 *** | 7.522 *** | 8.541 *** |
(23.194) | (12.582) | (10.555) | (15.630) | (5.905) | (22.919) | |
N | 6482 | 1985 | 2117 | 2380 | 1076 | 5406 |
Adj. R2 | 0.237 | 0.197 | 0.282 | 0.253 | 0.257 | 0.186 |
VarName | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
Full Sample | NCC | RCC | Non_CC | Big10 | Non_Big10 | |
Panel A: Control Variable Increase Road, Rail, Water, Internet, Airport, NCC, RCC | ||||||
HSR × Post | −0.026 ** | −0.021 | −0.009 | −0.035 ** | 0.019 | −0.042 *** |
(−2.477) | (−1.133) | (−0.481) | (−1.987) | (1.237) | (−3.042) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 6.176 *** | 7.259 *** | 5.464 *** | 7.882 *** | 4.974 *** | 7.092 *** |
(29.213) | (12.263) | (14.100) | (22.710) | (9.767) | (24.744) | |
N | 25,752 | 8242 | 7941 | 9569 | 10,518 | 15,234 |
Adj. R2 | 0.710 | 0.637 | 0.724 | 0.691 | 0.626 | 0.707 |
Panel B: Control variable increase Road, Rail, Water, Internet, Airport_Num, NCC, RCC | ||||||
HSR × Post | −0.025 ** | −0.021 | −0.010 | −0.035 ** | 0.017 | −0.041 *** |
(−2.452) | (−1.136) | (−0.545) | (−1.979) | (1.132) | (−3.023) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 6.651 *** | 7.242 *** | 6.864 *** | 6.872 *** | 6.778 *** | 7.676 *** |
(30.776) | (12.681) | (16.751) | (18.693) | (15.376) | (26.336) | |
N | 25,752 | 8242 | 7941 | 9569 | 10,518 | 15,234 |
Adj. R2 | 0.710 | 0.637 | 0.724 | 0.692 | 0.625 | 0.707 |
VarName | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
Full Sample | NCC | RCC | Non_CC | Big10 | Non_Big10 | |
HSR × Post | −0.021 ** | −0.007 | −0.003 | −0.032 * | 0.026 | −0.040 *** |
(−2.037) | (−0.419) | (−0.159) | (−1.818) | (1.631) | (−2.962) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 6.176 *** | 7.152 *** | 5.565 *** | 7.666 *** | 6.683 *** | 7.147 *** |
(30.532) | (14.003) | (15.458) | (23.116) | (20.850) | (26.875) | |
N | 26,054 | 8314 | 8021 | 9719 | 10,629 | 15,425 |
Adj. R2 | 0.700 | 0.627 | 0.714 | 0.676 | 0.625 | 0.690 |
VarName | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
Full Sample | NCC | RCC | Non_CC | Big10 | Non_Big10 | |
HSR × Post | −0.022 ** | 0.004 | −0.008 | −0.037 ** | 0.005 | −0.030 ** |
(−2.405) | (0.230) | (−0.545) | (−2.367) | (0.365) | (−2.561) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 6.752 *** | 7.170 *** | 6.743 *** | 7.131 *** | 6.359 *** | 8.115 *** |
(26.466) | (12.563) | (15.240) | (17.735) | (17.802) | (28.438) | |
N | 21,800 | 7026 | 6616 | 8158 | 9968 | 11,832 |
Adj. R2 | 0.680 | 0.617 | 0.691 | 0.645 | 0.619 | 0.677 |
VarName | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
Full Sample | NCC | RCC | Non_CC | Big10 | Non_Big10 | |
HSR × Post | −0.038 *** | 0.014 | −0.034 * | −0.071 *** | −0.007 | −0.044 *** |
(−3.263) | (0.650) | (−1.743) | (−3.393) | (−0.347) | (−2.888) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 5.560 *** | 5.462 *** | 6.199 *** | 5.831 *** | 4.976 *** | 6.254 *** |
(32.758) | (17.851) | (21.048) | (23.373) | (22.330) | (29.183) | |
N | 26,054 | 8314 | 8021 | 9719 | 10,629 | 15,425 |
Adj. R2 | 0.716 | 0.725 | 0.691 | 0.705 | 0.748 | 0.638 |
VarName | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
Full Sample | NCC | RCC | Non_CC | Big10 | Non_Big10 | |
HSR_dummy | −0.015 ** | 0.004 | −0.012 | −0.016 * | −0.000 | −0.011 |
(−2.364) | (0.249) | (−1.038) | (−1.706) | (−0.018) | (−1.370) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 6.176 *** | 7.139 *** | 7.030 *** | 7.701 *** | 7.062 *** | 7.111 *** |
(17.707) | (38.399) | (29.948) | (53.534) | (22.124) | (22.358) | |
N | 26,054 | 8314 | 8021 | 9719 | 10,629 | 15,425 |
Adj. R2 | 0.661 | 0.572 | 0.674 | 0.628 | 0.533 | 0.635 |
VarName | AMC_AF | AMC_CAS | AMC_NC | ||||||
---|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
Full Sample | Non_ CC | Non_Big10 | Full Sample | Non_ CC | Non_Big10 | Full Sample | Non_ CC | Non_Big10 | |
HSR × Post | −0.048 *** | −0.100 *** | −0.078 *** | −0.042 *** | −0.088 *** | −0.065 *** | −0.050 *** | −0.098 *** | −0.076 *** |
(−3.755) | (−5.840) | (−4.389) | (−3.328) | (−5.243) | (−3.687) | (−3.658) | (−5.454) | (−3.965) | |
AMC | −0.198 *** | −0.208 *** | −0.159 *** | −0.049 *** | −0.055 *** | −0.028 | −0.039 * | −0.041 ** | −0.004 |
(−10.588) | (−11.025) | (−6.451) | (−2.818) | (−3.198) | (−1.161) | (−1.942) | (−2.040) | (−0.152) | |
HSR × Post × AMC | −0.079 *** | −0.106 *** | −0.160 *** | −0.059 ** | −0.066 * | −0.097 ** | −0.087 *** | −0.104 ** | −0.135 *** |
(−3.006) | (−2.588) | (−3.540) | (−2.352) | (−1.811) | (−2.377) | (−3.010) | (−2.537) | (−2.876) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 7.353 *** | 5.900 *** | 6.301 *** | 7.465 *** | 5.879 *** | 6.299 *** | 7.363 *** | 5.806 *** | 6.228 *** |
(20.978) | (50.435) | (29.584) | (19.130) | (49.551) | (29.091) | (18.742) | (49.776) | (28.831) | |
N | 25,767 | 9569 | 15,249 | 25,767 | 9569 | 15,249 | 25,767 | 9569 | 15,249 |
Adj. R2 | 0.717 | 0.716 | 0.652 | 0.711 | 0.710 | 0.645 | 0.711 | 0.710 | 0.645 |
VarName | IA_SUM | IA_Med | ||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Full Sample | Non_CC | Non_Big10 | Full Sample | Non_CC | Non_Big10 | |
HSR × Post | −0.028 ** | −0.050 ** | −0.034 ** | −0.029 ** | −0.044 ** | −0.051 *** |
(−2.050) | (−2.271) | (−1.998) | (−2.326) | (−2.207) | (−3.212) | |
IA | 0.003 | −0.020 | 0.005 | 0.002 | −0.004 | −0.002 |
(0.170) | (−0.652) | (0.226) | (0.290) | (−0.437) | (−0.219) | |
HSR × Post × IA | 0.014 | 0.066 | −0.042 | 0.008 | 0.016 | 0.013 |
(0.409) | (1.031) | (−1.091) | (0.726) | (0.906) | (0.905) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 7.528 *** | 7.788 *** | 6.629 *** | 7.521 *** | 7.743 *** | 6.641 *** |
(18.007) | (21.356) | (25.100) | (18.029) | (21.370) | (25.323) | |
N | 22,340 | 8114 | 13,354 | 22,340 | 8114 | 13,354 |
Adj. R2 | 0.708 | 0.679 | 0.704 | 0.708 | 0.678 | 0.704 |
VarName | DA | DD | Basu | ||||||
---|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
Full Sample | Non_CC | Non_Big10 | Full Sample | Non_CC | Non_Big10 | Full Sample | Non_CC | Non_Big10 | |
HSR × Post | −0.010 *** | −0.010 *** | −0.013 *** | −0.006 * | −0.003 | −0.008 * | 0.004 | 0.026 ** | 0.009 |
(−5.125) | (−3.220) | (−4.937) | (−1.657) | (−0.504) | (−1.682) | (0.712) | (2.179) | (1.123) | |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Firm | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
City | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | −0.003 | 0.062 | 0.055 | −0.530 *** | 0.022 | 0.145 | 1.262 *** | 1.088 *** | 0.627 *** |
(−0.073) | (1.260) | (1.010) | (−3.293) | (0.243) | (0.772) | (13.088) | (6.549) | (3.351) | |
N | 17,027 | 6260 | 10,254 | 17,027 | 6260 | 10,254 | 17,027 | 6260 | 10,254 |
Adj. R2 | 0.071 | 0.059 | 0.074 | 0.056 | 0.089 | 0.111 | 0.022 | 0.011 | 0.028 |
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Ma, D.; Zhang, S.; Zhao, J. The High-Speed Railway Opening and Audit Fees: Evidence from China. Sustainability 2022, 14, 13353. https://doi.org/10.3390/su142013353
Ma D, Zhang S, Zhao J. The High-Speed Railway Opening and Audit Fees: Evidence from China. Sustainability. 2022; 14(20):13353. https://doi.org/10.3390/su142013353
Chicago/Turabian StyleMa, Dongshan, Shengqiang Zhang, and Jiayu Zhao. 2022. "The High-Speed Railway Opening and Audit Fees: Evidence from China" Sustainability 14, no. 20: 13353. https://doi.org/10.3390/su142013353