Voluntary disclosure of internal control and auditor’s attestation: evidence from China

Frontiers of Business Research in China

Table 2 Descriptive statistics for independent variables

Panel A: Descriptive statistics for full sample during the period of 2006–2010
	Mean	Q1	MEDIAN	Q3	Std. Dev.
SEO	0.106	0	0	0	0.308
FUND	0.030	0	0.006	0.044	0.047
GOV	0.668	0	1	1	0.471
CENTRAL	0.172	0	0	0	0.377
SIZE^a	3231	1362	2709	6474	3666
GROW	0.338	−0.017	0.139	0.326	3.047
ROE	0.066	0.025	0.072	0.128	2.607
LEV	0.602	0.397	0.541	0.672	1.161
INDIR	0.359	0.333	0.333	0.375	0.050
CLIST	0.013	0	0	0	0.111
BIG4	0.070	0	0	0	0.255
INV	0.177	0.062	0.138	0.237	0.161
AGE	9.349	6	9	13	4.023
IndustryMBR	3.227	1.958	3.114	4.330	1.356
Panel B: Descriptive statistics of test variables for firms with IC weakness during the period 2009–2010
	Firms with IC weakness (n = 153)		Firms with IC weakness, but which disclose self-assessments (no auditor’s attestation) (n = 51)		Firms with IC weakness, but which disclose both self-assessments and auditor’s attestations (n = 19)
	Mean	Median	Mean	Median	Mean	Median
SEO	0.072	0	0.059	0	0.157	0
FUND	0.032	0.004	0.053	0.021	0.051	0.018
GOV	0.653	1	0.667	1	0.789	1
CENTRAL	0.183	0	0.294	0	0.421	0

This table presents the descriptive statistics for all independent variables defined in Table 2. Panel A presents the statistics for the full sample period 2006–10, while Panel B presents the statistics of our test variables in the subsample of firms with IC weakness during the period 2009–2010
^aSIZE in Table 2 (both panels A and B) is the total assets (in million RMB) at year-end.