Table 4 Multinomial regression results for 2006–2010
From: Voluntary disclosure of internal control and auditor’s attestation: evidence from China
Separate logistic regressions | Multinomial logistic regressions (Model 3) | ||||
|---|---|---|---|---|---|
Model 1 Discloser versus non-disclosers | Model 2 Self-assessment report only versus Self-assessment report with auditor’s attestation | (1) Self-assessment report only versus non-disclosers (ICVD1) | (2) Self-assessment report with auditor’s attestation versus non-disclosers (ICVD2) | (3) Diff between (1) and (2) Chi-squared | |
SEO | 0.75*** (3.40) | 0.54 (1.52) | 0.28 (0.90) | 1.05*** (4.29) | 5.33** |
FUND | 4.63*** (3.84) | 5.12*** (2.67) | 1.80 (1.12) | 5.94*** (4.29) | 5.58** |
GOV | 0.22 (1.45) | 0.47* (1.91) | −0.05 (−0.24) | 0.42** (2.10) | 3.54* |
GOV*CENTRL | 0.41** (2.25) | 0.93*** (3.60) | −0.22 (−0.85) | 0.69*** (3.53) | 11.69*** |
GOV*SEO | −0.35 (−1.28) | −0.50 (−1.16) | 0.14 (0.36) | −0.66** (−2.19) | 3.85** |
SIZE | 0.55*** (8.57) | −0.03 (−0.36) | 0.62*** (7.29) | 0.53*** (7.17) | |
GROW | 0.01 (0.26) | 0.08 (0.88) | −0.16 (−1.64) | 0.01 (0.74) | |
ROE | −0.01 (−0.55) | 0.14 (0.72) | −0.01 (−0.48) | −0.01 (−0.44) | |
LEV | −1.49*** (−4.27) | 0.37 (0.68) | −1.72*** (−3.52) | −1.32*** (−3.33) | |
INDIR | 0.71 (0.61) | 1.23 (0.78) | 0.01 (0.01) | 1.44 (1.00) | |
CLIST | 1.36** (2.11) | 0.37 (0.47) | 1.42** (1.97) | 1.75** 2.43) | |
BIG4 | 0.19 (0.82) | −1.95*** (−5.14) | 1.01*** (3.41) | −0.75** (−2.38) | |
INV | 0.90** (2.53) | −0.06 (−0.09) | 0.86* (1.82) | 0.90** (2.01) | |
AGE | −0.07*** (−4.21) | −0.11*** (−4.20) | −0.01 (−0.77) | −0.11*** (−5.48) | |
Industry MBR | 0.03 (0.37) | 0.08 (0.68) | −0.33 (−0.31) | 0.04 (0.80) | |
# of Obs. | 3994 | 1198 | 3994 | ||
Pseudo R2 | 23.26% | 17.67% | 21.99% | ||