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-square | |
SEO | 0.41 (1.47) | 0.39 (0.86) | 0.11 (0.29) | 0.68** (2.09) | 1.73 |
FUND | 3.61** (2.22) | 6.47*** (2.77) | 0.16 (0.08) | 6.26*** (3.32) | 8.23*** |
GOV | 0.21 (1.15) | 0.42 (1.58) | −0.12 (−0.05) | 0.43* (1.89) | 2.78* |
GOV*CENTRL | 0.30 (1.38) | 1.03*** (3.64) | −0.29 (−0.97) | 0.67*** (2.83) | 11.16** |
GOV*SEO | −0.24 (−0.67) | −0.58 (−1.06) | 0.21 (0.44) | −0.62 (−1.49) | 2.42 |
SIZE | 0.67*** (8.25) | −0.05 (−0.50) | 0.71*** (7.33) | 0.65*** (7.14) | |
GROW | −0.11* (−1.76) | 0.11 (0.99) | −0.21 (−0.44) | −0.08 (−1.59) | |
ROE | −0.01 (−0.24) | 0.57 (1.43) | −0.22 (−0.65) | 0.02 (0.48) | |
LEV | −1.80*** (−4.06) | 0.82 (1.33) | −2.13*** (−3.90) | −1.43*** (−2.81) | |
INDIR | 0.57 (0.42) | 0.51 (0.31) | 0.33 (0.22) | 1.02 (0.62) | |
CLIST | 16.02*** (28.46) | 0.34 (0.46) | 14.92*** (23.86) | 15.27*** (24.06) | |
BIG4 | 0.35 (1.02) | −1.77*** (−4.11) | 0.93** (2.65) | −0.71 (−1.62) | |
INV | 0.98** (2.24) | −0.15 (−0.22) | 1.00* (1.88) | 0.95* (1.74) | |
AGE | −0.07*** (−3.61) | −0.12*** (−4.31) | −0.02 (−0.83) | −0.13*** (−5.42) | |
Industry MBR | −0.03 (−0.34) | 0.11 (0.91) | −0.07 (−0.71) | 0.01 (0.11) | |
# of Obs. | 1621 | 694 | 1621 | ||
Pseudo R2 | 17.28% | 11.96% | 15.47% |