Table 4 – Summary of results of model 1,2,3 & 4 Full Sample Listed Firms Sample Non-listed Firms Sample Variable Single Combined Single Combined Single Combined Hypothesis β Hypotheses β Hypothesis β Hypotheses β Hypothesis β Hypotheses β Audited by BDO^ ,000 ,000 Insignificant Insignificant ,000 ,000 H1 Audited by Deloitte -,028* -,028** Insignificant Insignificant -,133* -,208* Audited by Ernst&Young -,022** -,026** Insignificant Insignificant -,124* -,238* Audited by KPMG -,023** -,028* Insignificant Insignificant -,149* -,167* Audited by PwC -,027* -,037* Insignificant Insignificant -,148* -,160* H2 Auditor Tenure -,003* -,002* -,003* -,003* Insignificant Insignificant H3 Auditor Industry Specialization -,045** -,060* -,054** -,065* Insignificant Insignificant ** = Correlation is significant at the 0.05 level ; * = Correlation is significant at the 0.10 level ; ^ = BDO is the benchmark variable
Table 4 – Summary of results of model 1,2,3 & 4 Variable Full Sample Listed Firms Sample Non-listed Firms Sample Single Hypothesis β Combined Hypotheses β Single Hypothesis β Combined Hypotheses β Single Hypothesis β Combined Hypotheses β H1 Audited by BDO^ ,000 ,000 Insignificant Insignificant ,000 ,000 Audited by Deloitte -,028* -,028** Insignificant Insignificant -,133* -,208* Audited by Ernst&Young -,022** -,026** Insignificant Insignificant -,124* -,238* Audited by KPMG -,023** -,028* Insignificant Insignificant -,149* -,167* Audited by PwC -,027* -,037* Insignificant Insignificant -,148* -,160* H2 Auditor Tenure -,003* -,002* -,003* -,003* Insignificant Insignificant H3 Auditor Industry Specialization -,045** -,060* -,054** -,065* Insignificant Insignificant ** = Correlation is significant at the 0.05 level ; * = Correlation is significant at the 0.10 level ; ^ = BDO is the benchmark variable