Table 8 (Cont’d.): Political Connections and Audit Fees (Heckman IMR Method) ? 0.259*** CURRENT [3.80] ? 0.012 NLEADER [0.25] ? -0.023 CLEADER [-0.98] ? -0.059 VOLATILITY [-0.43] ? 0.013*** MB [5.50] Constant -3.698*** [-23.67] Industry effects Yes Year effects Yes Observations 27,393 Adj. R2 0.13
Table 8 (Cont’d.): Political Connections and Audit Fees (Heckman IMR Method) CURRENT ? 0.259*** [3.80] NLEADER ? 0.012 [0.25] CLEADER ? -0.023 [-0.98] VOLATILITY ? -0.059 [-0.43] MB ? 0.013*** [5.50] Constant -3.698*** [-23.67] Industry effects Yes Year effects Yes Observations 27,393 Adj. R2 0.13
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