Table 11: Elections, Political Connections, and Audit Fees (1) (2) (3) (4) (5) PC Dummy PC Directors PC Rank PC Tenure PC Freshness + 0.077*** 0.061*** 0.028*** 0.005*** 0.043*** PCON [4.23] [5.02] [4.22] [3.47] [4.49] + 0.031*** 0.032*** 0.031*** 0.033*** 0.031*** ELECTION [4.31] [4.42] [4.34] [4.65] [4.38] + 0.045*** 0.029*** 0.017*** 0.002** 0.025*** ELECTION*PCON [3.83] [3.97] [4.05] [2.26] [3.70] Control variables Yes Yes Yes Yes Yes Industry effects Yes Yes Yes Yes Yes Year effects Yes Yes Yes Yes Yes Observations 29,785 29,785 29,785 29,785 29,785 Adj. R2 0.82 0.82 0.82 0.82 0.82 All continuous variables are winsorized at the 1% and 99% levels. All t-statistics reported in brackets are on standard errors clustered at the firm level. The superscripts ***, **, and * denote two-tailed significance levels of 0.01, 0.05, and 0.10, respectively.
Table 11: Elections, Political Connections, and Audit Fees (1) (2) (3) (4) (5) PC Dummy PC Directors PC Rank PC Tenure PC Freshness PCON + 0.077*** 0.061*** 0.028*** 0.005*** 0.043*** [4.23] [5.02] [4.22] [3.47] [4.49] ELECTION + 0.031*** 0.032*** 0.031*** 0.033*** 0.031*** [4.31] [4.42] [4.34] [4.65] [4.38] ELECTION*PCON + 0.045*** 0.029*** 0.017*** 0.002** 0.025*** [3.83] [3.97] [4.05] [2.26] [3.70] Control variables Yes Yes Yes Yes Yes Industry effects Yes Yes Yes Yes Yes Year effects Yes Yes Yes Yes Yes Observations 29,785 29,785 29,785 29,785 29,785 Adj. R2 0.82 0.82 0.82 0.82 0.82 All continuous variables are winsorized at the 1% and 99% levels. All t-statistics reported in brackets are on standard errors clustered at the firm level. The superscripts ***, **, and * denote two-tailed significance levels of 0.01, 0.05, and 0.10, respectively.
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