EDI | −0.008358 | 0.003426 | −2.439621 | 0.0152 |
IR | −0.065059 | 0.030845 | −2.109258 | 0.0356 |
LEV | 0.252573 | 0.077228 | 3.270495 | 0.0012 |
ROE | −0.016008 | 0.062562 | −0.255879 | 0.7982 |
CAT | −0.009965 | 0.006305 | −1.580567 | 0.1149 |
lnAS | −0.02748 | 0.016934 | −1.622767 | 0.1055 |
C | 0.621527 | 0.39773 | 1.562688 | 0.1190 |
lnAF | 0.0000 | 0.0000 | 0.0000 | Stable |
OP | Virtual variable | Stable | ||
IR | Virtual variable | Stable | ||
EDI | 0.0000 | 0.0003 | 0.0001 | Stable |
lnAS | 0.0132 | 0.4896 | 0.0050 | Stable |
Receivable | 0.0000 | 0.0004 | 0.0000 | Stable |
ROE | 0.0000 | 0.0000 | 0.0000 | Stable |
InICI | 0.0000 | 0.0001 | 0.0001 | Stable |
lnGDP | 0.0000 | 0.2079 | 0.0000 | Stable |
LEV | 0.0000 | 0.0009 | 0.0000 | Stable |
CAT | 0.0000 | 0.0008 | 0.0000 | Stable |
lnAF | 0.214996 | 0.074391 | 2.890083 | 0.0042 |
IR | 0.078676 | 0.012515 | 6.286496 | 0.0000 |
EDI | 0.375081 | 0.032331 | 11.601180 | 0.0000 |
AS | 1.274527 | 0.824980 | 1.544918 | 0.1236 |
Receivable | −0.066970 | 0.040803 | −1.641311 | 0.1020 |
ROE | 0.009643 | 0.023033 | 0.418649 | 0.6758 |
CR | 0.063361 | 0.063778 | 0.993458 | 0.3214 |
BIG10 | 0.033850 | 0.082914 | 0.408255 | 0.6834 |
OP | −0.012769 | 0.155756 | −0.081981 | 0.9347 |
Indr | −0.114389 | 0.093267 | −1.226469 | 0.2211 |
C | 4.978372 | 0.741695 | 6.712159 | 0.0000 |
Interpreted variable | Audit fees | lnAF | Natural logarithm of audit fees |
Audit opinion | OP | The non-standard audit opinion is 1, and the standard audit opinion is 0. | |
Explanatory variable | Whether an independent report is disclosed | IR | The independent report was 1, otherwise 0 |
Environmental information disclosure index | EDI | The guide requires the disclosure of 8 environmental information points | |
control variable | Internal controls | lnICI | The natural logarithm of the de Bo control index in this year |
Asset liability ratio | LEV | Total liabilities/year-end assets at the end of the year | |
Net interest rate | ROE | Net profit/net assets | |
Accounts receivable/total assets | Receivable | Accounts receivable/total assets | |
Turnover rate of mobile assets | CAT | Average balance of operating income/current assets | |
Asset scale | lnAS | Natural logarithm of total assets | |
Site of a listed company | lnGDP | The natural logarithm of the GDP in the site of the listed company |
EDI | 0.014883 | 0.007007 | 2.123877 | 0.0344 |
IR | 0.038175 | 0.063217 | −0.603871 | 0.5463 |
lnICI | −0.022225 | 0.012788 | −1.738054 | 0.0831 |
LEV | −0.346644 | 0.164509 | −2.107147 | 0.0358 |
ROE | −0.149108 | 0.119737 | −1.245295 | 0.2138 |
lnAS | 0.351762 | 0.036519 | 9.632408 | 0.0000 |
Receivable | −0.286922 | 0.585266 | −0.490242 | 0.6243 |
lnGDP | 0.166957 | 0.131356 | 1.271028 | 0.2045 |
OP | 0.029439 | 0.105057 | 0.280222 | 0.7795 |
C | 6.020103 | 0.806983 | 7.460013 | 0.0000 |
Augmented Dickey-Fuller test statistic | t-statistic | Prob.* |
---|---|---|
The first model | −20.66770 | 0.0000 |
The second model | −16.42007 | 0.0000 |
EDI | −0.007839 | 0.002926 | −2.678837 | 0.0077 |
IR | −0.018763 | 0.022368 | −0.838815 | 0.4020 |
LEV | 0.136951 | 0.054196 | 2.526977 | 0.0118 |
ROE | −0.071547 | 0.058366 | −1.225846 | 0.2209 |
CAT | −0.004694 | 0.004759 | −0.98647 | 0.3244 |
lnAS | 0.001107 | 0.008603 | 0.128687 | 0.8977 |
C | −0.01479 | 0.189842 | −0.077909 | 0.9379 |
lnAF | 11.92 | 17.93 | 14.2383 | 1.01210 |
OP | 0.00 | 1.00 | 0.0256 | 0.15823 |
EDI | 0.00 | 16.00 | 4.9829 | 4.13422 |
IR | 0.00 | 1.00 | 0.4423 | 0.49719 |
lnICI | 0.00 | 6.89 | 6.4050 | 0.74605 |
LEV | 0.02 | 1.56 | 0.5631 | 0.18172 |
ROE | −1.54 | 0.98 | 0.0634 | 0.12431 |
lnAS | 20.23 | 28.51 | 23.4460 | 1.60545 |
Receivable | 0.00 | 0.40 | 0.0517 | 0.04902 |
lnGDP | 0.68 | 2.47 | 1.6219 | 0.40569 |
CAT | 0.06 | 19.87 | 2.3136 | 1.83478 |