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審計人員之產業專精與客戶租稅規避：中國實證研究
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4.3 Multivariate Regression Analysis
Table 7 reports the OLS regression results of auditor industry expertise on tax
avoidance. This study uses
BETR
,
CETR,
and
BTD
to measure tax avoidance, and
IMS
,
IMS_
D
,
IPS
and
IPS_D
as proxies for auditor industry expertise in Model (1), (2), and (3). Table 7
suggests that auditor industry expertise (
Spec
) based on industry market share (
IMS
and
IMS_D
) is negatively associated with
BETR
and
CETR
in most of these regressions and
positively associated with
BTD
. This result indicates that auditors who are industry experts
Table 7 Association between Auditor Industry Expertise and Tax Avoidance
Variables
(1)
Tax-avoidance = BETR
(2)
Tax-avoidance = CETR
Spec = IMS Spec = IMS_D Spec = IPS Spec = IPS_D Spec = IMS Spec = IMS_D
Constant
-0.0834***
-0.0789***
-0.0681***
-0.0671***
-0.2007***
-0.1889***
(-4.03)
(-3.86)
(-3.32)
(-3.30)
(-8.65)
(-8.23)
Spec
-0.0743***
-0.0142***
-0.0046
-0.0005
-0.0571***
-0.0019
(-3.82)
(-4.01)
(-0.39)
(-0.13)
(-2.61)
(-1.23)
Big10
-0.0054**
-0.0063***
-0.0093***
-0.0092***
-0.0041
0.0014
(-2.25)
(-2.73)
(-4.14)
(-4.15)
(-1.52)
(0.55)
Soe
0.0031
0.0031
0.0029
0.0029
0.0044*
0.0044*
(1.29)
(1.29)
(1.22)
(1.23)
(1.67)
(1.67)
Size
0.0090***
0.0087***
0.0081***
0.0081***
0.0167***
0.0160***
(9.43)
(9.31)
(8.65)
(8.70)
(15.60)
(15.24)
Roa
0.0329**
0.0331**
0.0335***
0.0334***
0.0875***
0.0878***
(2.56)
(2.57)
(2.60)
(2.59)
(6.05)
(6.07)
Lev
-0.0149***
-0.0147***
-0.0154***
-0.0154***
-0.0418***
-0.0422***
(-2.73)
(-2.69)
(-2.81)
(-2.83)
(-6.82)
(-6.87)
CFO
0.0424***
0.0421***
0.0419***
0.0418***
0.0146
0.0141
(3.48)
(3.45)
(3.43)
(3.42)
(1.06)
(1.03)
Year
Controlled
Controlled
Controlled
Controlled
Controlled
Controlled
Industry
Controlled Controlled Controlled Controlled Controlled Controlled
N
7692
7692
7692
7692
7692
7692
F Value
43.22
43.28
42.68
42.67
29.08
27.85
Adjusted R
2
0.1454
0.1456
0.1438
0.1438
0.1021
0.1013
Note: This table presents results of an OLS regression of auditor industry expertise on clients’ tax
avoidance. The dependent variable tax avoidance is measured by
BETR
, and the key independent
variable auditor industry expertise is measured by
IMS
,
IMS_D
,
IPS,
and
IPS_D
. In Model (1), we
use
BETR
as a proxy for tax avoidance. In Model (2), we use
CETR
as a proxy for tax avoidance.
In Model (3), we use
BTD
as a proxy for tax avoidance. The sample includes 7,692 firm-year
observations for the period 2008-2012. T-statistics are in the parentheses. ***, **, * stand for a
statistical significant level of 1%, 5%, and 10% respectively.