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沙賓法
404
條及審計準則第
5
號是否會減少內部控制揭露錯誤？
280
Table 10 Logistic Regression for High-AQ and Low-AQ Samples
(Dependent Variable =
EFFECTIVE
)
Predicted Sign
Low-AQ Sample
High-AQ Sample
Coefficient
p-value
Coefficient
p-value
AS5
？
1.205
0.001
2.395
<0.001
SIZE
＋
0.024
0.790
-0.044
0.591
ROA
＋
0.073
0.850
-0.615
0.312
LEV
－
-0.174
0.438
-0.400
0.169
PE
－
-0.001
0.579
0.000
0.831
MB
－
0.024
0.113
0.010
0.572
BIGN
？
0.347
0.137
0.550
0.036
RCP
－
-0.013
<0.001
-0.001
0.778
FT
－
-0.116
0.520
-0.574
0.001
AGLOSS
－
-0.288
0.174
-0.944
<0.001
MARKETCAP
＋
0.000
0.001
0.000
0.002
CONSTANT
14.215
0.974
15.934
0.979
YEAR
(include)
(include)
INDUSTRY
(include)
(include)
LR chi squared
182.21
<0.001
267.99
<0.001
Pseudo R
2
0.123
0.148
Sample size
3375
4795
Note: Variables are defined in Table 2. P-values are based on two-tailed tests.
5.2 Period of Financial Restatements
Doyle et al. (2007a) have argued that, on average, material weaknesses exist for
several years before they are reported. In other words, restatements announced in year
t
+1
might imply the existence of weaknesses not only in year
t
+1 but also in year
t
. Therefore,
in this sensitivity test, we define restatement companies as companies that restate either
their year
t
or year
t
+1 financial statements. We replicate the analyses using the alternative
definition of restatement companies. The results are very similar to our main results,
indicating that our main results are robust to the different choices regarding the periods of
restatements. For brevity, the tables of the results are omitted.