臺大管理論叢 NTU Management Review VOL.30 NO.2

Do Government Initiatives and Reasons for Auditor-Client Realignment Influence Audit Fees and Audit Quality? Evidence from China 232 Variable N Mean STD Q1 Median Q3 RECTA 1,340 0.120 0.109 0.031 0.090 0.181 INVTA 1,340 0.163 0.157 0.060 0.124 0.206 QUICK 1,340 1.454 1.959 0.534 0.856 1.475 LIQ 1,340 1.910 2.109 0.877 1.301 2.059 ROA 1,340 0.006 0.231 0.007 0.026 0.054 TURNOVER 1,340 0.640 0.477 0.325 0.530 0.817 LOSS 1,340 0.157 0.364 0.000 0.000 0.000 ADJRETURN 1,340 0.086 0.560 -0.211 -0.032 0.231 BETA 1,340 1.081 0.262 0.921 1.095 1.250 STDRET 1,340 0.024 0.008 0.019 0.023 0.028 EM 1,340 0.254 0.436 0.000 0.000 1.000 CIFIRM 1,340 0.030 0.038 0.007 0.018 0.037 CICPA 1,340 0.223 0.134 0.123 0.189 0.323 EXPFIRM 1,340 0.124 0.330 0.000 0.000 0.000 EXPCPA 1,340 0.010 0.098 0.000 0.000 0.000 SIZEFIRM 1,340 2266.710 2465.985 563.343 1179.770 2979.161 SIZECPA 1,340 138.766 90.151 70.807 116.889 173.654 LMAO 1,340 0.136 0.343 0.000 0.000 0.000 LEGALFORMLLP 1,340 0.334 0.472 0.000 0.000 1.000 LEGALFORMLLC 1,340 0.619 0.486 0.000 1.000 1.000 TOP10 1,340 0.518 0.500 0.000 1.000 1.000 LOCAL 1,340 0.423 0.494 0.000 0.000 1.000 CMI 1,340 5.498 1.995 3.850 5.880 7.435 GDI 1,340 6.737 1.265 6.050 7.130 7.890 LEI 1,340 6.043 1.391 5.050 6.240 7.290 ISSUEB 1,340 0.062 0.241 0.000 0.000 0.000 ISSUEH 1,340 0.019 0.138 0.000 0.000 0.000 Note: REASON_DISCLOSURE is coded 1 if a firm discloses the reason for its auditor change and 0 otherwise. LNAF is natural logarithm of audit fees. MAO is coded 1 if a firm receives a modified audit opinion and 0 otherwise. D_MAO is coded -1 if a firm receives a modified opinion from the predecessor auditor, but a standard unmodified opinion from the successor auditor, coded 0 if a firm receives a standard unmodified or modified opinion from both predecessor and successor auditors, and coded 1 if a firm receives a standard unmodified opinion from the predecessor auditor, but a modified opinion from the successor auditor. REASON_CLIENT is coded 1 if the auditor change is driven by the client and 0 otherwise. REASON_CPA is coded 1 if the auditor change is driven by the accounting firm and 0 otherwise. REASON_GOV is coded 1 if the auditor change is driven by the government and 0 otherwise. STATE is coded 1 if the observation is obtained from a state-owned enterprise and 0 otherwise. POST_2007 is coded 1 if the observation is obtained on or after 2007 and 0