OUTBD

AcronymDefinition
OUTBDOutboard
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TABLE 3 Pearson Correlation Analysis of Independent Variables Pearson Correlation Coefficients on 681 Insurers, 1991-1992 OUTBD MUTUAL SIZE GEOG OUTBD 1.00 MUTUAL .21(**) 1.00 SIZE .16(**) -.08(*) 1.00 GEOG -.07 -.14(**) .49(**) 1.00 HINDEX -.11(**) -.26(**) 0.01 -.02 CAPISSUE -.20(**) -.22(**) .00 .12(**) HEALTH .06 .20(**) .29(**) .23(**) HINDEX CAPISSUE HEALTH OUTBD MUTUAL SIZE GEOG HINDEX 1.00 CAPISSUE .10(**) 1.00 HEALTH -.26(**) -.17(**) 1.00 (**), (*) Pearson Correlation coefficients significant at [is less than or equal to] the .01, .05 level, respectively, two-sided.
TABLE 4 Ordered Probit Regression Results on 681 Insurers, 1991-1992, across Three Levels of Audit Firm Type Predicted Estimated Coefficients Independent Sign Coefficient Variables [Standard Error] Board Composition [[Beta].sub.1] OUTBD + .0039(**) [.0019] Control Variables [[Beta].sub.2] MUTUAL + -.1282 [.1103] [[Beta].sub.3] SIZE + .3325(***) [.0404] [[Beta].sub.4] GEOG + .0711(*) [.0512] [[Beta].sub.5] HINDEX ?
TABLE 5 Logit Regression Results on 681 Insurers, 1991-1992, across Audit Firm Type Estimated Coefficients [Standard Errors] (A) Across Nonspecialist Big 6 (n = 99) and Specialist Independent Predicted Big 6 Coefficients Variables Sign (n = 355) Board Composition [[Beta].sub.1] OUTBD + .0113(***) [.0043] Control Variables [[Beta].sub.2] MUTUAL + .1560 [.2901] [[Beta].sub.3] SIZE + .1339(*) [.0947] [[Beta].sub.4] GEOG + -.2362(**) [.1107] [[Beta].sub.5] HINDEX ?
The only difference is that the coefficient on SIZE is no longer significant and the level of significance of the coefficient on OUTBD is marginally lower (i,e., the significance in some cases is reduced from 0.01 to 0.05).