Cointegration Analysis of Audit Pricing Model: A Panel Unit Root Test Approach
使用面板单位根检验，发现审计费用及其主要解释变量存在非平稳性，表明以往研究中某些变量的影响可能被夸大，对审计定价模型的正确设定有重要启示。
In this study, we provide evidence on the stationarity of real audit fees and the major explanatory variables frequently used in the audit pricing models from a pooled data set, using panel unit root tests developed by Im et al. (1997). The panel unit root test supports the hypothesis of non‐stationarity of audit fees and their major determinants. We demonstrate that variables in the audit pricing model that were previously found to have impact on audit fees may turn out to be useless when more powerful tests like panel tests are applied to these variables. Our evidence implies that failing to employ appropriate procedure to test cointegration and to specify the appropriate model for audit fees and their determinants would generate results that may have exaggerated the effects of some variables on audit fees.