《Table 14Regression results of DID and PSM method.》

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《Is the quality of female auditors really better Evidence based on the Chinese A-share market》

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Note:Robustness standard errors in parentheses.*Statistical significance at the 10%level.**Statistical significance at the 5%level.***Statistical significance at the 1%level.

First，following the method of Francis et al.（2015），we estimate the probability of selecting male auditors in the sample of change of auditor gender.We used the indicative variable（DUMaud2change2）as the explained variable；used the main characteristics of companies，such as company size（Size），profitability（ROA），and financial leverage（Lev），as explanatory variables；performed logistic regression based on controlling the industry and year effects；and obtained a probability value of selecting a male auditor.Second，we use the probability value to match the 1:1 nearest neighbor sample.This process ensures that the sample of female auditors replaced with a male auditor was matched with a sample of male auditors replaced with a female auditor.Last，we integrate the experimental samples and paired samples and investigate the differences in audit quality between female and male auditors among the experimental and paired samples.Columns 4 and 5 of Table 14show the empirical results.Significant negative correlations are seen between Aud＿gender2 and DUM＿maos and DUM＿ARAgg separately.This finding shows that when the auditor changed，the probability of male auditors issuing modified audit opinions to listed companies is obviously reduced，and the radicalization of the audit reports of male auditors is also reduced.This illustrates that the change of auditor from female to male obviously increases the audit quality and that the audit quality provided by male auditors is higher than that provided by female auditors.This result further supports our hypothesis.