female directors is 10.55. 4 The results remain consistent when we cluster standard errors by firm, industry, or year or by any combination of the three variables or by all three variables. 14 SEC
audit firms do not rotate auditors as required by the firm’s policy. 2. The policies and procedures regarding the declaration of financial interest and employment with other entities The audit firms set
, 2018, and September 30, 2018. 6 Market, dated November 20, 2018, both coming into effect January 1, 2019. The new regulations stipulate that listed firms shall rotate auditors who have performed their