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Table 1 Sample selection Description Number Companies listed in Euronext Lisbon in 2003 57 Less: firms not subject to Portuguese Law 2 Less: firms without financial reports available for 2003 (31 December) Less: financial firms 6 Less: Sociedades Anónimas Desportivas (Football club firms) 2 Final number of firms in the sample 46 51 1
Table 2 Sample Industry Distribution Code Industry Nr. % 113 Chemical Industries—Commodities 3 6,52 132 Building and Building Materials 3 6,52 137 Building — Other 6 13,04 156 Paper 6 13,04 252 Electrical Equipment 1 2,17 263 Commercial Vehicles and Trucks 1 2,17 318 Retail – Vehicles 1 2,17 345 Domestic appliances and Domestic Use Articles 1 2,17 349 Other Textile and Leather Products 1 2,17 416 Drinks—Distilleries and Wine Producers 1 2,17 418 Soft Drinks 1 2,17 433 Agriculture and Fisheries 1 2,17 435 Food Manufacturing 1 2,17 532 Gambling 1 2,17 539 Restaurants and Bars 1 2,17 542 Television and Radio—Suppliers 1 2,17 543 Cable and Satellite 1 2,17 547 Editing and Printing 2 4,35 596 Rail, Road and Cargo Transports 1 2,17 597 Maritime/River Transports and Harbours 2 4,35 630 Retailers—Food and Drugs 3 6,52 673 Fixed LineTelecommunications 1 2,17 678 Mobile Telecommunications 1 2,17 720 Electricity 1 2,17 972 Computer Services 4 8,70 Total 46 100,00 Note: The industry classification for each firm was obtained directly from Euronext Lisbon’s website (www.euronext.pt) 52
Page 1 and 2: DP 2006 - 09 Board Structure and Mo
Page 3 and 4: BOARD STRUCTURE AND MODIFIED AUDIT
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Page 7 and 8: are higher if a firm is identified
Page 9 and 10: etter judge the “the true and fai
Page 11 and 12: than other auditors, which can be i
Page 13 and 14: emphases, before the issuance, in t
Page 15 and 16: Pr ob( OPIN = 1) = F( α + β NUM +
Page 17 and 18: Asset profitability (ROA) is introd
Page 19 and 20: Given the above, our first step in
Page 21 and 22: 5. Empirical results 5.1. Auditing
Page 23 and 24: information on any executive commit
Page 25 and 26: The extant literature (e.g., Beasle
Page 27 and 28: modified opinion, the difference be
Page 29 and 30: (p-value=0.34), at the same time th
Page 31 and 32: percentage of non-executive board m
Page 33 and 34: Klein (2002a) finds evidence that a
Page 35 and 36: corporate governance reports of lis
Page 37 and 38: 26 Mota—Engil, SGPS, SA Mota-Engi
Page 39 and 40: Bradshaw, M. T., S. A. Richardson a
Page 41 and 42: Dechow, P.M. and D. J. Skinner (200
Page 43 and 44: Gaver, J. J., K. M. Gaver and J. R.
Page 45 and 46: Kang, S. and K. Sivaramakrishnan (1
Page 47 and 48: Nelson, M. W., J. A. Elliott and R.
Page 49 and 50: Teoh, S. H., I. Welch and T. J. Won
Page 51: Figure 1 - Relation between the boa
Page 55 and 56: Variable Mean Std Dev. Quantitative
Page 57 and 58: Table 7 Mean (median) figures of va
Page 59 and 60: Table 10 Logistic regression result
Page 61 and 62: Variable Expected sign Constant ? N

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