dp0609 - FEP - Universidade do Porto

Table 7
Mean (median) figures of variables used according to audit opinion type
Modified
opinion
Clean
opinion Difference t Test
56
Mann-
Whitney U
(n = 47) (n = 44) (modified –
Variables
clean) p-value p-value
NUM 6.91 7.68 -0.77 0.28 0.51
(7.00) (7.00) (0.00)
MEET 14.38 14.25 0.13 0.95 0.95
(12.00) (12.00) (0.00)
PNEXEC 0.31 0.39 -0.08 0.15 0.16
(0.29) (0.40) (-0.11)
ASSETS 852492 2278122 -1425629 0.06 0.28
(243033) (351247) (108214)
ER 0.21 0.34 -0.13 0.00 0.00
(0.18) (0.31) (-0.13)
ROA -0.00 0.07 -0.07 0.00 0.00
(0.02) (0.06) (-0.04)
PBV 1.66 2.02 -0.36 0.41 0.06
(1.19) (1,71) (-0.52)
The levels of significance shown relate to two-sided tests;
Given that we rejected the hypothesis of normal distribution for the variables, a
Mann-Whitney U non-parametric test was used to verify if the two groups
relate to populations with the same location.
NUM = number of board members;
MEET = total number of board meetings in each year;
PNEXEC = proportion of non-executive members in the board;
ASSETS = total assets, in thousands of euros;
ER = Equity ratio, computed as the ratio between book equity and total assets;
ROA = Asset profitability, computed as earnings before interest, taxes and
extraordinary items divided by total assets;
PBV = price book value.