Table 7.

Audit committee index and stock liquidity (2SLS Estimation).

	First	2nd_stage	2nd_stage
Variables	Auidt_index	Amihud	LM
Audit_Index		−0.00265***	−9.243***
		(−4.565)	(−4.341)
Indus_A_Index	0.444***
	(13.61)
CG_Act	−0.241***
	(−6.548)
Leverage	−0.220***	−0.000752	3.961*
	(−3.708)	(−1.342)	(1.837)
size	0.155***	−0.000721***	−3.372***
	(13.28)	(−4.515)	(−6.003)
age	0.0319	0.000323	1.791
	(0.733)	(0.787)	(1.509)
S_Price	0.0470***	−0.000125	5.070***
	(3.260)	(−0.929)	(9.045)
Volatility	0.454	0.0795***	67.76***
	(1.486)	(27.69)	(4.409)
Constant	−3.340***	0.0126***	52.89***
	(−11.31)	(3.284)	(4.222)
Observations	2,335	2,335	2,324
R-squared		0.262	0.104
Industry FE	No	No	No

Robust t-statistics in parentheses

^***p < 0.01;

^**p < 0.05;

^*p < 0.1.