The next analysis attempts to separate the Big 6 Premium into general brand-name and industry-specialist components. the right-hand side of Table 4 estimates an audit fee model using the 288 companies in the three largest industries. In order to separate the Big 6 premium into brand name and industry specialization, two auditor indicator variables are used: one for companies in which the auditor is a Big 6 industry specialist and another for companies in which the Big 6 auditor is not an industry specialist based on the Classification in Table 2.The implicit comparison group for both of the Big 6 indicator variable is the 63 companies having non-Big 6 auditors. Again, the audit fee model is significant at p < 0.01 and has an adjusted R2 of 68.5 percent. Both Big 6 variable are significant at p < 0.01,and the coefficient is larger for Big 6 industry specialists (0.570) than for Big 6 nonspecialists (0.318). On average,this translates to Big 6 Specialists having a premium of 77 percent and Big 6 nonspecialists a premium of 37 percent over non-Big 6 auditors.14