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论文作者:英语论文网论文属性:硕士毕业论文 dissertation登出时间:2011-08-15编辑:anterran点击率:5924
论文字数:8412论文编号:org201108151727223340语种:英语 English地区:中国价格:$ 44
关键词:Corporate governanceAuditor choiceChinese capital marketOpaqueness gains公司治理审计师中国资本市场不透明性收益
摘要:中国正在成为越来越重要的投资者在世界。本文的目的是探讨因素对公司审计师选择在中国尊重他们的公司governance mechanism。通常企业采取权衡他们的审计师选择的决定,即,聘请高素质的审计人员审计信号有效监测和良好的企业管治降低筹资成本
Journal of International Accounting, Auditing and Taxation
Contents lists available at ScienceDirect
Journal of International Accounting,
Auditing and Taxation
The impact of Corporate Governance on auditor choice:Evidence from China
Keywords:Corporate governance Auditor choice Chinese capital market Opaqueness gains
a b s t r a c t
As the largest and fastest growing emerging market, China is becoming more and moreimportant to investors throughout the world. The purpose of this paper is to investigatethe determinants of firms’ auditor choice in China in respect of their corporate governancemechanism. Normally firms have to take a trade-off in their auditor choice decisions, i.e.,to hire high-quality auditors to signal effective audit monitoring and good corporate governanceto lower their capital raising costs, or to select low-quality auditors with less effectiveaudit monitoring in order to reap private benefits derived fromweak corporate governanceand less-transparent disclosure (the opaqueness gains).We develop a logit regression model
to test theimpact of firms’ internal corporate governancemechanism on auditor choice decisionsmade by IPO firms getting listed during a bear market period of 2001–2004 in China.
Three variables are used to proxy for firms’ internal corporate governance mechanism, i.e.,the ownership concentration, the size of the supervisory board (SB), and the duality ofCEO and chairman of board of directors (BoDs). We classify all auditors in China into largeauditors (Top 10) and others (non-Top 10), assuming the large auditors can provide higher
quality audit services. The empirical results show that firms with larger controlling shareholders,with smaller size of SB, or in which CEO and BoDs chairman are the same person,are less likely to hire a Top 10 (high-quality) auditor. This suggests that when benefits from
lowering capital raising costs are trivial, firms with weaker internal corporate governancemechanism are inclined to choose a low-quality auditor so as to capture and sustain theiropaqueness gains. On the other hand, with improvement of corporate governance, firmsshould be more likely to appoint high-quality auditors.
© 2009 Published by Elsevier Inc.
1. Introduction
The purpose of this study is to investigate the association between firms’ internal corporate governance mechanism and
their auditor choice decisions in China. Auditor choice, i.e., client–auditor alignment, can be viewed as the minimum cost
match between client needs (the demand side) and auditor services (the supply side) in a certain auditing environment
(Datar, Feltham, & Hughes, 1991). Studies on auditor choice to date have been conducted predominantly in the U.S. (Chow
& Rice, 1982; Copley & Douthett, 2002; Copley, Gaver, & Gaver, 1995; DeAngelo, 1982; Geiger, Raghunandan, & Rama, 1998;
Hogon, 1997; Hudaib & Cooke, 2005; Johnson & Lys, 1990; Krishnan, 1994; Lee, Mande, & Ortman, 2004; Pittman & Fortin,
2004), with occasional studies in countries such as Australia (Beatty, 1989; Craswell, 1988), New Zealand (Firth, 1999; Firth
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Allen, M. F., Linville, M., & Scott, D. M. (2005). The effect of litigation on independent auditor sel本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。