Blockholder Heterogeneity and Audit Fees: Does Private Information Matter?

IF 4.6 Q1 BUSINESS, FINANCE Accounting in Europe Pub Date : 2022-07-24 DOI:10.1080/17449480.2022.2091465
Raúl Barroso, Chiraz Ben Ali, C. Lesage, D. Oyón
{"title":"Blockholder Heterogeneity and Audit Fees: Does Private Information Matter?","authors":"Raúl Barroso, Chiraz Ben Ali, C. Lesage, D. Oyón","doi":"10.1080/17449480.2022.2091465","DOIUrl":null,"url":null,"abstract":"ABSTRACT We analyze the impact of Small Blockholders’ (SBH – with 5% to 10% of voting rights) heterogeneity and their access to private information on the demand for audit services. By promoting enhanced audit services, we expect SBH to have a moderating effect on the relation between Large Blockholders (LBH – more than 10% of voting rights) and audit fees in a context of low shareholder protection. Drawn on Swiss public firm data over the 2002–2019 period, our results show that the presence of SBH flattens the concave relation between ownership concentration and audit fees found in prior studies. This moderating effect is mainly driven by the uninformed SBH, who given their lower – compared with informed SBH – access to private channels of information, are more likely to rely on audited public financial statements. Our findings contribute to the literature on the role of SBH in the company’s corporate governance.","PeriodicalId":45647,"journal":{"name":"Accounting in Europe","volume":null,"pages":null},"PeriodicalIF":4.6000,"publicationDate":"2022-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounting in Europe","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/17449480.2022.2091465","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

Abstract

ABSTRACT We analyze the impact of Small Blockholders’ (SBH – with 5% to 10% of voting rights) heterogeneity and their access to private information on the demand for audit services. By promoting enhanced audit services, we expect SBH to have a moderating effect on the relation between Large Blockholders (LBH – more than 10% of voting rights) and audit fees in a context of low shareholder protection. Drawn on Swiss public firm data over the 2002–2019 period, our results show that the presence of SBH flattens the concave relation between ownership concentration and audit fees found in prior studies. This moderating effect is mainly driven by the uninformed SBH, who given their lower – compared with informed SBH – access to private channels of information, are more likely to rely on audited public financial statements. Our findings contribute to the literature on the role of SBH in the company’s corporate governance.
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
股东异质性与审计费用:私有信息重要吗?
摘要我们分析了小型区块持有人(SBH——拥有5%至10%的投票权)的异质性及其对私人信息的访问对审计服务需求的影响。通过促进增强审计服务,我们预计SBH将在股东保护率较低的情况下,对大型区块持有人(LBH–超过10%的投票权)和审计费用之间的关系产生缓和作用。根据2002年至2019年期间瑞士上市公司的数据,我们的研究结果表明,SBH的存在使先前研究中发现的所有权集中度和审计费用之间的凹关系趋于平缓。这种调节效应主要是由不知情的SBH驱动的,与知情的SBH.相比,他们对私人信息渠道的访问权限较低,更有可能依赖经审计的公共财务报表。我们的研究结果有助于研究SBH在公司治理中的作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
Accounting in Europe
Accounting in Europe BUSINESS, FINANCE-
CiteScore
5.00
自引率
7.10%
发文量
14
期刊最新文献
The impact of the non-audit fee cap on audit quality in European public interest entities Exploring Multi-level Drivers of Accountants’ Opinions on the Changes Introduced by the Corporate Sustainability Reporting Directive The Readability of Non-Financial Information. The Role of Stakeholders' Pressure in the European Setting Does Readability of Textual Disclosures in Modern Slavery Reports Pay Off? Evidence from a Regulatory Setting How Ethical is Earnings Management? Evidence from an Emerging Economy
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1