财务约束、审计和外部融资

IF 2.5 3区 管理学 Q2 BUSINESS, FINANCE European Accounting Review Pub Date : 2023-01-03 DOI:10.1080/09638180.2022.2159471
Ahmet C. Kurt, Mary J. Becker, Rani Hoitash, Udi Hoitash
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引用次数: 0

摘要

本文探讨了昂贵的审计信号在财务受限企业未来外部融资活动中的作用。我们的研究表明,当面临更高的财务约束时,事务所支付更高的审计费用,并更快地完成审计报告。同样重要的是,我们发现更昂贵和更及时的审计与更多的未来融资有关,这些融资是由寻求股权而不是寻求债务的受限公司筹集的。我们的结果在控制各种审计特征和风险因素方面是稳健的。进一步的分析表明,股权寻求受限的公司在经历了更昂贵的审计后,在长期股票表现和投资效率方面表现出更有利的结果。我们的研究结果表明,虽然财务拮据的公司被迫削减各种支出类别,但面对更高的财务约束,谈判降低审计费用可能不是一个明智的策略。
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Financial Constraints, Auditing, and External Financing
This paper examines the role of costly audit signals in future external financing activity of financially constrained firms. We document that when facing higher financial constraints, firms pay higher audit fees and have their audit reports completed sooner. Equally important, we find that costlier and timelier audits are associated with a greater amount of future financing raised by equity-seeking, but not debt-seeking, constrained firms. Our results are robust to controlling for various audit characteristics and risk factors. Additional analyses show that equity-seeking constrained firms that underwent costlier audits exhibit more favorable outcomes with respect to long-run stock performance and investment efficiency following seasoned equity offerings. Our findings suggest that while financially constrained firms are pressured to make cuts across various expenditure categories, negotiating lower audit fees in the face of higher financial constraints may not be a wise strategy.
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来源期刊
European Accounting Review
European Accounting Review BUSINESS, FINANCE-
CiteScore
7.00
自引率
6.10%
发文量
58
期刊介绍: Devoted to the advancement of accounting knowledge, it provides a forum for the publication of high quality accounting research manuscripts. The journal acknowledges its European origins and the distinctive variety of the European accounting research community. Conscious of these origins, European Accounting Review emphasises openness and flexibility, not only regarding the substantive issues of accounting research, but also with respect to paradigms, methodologies and styles of conducting that research. Though European Accounting Review is a truly international journal, it also holds a unique position as it is the only accounting journal to provide a European forum for the reporting of accounting research.
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