对冲基金激进主义对审计定价的影响

IF 5.5 3区 管理学 Q1 BUSINESS, FINANCE British Accounting Review Pub Date : 2024-03-01 DOI:10.1016/j.bar.2023.101264
Huimin (Amy) Chen , Bill B. Francis , Yinjie (Victor) Shen , Qiang Wu
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引用次数: 0

摘要

现有文献主要关注激进对冲基金颁布的重大变革对经济的影响,但对信息环境影响的研究结果不一。我们研究了对第三方(即审计师)的信息影响,并认为目标公司的潜在重大变化增加了信息环境的复杂性和不确定性,可能会增加审计师的工作量或风险。我们发现,审计师会通过提高审计费用来应对对冲基金的干预。这种关系在一系列解决内生性问题的识别测试中都是成立的,包括倾向得分匹配的差异分析、粗略精确匹配、熵平衡和安慰剂测试。进一步的分析支持了我们的猜想,即目标公司的信息复杂性和不确定性增加,导致审计费用增加。此外,审计师在干预后会加大工作力度,但似乎不会产生更大的审计风险。这一发现表明,干预后的潜在变化所带来的信息风险在审计师的风险承受范围之内,这与对冲基金激进主义的公司治理效应是一致的。
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The impact of hedge fund activism on audit pricing

The extant literature focuses on the economic effect of significant changes that activist hedge funds enact, but shows mixed findings about the effect on the information environment. We investigate the informational effect on the third party — namely, the auditor — and argue that the potential significant changes in target firms heighten the complexity and uncertainty of the information environment, potentially increasing the workload or risk for auditors. We find that auditors react to hedge fund intervention by increasing audit fees. This relationship holds in a battery of identification tests that address endogeneity, including difference-in-differences analysis with propensity score matching, coarsened exact matching, entropy balancing, and a placebo test. Further analysis supports our conjecture that information complexity and uncertainty increase in target firms, leading to higher audit fees. Moreover, auditors increase their effort after intervention but do not seem to incur greater audit risk. This finding suggests that the information risk arising from the potential post-intervention changes is within auditors’ threshold of risk tolerance, consistent with the corporate governance effect of hedge fund activism.

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来源期刊
British Accounting Review
British Accounting Review BUSINESS, FINANCE-
CiteScore
8.60
自引率
3.90%
发文量
39
审稿时长
76 days
期刊介绍: The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.
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