股东异质性与审计费用:私有信息重要吗?

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
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引用次数: 0

摘要

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。
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Blockholder Heterogeneity and Audit Fees: Does Private Information Matter?
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.
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来源期刊
Accounting in Europe
Accounting in Europe BUSINESS, FINANCE-
CiteScore
5.00
自引率
7.10%
发文量
14
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