受审计方的支出政策:审计质量重要吗?

IF 2.8 3区 管理学 Q2 BUSINESS, FINANCE Managerial Auditing Journal Pub Date : 2022-03-17 DOI:10.1108/maj-03-2021-3048
Mohammad Hendijani Zadeh
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引用次数: 2

摘要

目的本研究旨在探讨被审计单位的审计质量是否影响其支付政策(即每种形式的股息支付和股票回购支付)。设计/方法/方法基于2004年至2018年美国上市公司的面板数据和Tobit估计量,本研究旨在考察被审计单位的审计质量是否与其支出有关,以及在何种情况下(从被审计单位信息不对称、再融资风险、公司治理和财务约束的角度)上述关联更为明显。研究结果表明,被审计单位的审计质量与被审计单位支出呈正相关。进一步的研究表明,对于信息不对称程度较高、财务约束和再融资风险较低的被审计单位以及治理较弱的被审计方,这种正相关关系更强。最后,本研究证明,高质量审计的被审计单位的股息支付比低质量审计的受审计单位更稳定。研究结果支持这样一种观点,即被审计单位的透明度(反映在高质量审计中)可能是其支出政策以及最终整体政策的关键驱动力和理由。原创性/价值通过结合审计质量和公司支出政策这两条不同的研究路线,本文对这两篇文献进行了补充,因为它是一篇新颖的文献,记录了审计质量对被审计单位支出政策(有形财务决策和政策)的贡献作用和影响。考虑到除了财务报告质量外,它还记录了影响被审计单位的高质量审计,这些发现意义重大。本研究还显示了被审计单位的信息不对称、展期风险、财务约束和公司治理在审计质量与被审计单位支出决策之间的调节作用。此外,这些发现可以帮助强调审计质量的股东(帮助他们确定高支出政策的公司)、监管机构和政策制定者。结果表明,政策制定者和标准制定者促进高质量审计的努力应与公司支出标准相结合。
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Auditee’s payout policies: does audit quality matter?
Purpose This study aims to explore whether an auditee’s audit quality influences its payout policies (i.e. each form of dividend payouts and stock repurchase payouts). Design/methodology/approach Based on a panel data of US public firms, from 2004 to 2018, and Tobit estimators, this study aims to examine whether auditees’ audit quality is related to their payouts and under which circumstances (from the standpoints of auditees’ information asymmetry, refinancing risk, corporate governance and financial constraints) the aforesaid associations are more pronounced. Findings The findings of this study imply that auditees’ audit quality is positively related to auditees’ payouts. Further examination suggests that this positive relationship is stronger for auditees with higher information asymmetry, lower financial constraints and refinancing risk and for those with weaker governance. Finally, this study documents that dividend payouts are more stable for auditees with high-quality audits than those with low-quality audits. The results support the view that auditees’ transparency (reflected in high-quality audits) could be a crucial driver and rationale for their payout policies and, ultimately, overall policies. Originality/value By combining two different research lines of audit quality and corporate payout policies, this paper adds to both literature, as it is a novel one to document the contributing function and impact of audit quality on auditee’s payout policies (tangible financial decisions and policies). The findings are significant considering that it documents high-quality audits affecting the auditees besides their financial reporting quality. This study also shows the moderating roles of the auditee’s information asymmetry, rollover risk, financial constraints and corporate governance in the relation between audit quality and an auditee’s payout decisions. Furthermore, the findings can help shareholders (aiding them in determining companies with high payout policies), regulators and policymakers who emphasize audit quality. The results indicate that policymakers’ and standard setters’ efforts fostering high-quality audits should be in conjunction with firm payout standards.
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来源期刊
CiteScore
5.40
自引率
13.80%
发文量
45
期刊介绍: The key areas addressed are: ■Audit and Assurance (financial and non-financial) ■Financial and Managerial Reporting ■Governance, controls, risks and ethics ■Organizational issues including firm cultures, performance and development In addition, the evaluation of changes occurring in the auditing profession, as well as the broader fields of accounting and assurance, are also explored. Debates concerning organizational performance and professional competence are also covered.
期刊最新文献
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