PCAOB international inspections and US companies' exports

• 成果类型: Article
• 署名作者: Khurana, Inder K.; Raman, K. K.; Yun, Byongwook (Brian)
• 署名单位: University of Missouri System; University of Missouri Columbia; University of Texas System; University of Texas at San Antonio
• 刊物名称: CONTEMPORARY ACCOUNTING RESEARCH
• ISSN/ISSBN: 0823-9150; 1911-3846
• DOI: 10.1111/1911-3846.13041
• 发表日期: 2025-06
• 页码: 1455-1489
• 关键词: PCAOB international inspections; trade credit financing; US companies' exports; IMPROVE AUDIT QUALITY; Trade credit; Accounting information; corporate suppliers; ECONOMICS; environment; governance; IMPACT; FIRMS

摘要

We examine the implications of the PCAOB international inspection program for US companies' exports. Our difference-in-differences analyses suggest that, following the release of the initial PCAOB inspection report in a country abroad, (1) US companies' exports to that country increased, and (2) US companies' major customers in that country reported higher accounts payable. Probing further, the effect on US exports is stronger for companies requiring more relationship-specific investments and for foreign countries with less transparency, weak auditor oversight, and low social trust. Our findings suggest that the release of the initial PCAOB inspection report in a country abroad serves as a public signal of oversight that increases trust in financial reporting integrity abroad, thereby facilitating growth in trade credit and an increase in US exports to companies in that country. Our findings suggest that stakeholders other than investors benefit from PCAOB international inspection reports and highlight a novel externality of the PCAOB international inspection regime benefiting US companies.