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作者：Finley, Andrew R.; Kim, Mindy H. J.; Lamoreaux, Phillip T.; Lennox, Clive S.
作者单位：Claremont Colleges; Claremont Graduate University; Claremont McKenna College; George Mason University; Arizona State University; Arizona State University-Tempe; University of Southern California
摘要：Regulators have expressed concerns about the revolving door between auditors and clients, whereby audit employees move directly from audit firms to audit clients (i.e., direct alumni hires). Regulators are concerned that these direct hires could compromise audit quality, partly because these employees could have previously audited their hiring company's financial statements. In contrast, we examine accounting and finance executives who move indirectly from audit firms to audit clients and who ...
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作者：Liu, Xiaotao (Kelvin); Liu, Xiaoxia; Reid, Colin D.
作者单位：Northeastern University; Hohai University; Washington & Lee University
摘要：We examine the effect of stakeholder orientation on firms' cost management as proxied by selling, general, and administrative (SG&A) cost stickiness. Using a sample of 19,783 firm-years, we find that customer and employee orientation are associated with greater SG&A cost stickiness. Furthermore, the effect of customer orientation on SG&A cost stickiness is more prominent in firms where SG&A costs create high future value, growth firms, and firms with strong corporate governance. In contrast, t...
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作者：Wahid, Aida Sijamic; Welch, Kyle
作者单位：University of Toronto; George Washington University
摘要：We examine professional directors-board members with no employment outside of serving as independent directors. We find that boards with a higher percentage of professional directors engage in more acquisitions, experience lower acquisition announcement returns, and exhibit lower performance-turnover sensitivity and lower financial performance. We also examine the returns surrounding the appointment-announcement dates of professional directors and find that firms experience significantly lower...
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作者：Heitzman, Shane; Huang, Mengjie
作者单位：University of Southern California; Fordham University
摘要：We ask whether the quality of internal information matters for investment decisions. We predict that investment is more sensitive to internal profit signals and less sensitive to external price signals when managers have higher-quality internal information. Consistent with recent theoretical and empirical research, we proxy for internal information quality using observable information properties. We find that the sensitivity of investment to profitability is increasing, while the sensitivity o...
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作者：Commerford, Benjamin P.; Hermanson, Dana R.; Houston, Richard W.; Peters, Michael F.
作者单位：University of Kentucky; University System of Georgia; Kennesaw State University; University of Alabama System; University of Alabama Tuscaloosa; Villanova University
摘要：Differentiating real earnings management (REM) from normal business decisions poses a unique challenge for auditors, researchers, and investors. The ambiguity associated with REM, and the fact that REM does not violate GAAP, may explain why its use is on the rise. While some assert that auditors are not, and should not be, concerned with REM, recent research suggests that REM may influence some auditor judgments. Using Correspondent Inference Theory (CIT) as our theoretical framework, we exten...
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作者：Dekeyser, Simon; Gaeremynck, Ann; Willekens, Marleen
作者单位：KU Leuven; BI Norwegian Business School
摘要：Using a proprietary data set consisting of all private firm audit engagements in 2000 from one Big 4 firm in Belgium, we investigate (i) whether audit office industry scale is associated with a reduction of total, partner, and staff audit hours and thus with efficiency gains triggered by organizational learning from servicing more clients in an industry and (ii) whether the extent of efficiency pass-on from the auditor to its clients depends on the audit firm's market power. We find that audit...
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作者：Cheng, Qiang; Du, Fei; Wang, Brian Yutao; Wang, Xin
作者单位：Singapore Management University; University of Illinois System; University of Illinois Urbana-Champaign; Renmin University of China; University of Hong Kong
摘要：We examine the stock price impact of corporate site visits using a unique data set of site visits to listed firms in China. Our main findings are as follows. First, the market reaction around corporate site visits is statistically and economically significant and is stronger for group visits, visits conducted by mutual fund managers, visits covering accounting and finance topics, visits to firms with poor information environments, and visits to manufacturing firms. Second, the stock returns ar...
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作者：Atwood, T. J.; Lewellen, Christina
作者单位：University of Arkansas System; University of Arkansas Fayetteville; North Carolina State University
摘要：We investigate whether tax avoidance and manager diversion are complementary when the costs of diversion are low by comparing dividend payouts, performance, and overinvestments of tax haven firms versus other multinational firms based in countries with weak and strong investor protections. Desai and Dharmapala (2006, 2009a, b) and Desai et al. (2007) set forth a theory of tax avoidance within an agency framework (the D&D theory) based on the assumption that tax avoidance and manager diversion ...
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作者：Abernethy, Margaret A.; Kuang, Yu Flora; Qin, Bo
作者单位：University of Melbourne
摘要：We examine whether a firm's strategic priorities influence its selection of a new CEO and what conditions enable such an appointment to add value to the firm. More specifically, this study investigates the value-adding effect when prospector firms (i.e., those pursuing a prospector-type strategy) select a CEO with high social capital. We argue that uncertainty, driven by a firm's strategy, will determine the decision to select a CEO with high social capital; such CEOs can use their networks to...
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作者：Bauer, Tim D.; Estep, Cassandra; Malsch, Bertrand
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Waterloo; Emory University; Queens University - Canada
摘要：While prior research focuses on the audit team made up of auditors, we focus on the collective audit team made up of auditors and specialists-in our context, information technology (IT) specialists. Complex systems in today's audits and researcher and regulator concerns regarding ineffective coordination and communication between the two specializations motivate better understanding of this collective audit team. We investigate how auditors and IT specialists perceive their relationship and ho...
