Auditor Changes、Corporate Governance and Market Reactions

• Main Authors: Chou-Hsiang Chou, 周嘉祥
• Other Authors: Yue-Duan Guan
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/25867171357681196350

碩士 === 銘傳大學 === 會計學系碩士班 === 98 === This study examines auditor changes, corporate governance, and market reactions, using 246 firm-year observations as our sample which changes both auditors and audit firm from 2004 to 2008. Our logistic regression results find that deviations between voting rights and cash flow rights and directors and supervisors’ shareholding pledge ratio are positively associated with the downgrade of audit firm changes but the institutional shareholding ratio is negatively related to the downgrade of audit firm changes. The empirical results described above are consistent with our hypotheses expectations. In addition, this study uses auditor change announcement and real date of auditor change as event day respectively. In overall, our univariate analyses show market has positive reactions to audit firm changes. However, market has no significant reactions to audit firm brand and industry specialization differences. The findings suggest that market concerned with the audit firm changes information but no further concern about audit firm change types.