Global-Level Auditor Industry Specialization and the Cost of Equity Capital

被引：1
作者：
Feng, Zhi-Yuan [1 ]
Sharma, Divesh S. [2 ]
Dao, Mai [3 ]
Huang, Hua-Wei [4 ,5 ]
机构：
[1] Natl Sun Yat Sen Univ, Dept Finance, Kaohsiung, Taiwan
[2] Kennesaw State Univ, Coles Coll Business, Kennesaw, GA USA
[3] Univ Toledo, John B & Lillian E Neff Coll Business & Innovat, Dept Accounting, Toledo, OH USA
[4] Natl Cheng Kung Univ, Coll Management, Tainan, Taiwan
[5] Ctr Innovat FinTech Business Models, Tainan, Taiwan
来源：
ACCOUNTING HORIZONS | 2023年 / 37卷 / 03期
关键词：
auditor; cost of equity; country; global; specialist; institutional; legal; INVESTOR PROTECTION; EARNINGS QUALITY; BIG; 4; DETERMINANTS; LAW; SOPHISTICATION; DISCLOSURE; MANAGEMENT; SELECTION;
D O I：
10.2308/HORIZONS-17-055RRR
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
SYNOPSIS: We examine (1) the association between global-level and joint global-, national-, and city-level auditor industry specialization and audit clients' cost of equity capital and (2) how the national investor protection environment impacts the preceding association. Our results indicate that cost of equity capital is negatively associated with global -level and joint global-, national-, and city-level auditor industry specialization. This relation is incrementally more negative when the auditor is a joint global-, national-, and city-level industry specialist than when the auditor is not a global-level industry specialist. We also find the negative relation between cost of equity capital and joint global-, national-, and city-level auditor industry specialization holds only in countries with strong investor protection. We further show investors perceive potential accentuation of accruals quality and ownership concentration on cost of equity is mitigated by joint global-, national-, and city-level specialist auditors.
引用
收藏
页码：117 / 146
页数：30
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