Audit quality, auditor compensation and initial public offering underpricing

被引：32

作者：

Chang, Xin ^{[1
,2
]}

Gygax, Andre F. ^{[1
]}

Oon, Elaine ^{[1
]}

Zhang, Hong Feng ^{[1
,3
]}

机构：

[1] Univ Melbourne, Fac Econ & Commerce, Dept Finance, Parkville, Vic 3010, Australia

[2] Nanyang Technol Univ, Nanyang Business Sch, Singapore 639798, Singapore

[3] Deakin Univ, Sch Accounting Econ & Finance, Burwood, Vic 3125, Australia

来源：

ACCOUNTING AND FINANCE | 2008年 / 48卷 / 03期

关键词：

auditor quality; auditor compensation; initial public offering underpricing;

D O I：

10.1111/j.1467-629x.2008.00275.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We jointly study the impact of audit quality on auditor compensation and initial public offering (IPO) underpricing using a sample of Australian firms going public over the period 1996-2003. We find that quality (Big Four) audit firms earn significantly higher fees than non-Big Four auditors, and audit quality is positively associated with IPO underpricing. The positive relation between audit quality and underpricing is more pronounced for small issues, IPOs underwritten by non-prestigious underwriters, and those that are not backed by venture capitalists. Taken together, our results suggest that quality auditors serve as a signalling device that enhances post-issue market value of equity.

引用

页码：391 / 416

页数：26

共 44 条

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