Stock market reactions to audit failure in Japan: The case of Kanebo and ChuoAoyama

被引：29

作者：

Numata, Shingo ^{[1
]}

Takeda, Fumiko ^{[1
]}

机构：

[1] Univ Tokyo, Dept Technol Management Innovat, Bunkyo Ku, 7-3-1,Hongo, Tokyo 1138656, Japan

来源：

INTERNATIONAL JOURNAL OF ACCOUNTING | 2010年 / 45卷 / 02期

关键词：

Audit quality; Auditor reputation; Monitoring; Spillover; Event study;

D O I：

10.1016/j.intacc.2010.04.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the impact of accounting fraud by Kanebo and the resulting penalties on Kanebo and its auditor, ChuoAoyama, on the stock prices of clients of ChuoAoyama and the other Big 4 auditors in Japan. Studying such a case in a low-litigation country provides an opportunity to test whether loss of an auditors' reputation matters without an insurance rationale. We find that the announcements of poor audit quality has significantly decreased the stock prices of clients of ChuoAoyama and, to a lesser extent, stock prices of the clients of the other Big 4 auditors. This industry-wide spillover has not been previously studied. (C) 2010 University of Illinois. All rights reserved.

引用

页码：175 / 199

页数：25

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