Issue
Authors retain the copyright without restrictions for their published content in this journal. HSSR is a SHERPA ROMEO Green Journal.
Publishing License
This is an open-access article distributed under the terms of
EFFECTS OF AUDIT AND NON-AUDIT SERVICES FEES ON CORPORATE PERFORMANCE OF FIRMS LISTED IN PAKISTAN
Corresponding Author(s) : Adnan Ahmad
Humanities & Social Sciences Reviews,
Vol. 9 No. 3 (2021): May
Abstract
Purpose of the Study: The main purpose of this study is to examine the effects of the provision of audit and non-audit services jointly by the same audit firm on the corporate performance of firms in the capital market of Pakistan.
Methodology: This study uses hand-collected secondary data taken from firms' financial statements, the Pakistan Stock Exchange (PSX), the State Bank of Pakistan (SBP) for 2012-2016. Panel data analysis techniques are employed using E-views statistical software.
Main Findings: we find a negative relation between audit and non-audit services fees with the firm performance. It is also documented that the appropriate amount of the NAS fee exceeds the amount of the audit fee received by the same auditor in the same assignment.
Application of the Study: This study has vital implications from both theoretical as well as practical perspectives. It adds a significant aspect of audit and non-audit services provided in the context of Pakistan to the existing body of knowledge/literature. This study also implies the bifurcation of audit services provision and its serious implications on the corporate sector of Pakistan. These results thus, signify its implications for regulators as well as standard setters in Pakistan.
Novelty/Originality of this Study: Various studies covering the audit aspect have been conducted in Pakistan. However, this is a unique study covering the multi-facet dimensions of audit, i.e., audit and non-audit services provision by the same audit firm and its effects/implications on corporate performance in Pakistan.
Keywords
Download Citation
Endnote/Zotero/Mendeley (RIS)BibTeX
- Ahmed & Goyal (2005). A comparative study of pricing of audit services in emerging economies. International Journal of Auditing, 9 (2), 103-116. https://doi.org/10.1111/j.1099-1123.2005.00236.x DOI: https://doi.org/10.1111/j.1099-1123.2005.00236.x
- Adelopo, Jallow and Scott (2009). Multiple large ownership structure, audit committee activity and audit fee: Evidence from the UK. Journal of Applied Accounting Research, 13 (2), 100-121. https://doi.org/10.1108/09 675421211254821 DOI: https://doi.org/10.1108/09675421211254821
- Ashbaugh et al., (2003). Do Non-audit services compromise auditor independence? Further Evidence. The Accounting Review, 78(3), 611-639. https://doi.org/10.2308/accr.2003.78.3.611 DOI: https://doi.org/10.2308/accr.2003.78.3.611
- Abbot et al., (2007). Corporate Governance, audit quality and the Sarbanes Oxley Act: Evidence from internal audit outsourcing. The Accounting Review, 82(4), 803-835. https://doi.org/10.2308/accr.2007.82.4.803 DOI: https://doi.org/10.2308/accr.2007.82.4.803
- Anderson, R. & Reeb, D. (2003). Founding family ownership and firm performance: Evidence from the S&P500. Journal of Finance, 58, 1301-1328. https://doi.org/10.1111/1540-6261.00567 DOI: https://doi.org/10.1111/1540-6261.00567
- Alali, F. (2011). Audit fee and discretionary accruals: compensation structure effect. Managerial Auditing Journal, 26(2), 90-113. https://doi.org/10.1108/02686901111094994 DOI: https://doi.org/10.1108/02686901111094994
- Biddle, G. C, Hilary, G., & Verdi, R. S, (2009). How does financial quality relate to investment efficiency? Journal of Accounting and Economics, 4(3), 341-352. https://doi.org/10.2139/ssrn.1146536 DOI: https://doi.org/10.2139/ssrn.1146536
- Beck & Wu, (2006). Learning by doing and audit quality. Contemporary Accounting Research, 23(1), 1-30. https://doi.org/10.1506/AXU4-Q7Q9-3YAB-4QE0 DOI: https://doi.org/10.1506/AXU4-Q7Q9-3YAB-4QE0
- Bhagat S., Bolton B., Romano R. (2008). The promise and peril of corporate governance indices. Columbia law review, 108(8), 1803. https://doi.org/10.2139/ssrn.1019921 DOI: https://doi.org/10.2139/ssrn.1019921
- Daoud, K., D. Al-Sraheen & N. Alslehat (2015). The moderating effect of an audit committee on the relationship between non-audit services and corporate performance. Research Journal of Finance and Accounting, 6(14), 170-179.
- Eilifsen, Quick & Umlauf, (2018). Investor's perception of non-audit services and their types in Germany: The financial crises as a turning point. International Journal of Auditing, 22 (2), 298-316. https://doi.org/10.11 11/ijau.12121 DOI: https://doi.org/10.1111/ijau.12121
- Francis, Jere R. (2004). What do we know about audit quality? The British Accounting Review, 36(4), 345–368. https://doi.org/10.1016/j.bar.2004.09.003 DOI: https://doi.org/10.1016/j.bar.2004.09.003
- Frankel R., Li Xu. (2004). Characteristics of a firm's information environment and the information asymmetry between the insiders and outsiders. Journal of Accounting Economics, 37 (2), 229-259. https://doi.org/10.1016 j.jacceco.2003.09.004 DOI: https://doi.org/10.1016/j.jacceco.2003.09.004
- Fung B. (2014). The demand and need for transparency and disclosure in corporate Governance. Universal Journal of Management, 2 (2), 72-80. https://doi.org/10.13189/ujm.2014.020203 DOI: https://doi.org/10.13189/ujm.2014.020203
- Gompers, P., J. Ishii & A. Metrick (2003). Corporate Governance and equity prices. The quarterly Journal of Economics, 118(1), 107-155. https://doi.org/10.1162/00335530360535162 DOI: https://doi.org/10.1162/00335530360535162
- Hay, D., W. R. Knechel and V. Li. (2006). Non-audit Services and Auditor Independence: New Zealand Evidence. Journal of Business Finance & Accounting, 33 (5-6), 715-734. https://doi.org/10.1111/j.1468-5957.2006.00602.x DOI: https://doi.org/10.1111/j.1468-5957.2006.00602.x
- Hribar et al. (2014). A new measure of accounting quality. Review of Accounting Studies, 19, 506-538. https://doi.org/10.1007/s11142-013-9253-8 DOI: https://doi.org/10.1007/s11142-013-9253-8
- Haq & Leghari, (2015). Determinants of audit fee in Pakistan. Research Journal of Finance and Accounting, 6 (9), 176-188.
- Imhoff, E.A. (2003). Accounting Quality, auditing and corporate Governance. Accounting Horizon supplement, 2(3), 117-128. https://doi.org/10.2308/acch.2003.17.s-1.117 DOI: https://doi.org/10.2308/acch.2003.17.s-1.117
- Khurana, I., K., & Raman, K. K. (2004). Litigation Risk and the Financial Reporting Credibility of Big 4 versus Non-Big 4 Audits: Evidence from Anglo American Countries. The Accounting Review, 79 (2), 473-495. https://doi.org/10.2308/accr.2004.79.2.473 DOI: https://doi.org/10.2308/accr.2004.79.2.473
- Kim, J., Chung, R., & Firth, M. (2003). Auditor conservatism, asymmetric monitoring and earning management. Contemporary Accounting Research, 20 (2), 323-359. https://doi.org/10.1506/J29K-MRUA-0APP-YJ6V DOI: https://doi.org/10.1506/J29K-MRUA-0APP-YJ6V
- Kinney & Libby (2002). The relation between auditor's fee for non-audit services and earnings management. The Accounting Review, 7(5), 107-114. https://doi.org/10.2308/accr.2002.77.s-1.107 DOI: https://doi.org/10.2308/accr.2002.77.s-1.107
- Leuz c., Wysocki P. (2008). Economic consequences of financial reporting and disclosure regulation: A review and suggestion for future. Journal of Economic Literature, 7(2), 1-91. https://doi.org/10.2139/ssrn.1105398 DOI: https://doi.org/10.2139/ssrn.1105398
- Lee, J. (2009)), Does size matter in firm performance? Evidence from US public firms. International Journal of the Economics of Business, 16 (2), 189-203. https://doi.org/10.1080/13571510902917400 DOI: https://doi.org/10.1080/13571510902917400
- Munro L., Stewart j. (2009). External auditor's reliance on internal audit: the impact of sourcing arrangements and consulting activities. Journal of Accounting & Finance, 50(2), 371-387. https://doi.org/10.1111/j.1467-629X.2009.00322.x DOI: https://doi.org/10.1111/j.1467-629X.2009.00322.x
- Mishra, Raghunandan & Rama (2005). Do Investor' perceptions vary with the type of non-audit fees? Evidence from auditor ratification voting. Auditing: Journal of Practice & Theory, 24(2), 9-25. https://doi.org/10.2308/ aud.2005.24.2.9 DOI: https://doi.org/10.2308/aud.2005.24.2.9
- Martinez A. L., Moraes, A. J. (2014). Association between independent auditor fee and firm value: A study of Brazilian Public companies. Journal of Modern Accounting and Auditing, 10(4), 442-450.
- Niemi. (2005). Audit effort and fees under concentrated client ownership: Evidence from four international audit firms. The international journal of Accounting, 40(4), 303-323. https://doi.org/10.1016/j.inta cc.2005.09.006 DOI: https://doi.org/10.1016/j.intacc.2005.09.006
- Paulo, Girao, Carter & Sousa, (2013). The impact of the adoption of international financial reporting standards on the quality of accounting information of the Brazilian and European public firms. Journal of International Financial Management and Accounting, 30(1), 5-29. https://doi.org/10.2139/ssrn.2270678 DOI: https://doi.org/10.2139/ssrn.2270678
- Raghunandan K., (2003). Non-audit services and shareholder ratification of auditors. Auditing: Journal of Practice & Theory, 22(1), 155-163. https://doi.org/10.2308/aud.2003.22.1.155 DOI: https://doi.org/10.2308/aud.2003.22.1.155
- Simunic, D. A. 1984. Auditing, consulting, and auditor independence. Journal of Accounting Research, 22 (2), 679–702. https://doi.org/10.2307/2490671 DOI: https://doi.org/10.2307/2490671
- Svanström, Tobias (2012). Non-audit services and audit quality: Evidence from private firms. European Accounting Review, 7(1), 1–30.
- Stanley J.D. (2011) Is the Audit Fee Disclosure a Leading Indicator of Clients' Business Risk? Auditing. Journal of Practice & Theory, 30(3), 157-179. https://doi.org/10.2308/ajpt-10049 DOI: https://doi.org/10.2308/ajpt-10049
- Stewart, J., Subramaniam, N. (2010). Internal audit independence and objectivity: emerging research opportunities. Managerial Auditing Journal, 25(4), 328-360. https://doi.org/10.1108/02686901011034162 DOI: https://doi.org/10.1108/02686901011034162
- Sufy, F.J., Almbaideen, H. I. M., Al-abaadi, H. M. & Makhlouf, M. H. (2013). Corporate Governance and its impact on the quality of accounting information in the industrial community shareholding companies listed in Amman financial market-Jordan. International Journal of Humanities and Social Science, 3(5), 184-195.
- Sami H., Wang J., Zhou H. (2011). Corporate Governance and operating performance of Chinese listed firms. Journal of International Accounting, Auditing & Taxation, 20(2), 106-114. https://doi.org/10.1016/j.intac caudtax.2011.06.005 DOI: https://doi.org/10.1016/j.intaccaudtax.2011.06.005
- Tepalagul & Lin, (2014). Auditor independence and audit quality: A literature review. Journal of Accounting, Auditing & Finance, 30(1), 101-121. https://doi.org/10.1177/0148558X14544505 DOI: https://doi.org/10.1177/0148558X14544505
- Ullah, M., Malik., A.M., Zeb, A., Rehman, A. (2019). Mediating Role of Capital Structure between Corporate Governance and Risk. Journal of Managerial Sciences, 13(3), 47-56.
- Ullah, M., Afghan, N., Afridi, A.S. (2019). Effects of Corporate Governance on Capital Structure and Financial Performance: Empirical Evidence from Listed Cement Corporations in Pakistan. Global Social Sciences Review, 4(3), 273-283. https://doi.org/10.31703/gssr.2019(IV-III).25 DOI: https://doi.org/10.31703/gssr.2019(IV-III).25
- Ullah, M., Shaikh, M., Channar, P., & Shaikh, S., (2021). Financial forecasting: an individual perspective. International Journal of Management, 12(3), 60-69.
- Verrecchia E., Leuz C. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 38, 91-124. https://doi.org/10.2307/2672910 DOI: https://doi.org/10.2307/2672910
- Whisenant, S., Sankaraguruswamy, S. & Raghunandan, K. (2003). Evidence on the joint determination of audit and non-audit fees. Journal of Accounting Research, 41, 721-44. https://doi.org/10.1111/1475-679X.00121 DOI: https://doi.org/10.1111/1475-679X.00121
- Warfield D., Ashbaugh H. (2003). Audits as a corporate governance mechanism: Evidence from German markets. Journal of international accounting research, 2, 1-21. https://doi.org/10.2308/jiar.2003.2.1.1 DOI: https://doi.org/10.2308/jiar.2003.2.1.1
- Yang, T., Zhao, S. (2014). CEO duality and firm performance: Evidence from exogenous shock to the competitive environment. Journal of Banking & Finance, 49, 534-552. https://doi.org/10.1016/j.jb ankfin.2014.04.008 DOI: https://doi.org/10.1016/j.jbankfin.2014.04.008
- Zhou, J., and Elder, R. (2003). Audit Quality and Earnings management by seasoned equity offering firms. Asia pacific journal of Accounting and Economics, 11(2), 95-120. https://doi.org/10.1080/16081625.2004.10510638 DOI: https://doi.org/10.1080/16081625.2004.10510638
References
Ahmed & Goyal (2005). A comparative study of pricing of audit services in emerging economies. International Journal of Auditing, 9 (2), 103-116. https://doi.org/10.1111/j.1099-1123.2005.00236.x DOI: https://doi.org/10.1111/j.1099-1123.2005.00236.x
Adelopo, Jallow and Scott (2009). Multiple large ownership structure, audit committee activity and audit fee: Evidence from the UK. Journal of Applied Accounting Research, 13 (2), 100-121. https://doi.org/10.1108/09 675421211254821 DOI: https://doi.org/10.1108/09675421211254821
Ashbaugh et al., (2003). Do Non-audit services compromise auditor independence? Further Evidence. The Accounting Review, 78(3), 611-639. https://doi.org/10.2308/accr.2003.78.3.611 DOI: https://doi.org/10.2308/accr.2003.78.3.611
Abbot et al., (2007). Corporate Governance, audit quality and the Sarbanes Oxley Act: Evidence from internal audit outsourcing. The Accounting Review, 82(4), 803-835. https://doi.org/10.2308/accr.2007.82.4.803 DOI: https://doi.org/10.2308/accr.2007.82.4.803
Anderson, R. & Reeb, D. (2003). Founding family ownership and firm performance: Evidence from the S&P500. Journal of Finance, 58, 1301-1328. https://doi.org/10.1111/1540-6261.00567 DOI: https://doi.org/10.1111/1540-6261.00567
Alali, F. (2011). Audit fee and discretionary accruals: compensation structure effect. Managerial Auditing Journal, 26(2), 90-113. https://doi.org/10.1108/02686901111094994 DOI: https://doi.org/10.1108/02686901111094994
Biddle, G. C, Hilary, G., & Verdi, R. S, (2009). How does financial quality relate to investment efficiency? Journal of Accounting and Economics, 4(3), 341-352. https://doi.org/10.2139/ssrn.1146536 DOI: https://doi.org/10.2139/ssrn.1146536
Beck & Wu, (2006). Learning by doing and audit quality. Contemporary Accounting Research, 23(1), 1-30. https://doi.org/10.1506/AXU4-Q7Q9-3YAB-4QE0 DOI: https://doi.org/10.1506/AXU4-Q7Q9-3YAB-4QE0
Bhagat S., Bolton B., Romano R. (2008). The promise and peril of corporate governance indices. Columbia law review, 108(8), 1803. https://doi.org/10.2139/ssrn.1019921 DOI: https://doi.org/10.2139/ssrn.1019921
Daoud, K., D. Al-Sraheen & N. Alslehat (2015). The moderating effect of an audit committee on the relationship between non-audit services and corporate performance. Research Journal of Finance and Accounting, 6(14), 170-179.
Eilifsen, Quick & Umlauf, (2018). Investor's perception of non-audit services and their types in Germany: The financial crises as a turning point. International Journal of Auditing, 22 (2), 298-316. https://doi.org/10.11 11/ijau.12121 DOI: https://doi.org/10.1111/ijau.12121
Francis, Jere R. (2004). What do we know about audit quality? The British Accounting Review, 36(4), 345–368. https://doi.org/10.1016/j.bar.2004.09.003 DOI: https://doi.org/10.1016/j.bar.2004.09.003
Frankel R., Li Xu. (2004). Characteristics of a firm's information environment and the information asymmetry between the insiders and outsiders. Journal of Accounting Economics, 37 (2), 229-259. https://doi.org/10.1016 j.jacceco.2003.09.004 DOI: https://doi.org/10.1016/j.jacceco.2003.09.004
Fung B. (2014). The demand and need for transparency and disclosure in corporate Governance. Universal Journal of Management, 2 (2), 72-80. https://doi.org/10.13189/ujm.2014.020203 DOI: https://doi.org/10.13189/ujm.2014.020203
Gompers, P., J. Ishii & A. Metrick (2003). Corporate Governance and equity prices. The quarterly Journal of Economics, 118(1), 107-155. https://doi.org/10.1162/00335530360535162 DOI: https://doi.org/10.1162/00335530360535162
Hay, D., W. R. Knechel and V. Li. (2006). Non-audit Services and Auditor Independence: New Zealand Evidence. Journal of Business Finance & Accounting, 33 (5-6), 715-734. https://doi.org/10.1111/j.1468-5957.2006.00602.x DOI: https://doi.org/10.1111/j.1468-5957.2006.00602.x
Hribar et al. (2014). A new measure of accounting quality. Review of Accounting Studies, 19, 506-538. https://doi.org/10.1007/s11142-013-9253-8 DOI: https://doi.org/10.1007/s11142-013-9253-8
Haq & Leghari, (2015). Determinants of audit fee in Pakistan. Research Journal of Finance and Accounting, 6 (9), 176-188.
Imhoff, E.A. (2003). Accounting Quality, auditing and corporate Governance. Accounting Horizon supplement, 2(3), 117-128. https://doi.org/10.2308/acch.2003.17.s-1.117 DOI: https://doi.org/10.2308/acch.2003.17.s-1.117
Khurana, I., K., & Raman, K. K. (2004). Litigation Risk and the Financial Reporting Credibility of Big 4 versus Non-Big 4 Audits: Evidence from Anglo American Countries. The Accounting Review, 79 (2), 473-495. https://doi.org/10.2308/accr.2004.79.2.473 DOI: https://doi.org/10.2308/accr.2004.79.2.473
Kim, J., Chung, R., & Firth, M. (2003). Auditor conservatism, asymmetric monitoring and earning management. Contemporary Accounting Research, 20 (2), 323-359. https://doi.org/10.1506/J29K-MRUA-0APP-YJ6V DOI: https://doi.org/10.1506/J29K-MRUA-0APP-YJ6V
Kinney & Libby (2002). The relation between auditor's fee for non-audit services and earnings management. The Accounting Review, 7(5), 107-114. https://doi.org/10.2308/accr.2002.77.s-1.107 DOI: https://doi.org/10.2308/accr.2002.77.s-1.107
Leuz c., Wysocki P. (2008). Economic consequences of financial reporting and disclosure regulation: A review and suggestion for future. Journal of Economic Literature, 7(2), 1-91. https://doi.org/10.2139/ssrn.1105398 DOI: https://doi.org/10.2139/ssrn.1105398
Lee, J. (2009)), Does size matter in firm performance? Evidence from US public firms. International Journal of the Economics of Business, 16 (2), 189-203. https://doi.org/10.1080/13571510902917400 DOI: https://doi.org/10.1080/13571510902917400
Munro L., Stewart j. (2009). External auditor's reliance on internal audit: the impact of sourcing arrangements and consulting activities. Journal of Accounting & Finance, 50(2), 371-387. https://doi.org/10.1111/j.1467-629X.2009.00322.x DOI: https://doi.org/10.1111/j.1467-629X.2009.00322.x
Mishra, Raghunandan & Rama (2005). Do Investor' perceptions vary with the type of non-audit fees? Evidence from auditor ratification voting. Auditing: Journal of Practice & Theory, 24(2), 9-25. https://doi.org/10.2308/ aud.2005.24.2.9 DOI: https://doi.org/10.2308/aud.2005.24.2.9
Martinez A. L., Moraes, A. J. (2014). Association between independent auditor fee and firm value: A study of Brazilian Public companies. Journal of Modern Accounting and Auditing, 10(4), 442-450.
Niemi. (2005). Audit effort and fees under concentrated client ownership: Evidence from four international audit firms. The international journal of Accounting, 40(4), 303-323. https://doi.org/10.1016/j.inta cc.2005.09.006 DOI: https://doi.org/10.1016/j.intacc.2005.09.006
Paulo, Girao, Carter & Sousa, (2013). The impact of the adoption of international financial reporting standards on the quality of accounting information of the Brazilian and European public firms. Journal of International Financial Management and Accounting, 30(1), 5-29. https://doi.org/10.2139/ssrn.2270678 DOI: https://doi.org/10.2139/ssrn.2270678
Raghunandan K., (2003). Non-audit services and shareholder ratification of auditors. Auditing: Journal of Practice & Theory, 22(1), 155-163. https://doi.org/10.2308/aud.2003.22.1.155 DOI: https://doi.org/10.2308/aud.2003.22.1.155
Simunic, D. A. 1984. Auditing, consulting, and auditor independence. Journal of Accounting Research, 22 (2), 679–702. https://doi.org/10.2307/2490671 DOI: https://doi.org/10.2307/2490671
Svanström, Tobias (2012). Non-audit services and audit quality: Evidence from private firms. European Accounting Review, 7(1), 1–30.
Stanley J.D. (2011) Is the Audit Fee Disclosure a Leading Indicator of Clients' Business Risk? Auditing. Journal of Practice & Theory, 30(3), 157-179. https://doi.org/10.2308/ajpt-10049 DOI: https://doi.org/10.2308/ajpt-10049
Stewart, J., Subramaniam, N. (2010). Internal audit independence and objectivity: emerging research opportunities. Managerial Auditing Journal, 25(4), 328-360. https://doi.org/10.1108/02686901011034162 DOI: https://doi.org/10.1108/02686901011034162
Sufy, F.J., Almbaideen, H. I. M., Al-abaadi, H. M. & Makhlouf, M. H. (2013). Corporate Governance and its impact on the quality of accounting information in the industrial community shareholding companies listed in Amman financial market-Jordan. International Journal of Humanities and Social Science, 3(5), 184-195.
Sami H., Wang J., Zhou H. (2011). Corporate Governance and operating performance of Chinese listed firms. Journal of International Accounting, Auditing & Taxation, 20(2), 106-114. https://doi.org/10.1016/j.intac caudtax.2011.06.005 DOI: https://doi.org/10.1016/j.intaccaudtax.2011.06.005
Tepalagul & Lin, (2014). Auditor independence and audit quality: A literature review. Journal of Accounting, Auditing & Finance, 30(1), 101-121. https://doi.org/10.1177/0148558X14544505 DOI: https://doi.org/10.1177/0148558X14544505
Ullah, M., Malik., A.M., Zeb, A., Rehman, A. (2019). Mediating Role of Capital Structure between Corporate Governance and Risk. Journal of Managerial Sciences, 13(3), 47-56.
Ullah, M., Afghan, N., Afridi, A.S. (2019). Effects of Corporate Governance on Capital Structure and Financial Performance: Empirical Evidence from Listed Cement Corporations in Pakistan. Global Social Sciences Review, 4(3), 273-283. https://doi.org/10.31703/gssr.2019(IV-III).25 DOI: https://doi.org/10.31703/gssr.2019(IV-III).25
Ullah, M., Shaikh, M., Channar, P., & Shaikh, S., (2021). Financial forecasting: an individual perspective. International Journal of Management, 12(3), 60-69.
Verrecchia E., Leuz C. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 38, 91-124. https://doi.org/10.2307/2672910 DOI: https://doi.org/10.2307/2672910
Whisenant, S., Sankaraguruswamy, S. & Raghunandan, K. (2003). Evidence on the joint determination of audit and non-audit fees. Journal of Accounting Research, 41, 721-44. https://doi.org/10.1111/1475-679X.00121 DOI: https://doi.org/10.1111/1475-679X.00121
Warfield D., Ashbaugh H. (2003). Audits as a corporate governance mechanism: Evidence from German markets. Journal of international accounting research, 2, 1-21. https://doi.org/10.2308/jiar.2003.2.1.1 DOI: https://doi.org/10.2308/jiar.2003.2.1.1
Yang, T., Zhao, S. (2014). CEO duality and firm performance: Evidence from exogenous shock to the competitive environment. Journal of Banking & Finance, 49, 534-552. https://doi.org/10.1016/j.jb ankfin.2014.04.008 DOI: https://doi.org/10.1016/j.jbankfin.2014.04.008
Zhou, J., and Elder, R. (2003). Audit Quality and Earnings management by seasoned equity offering firms. Asia pacific journal of Accounting and Economics, 11(2), 95-120. https://doi.org/10.1080/16081625.2004.10510638 DOI: https://doi.org/10.1080/16081625.2004.10510638