RUJA: Repositorio Institucional de Producción Científica

 

The value of audit quality in public and private companies: evidence from Spain

dc.contributor.authorCano-Rodríguez, Manuel
dc.contributor.authorSánchez Alegría, Santiago
dc.date.accessioned2024-11-06T08:39:27Z
dc.date.available2024-11-06T08:39:27Z
dc.date.issued2011-07
dc.description.abstractThis paper compares the value of audit quality, proxied by the selection of a big N auditor, to the external claimholders of private and public companies. Although the combination of a lower ownership concentration of public companies, the greater demand for financial information quality about these companies and their higher litigation risk can result in the expectation that audit quality should be more valuable for public than for private companies, the greater information asymmetry between the managers and the external stakeholders and the unavailability of alternative mechanisms for monitoring the managers can make external audit more valuable for the external claimholders of private companies. In this paper, we test these two competing views by analysing if banks and lenders take into account auditor selection in the formation of the cost of debt. Our results support the second view: we find that only private companies obtain a lower cost of debt when they are audited by a high-quality auditor. These results are robust to both endogeneity and unobserved firm-specific heterogeneity.es_ES
dc.description.sponsorshipThis research is funded by the P06-SEJ-01821 research project, of the General Secretary of Universities, Research and Technology of Andalucía and the SEJ2007-65782-C02-02ECON research project of the Spanish Ministry of Science and Education.es_ES
dc.identifier.citationCano Rodríguez, M., Sánchez Alegría, S. The value of audit quality in public and private companies: evidence from Spain. J Manag Gov 16, 683–706 (2012). https://doi.org/10.1007/s10997-011-9183-4es_ES
dc.identifier.other10.1007/s10997-011-9183-4es_ES
dc.identifier.urihttps://hdl.handle.net/10953/3368
dc.language.isoenges_ES
dc.publisherSpringeres_ES
dc.relation.ispartofJ Manag Gov 16, 683–706 (2012)es_ES
dc.rightsAtribución-NoComercial-SinDerivadas 3.0 España*
dc.rights.accessRightsinfo:eu-repo/semantics/openAccesses_ES
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/*
dc.subjectAudit qualityes_ES
dc.subjectAgency problemses_ES
dc.subjectBig N Auditorses_ES
dc.subjectPrivate companieses_ES
dc.subjectCost of debtes_ES
dc.titleThe value of audit quality in public and private companies: evidence from Spaines_ES
dc.typeinfo:eu-repo/semantics/articlees_ES
dc.type.versioninfo:eu-repo/semantics/acceptedVersiones_ES

Archivos

Bloque original

Mostrando 1 - 1 de 1
Cargando...
Miniatura
Nombre:
JMG 2012.pdf
Tamaño:
258.96 KB
Formato:
Adobe Portable Document Format
Descripción:

Bloque de licencias

Mostrando 1 - 1 de 1
No hay miniatura disponible
Nombre:
license.txt
Tamaño:
2.02 KB
Formato:
Item-specific license agreed upon to submission
Descripción:

Colecciones