Participation and upgrading along global value chains: the role of audit oversight

IF 8.6 1区 管理学 Q1 BUSINESS
Sibo Liu, Lixin Su, Feng Wu, Xindong Zhu
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引用次数: 0

Abstract

We show that shared and improved auditing standards, as induced by the audit oversight arising from the Public Company Accounting Oversight Board (PCAOB)’s inspections on non-U.S. auditors, help global exporting firms upgrade themselves and tap into global value chains (GVCs). Using a dataset of U.S. waterway imports from global suppliers of 36 countries, we find that PCAOB international inspections not only lead to significantly more exports to U.S. buyers, particularly for intermediate and capital goods, but exporters also upgrade their product complexity. These results are consistent with enhanced information quality of exporters and thus reduced informational frictions with downstream importers. Echoing this notion, we find stronger GVC effects of PCAOB inspections for exporters facing more informational problems, i.e., for those with ex-ante lower reporting quality or smaller market shares, and those located in countries with weaker institutions or higher geopolitical risk with the U.S. PCAOB inspections also increase the duration length of the chain relationship and supplier firms’ relationship-specific investments in the chain. We further find that U.S. importers with a greater share of suppliers audited by PCAOB-inspected auditors exhibit boosted financial outcomes. Overall, our findings suggest that audit oversight facilitates the formation, upgrading, and performance along GVCs.

Abstract Image

全球价值链上的参与和升级:审计监督的作用
我们的研究表明,由美国上市公司会计监督委员会(PCAOB)对非美国审计师进行检查所产生的审计监督所促成的审计标准的共享和改进,有助于全球出口企业提升自身水平并进入全球价值链(GVCs)。利用 36 个国家的全球供应商从美国水路进口的数据集,我们发现 PCAOB 的国际检查不仅显著增加了对美国买家的出口,尤其是中间产品和资本货物,而且出口商还提升了其产品的复杂性。这些结果与出口商信息质量的提高相一致,从而减少了与下游进口商之间的信息摩擦。与这一观点相呼应,我们发现 PCAOB 检查对面临更多信息问题的出口商(即事前报告质量较低或市场份额较小的出口商,以及位于制度较弱或与美国地缘政治风险较高的国家的出口商)具有更强的全球价值链效应。我们还发现,美国进口商中接受 PCAOB 检查的审计师审计的供应商比例越高,其财务结果就越好。总之,我们的研究结果表明,审计监督有利于全球价值链的形成、升级和绩效。
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来源期刊
CiteScore
16.20
自引率
10.30%
发文量
84
期刊介绍: The Selection Committee for the JIBS Decade Award is pleased to announce that the 2023 award will be presented to Anthony Goerzen, Christian Geisler Asmussen, and Bo Bernhard Nielsen for their article titled "Global cities and multinational enterprise location strategy," published in JIBS in 2013 (volume 44, issue 5, pages 427-450). The prestigious JIBS Decade Award, sponsored by Palgrave Macmillan, recognizes the most influential paper published in the Journal of International Business Studies from a decade earlier. The award will be presented at the annual AIB conference. To be eligible for the JIBS Decade Award, an article must be one of the top five most cited papers published in JIBS for the respective year. The Selection Committee for this year included Kaz Asakawa, Jeremy Clegg, Catherine Welch, and Rosalie L. Tung, serving as the Committee Chair and JIBS Editor-in-Chief, all from distinguished universities around the world.
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