股东是否欣赏审计委员会和审计师的节制?来自可持续发展报告的证据

IF 4.3 Q2 MANAGEMENT
Cemil Kuzey, Hany Elbardan, Ali Uyar, Abdullah S. Karaman
{"title":"股东是否欣赏审计委员会和审计师的节制?来自可持续发展报告的证据","authors":"Cemil Kuzey, Hany Elbardan, Ali Uyar, Abdullah S. Karaman","doi":"10.1108/ijaim-02-2023-0033","DOIUrl":null,"url":null,"abstract":"Purpose The purpose of this study is to investigate the association between sustainability reporting (SR) and firm value considering the moderating effect of audit committee (AC) quality and auditor tenure on this association. Design/methodology/approach The data for the study comprise 41,500 firm-year observations worldwide between 2007 and 2018 drawing on ten main sectors. The authors run a country-industry-year fixed effect regression and address endogeneity concerns with further methodologies. Findings First, the authors find that SR is significantly and positively associated with both firm value and industry-adjusted firm value. Further tests revealed that the baseline findings hold for SR assurance and the Global Reporting Initiative framework as well. Second, the moderation analysis outlined the significant moderating role that the AC assumes. More specifically, AC independence and expertise were found to strengthen the value relevance of SR. Third, the market also appreciates the moderation of auditor tenure in SR. Practical implications Investors appreciate greater corporate transparency which means that sustainability reports are likely to reduce information asymmetry and thereby agency conflicts. In addition, the moderation analyses imply that shareholders consider AC quality while they attach value to corporate sustainability reports. Hence, the structure of the auditing function appears to perform an implicit assurance role in the value relevance of sustainability reports. In line with these implications, corporations can review and re-design their auditing function and decide whether or not they will attest to sustainability reports given that AC independence and expertise and auditor tenure predict this decision. Originality/value The study highlights the audit function’s growing role beyond financial reporting and suggests implications for ACs and auditors in ensuring shareholders about the credibility of SR.","PeriodicalId":46371,"journal":{"name":"International Journal of Accounting and Information Management","volume":"44 11","pages":"0"},"PeriodicalIF":4.3000,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Do shareholders appreciate the audit committee and auditor moderation? Evidence from sustainability reporting\",\"authors\":\"Cemil Kuzey, Hany Elbardan, Ali Uyar, Abdullah S. Karaman\",\"doi\":\"10.1108/ijaim-02-2023-0033\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Purpose The purpose of this study is to investigate the association between sustainability reporting (SR) and firm value considering the moderating effect of audit committee (AC) quality and auditor tenure on this association. Design/methodology/approach The data for the study comprise 41,500 firm-year observations worldwide between 2007 and 2018 drawing on ten main sectors. The authors run a country-industry-year fixed effect regression and address endogeneity concerns with further methodologies. Findings First, the authors find that SR is significantly and positively associated with both firm value and industry-adjusted firm value. Further tests revealed that the baseline findings hold for SR assurance and the Global Reporting Initiative framework as well. Second, the moderation analysis outlined the significant moderating role that the AC assumes. More specifically, AC independence and expertise were found to strengthen the value relevance of SR. Third, the market also appreciates the moderation of auditor tenure in SR. Practical implications Investors appreciate greater corporate transparency which means that sustainability reports are likely to reduce information asymmetry and thereby agency conflicts. In addition, the moderation analyses imply that shareholders consider AC quality while they attach value to corporate sustainability reports. Hence, the structure of the auditing function appears to perform an implicit assurance role in the value relevance of sustainability reports. In line with these implications, corporations can review and re-design their auditing function and decide whether or not they will attest to sustainability reports given that AC independence and expertise and auditor tenure predict this decision. Originality/value The study highlights the audit function’s growing role beyond financial reporting and suggests implications for ACs and auditors in ensuring shareholders about the credibility of SR.\",\"PeriodicalId\":46371,\"journal\":{\"name\":\"International Journal of Accounting and Information Management\",\"volume\":\"44 11\",\"pages\":\"0\"},\"PeriodicalIF\":4.3000,\"publicationDate\":\"2023-11-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Journal of Accounting and Information Management\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/ijaim-02-2023-0033\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"MANAGEMENT\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Accounting and Information Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/ijaim-02-2023-0033","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"MANAGEMENT","Score":null,"Total":0}
引用次数: 0

摘要

本研究的目的是探讨可持续发展报告(SR)与公司价值之间的关系,考虑审计委员会(AC)质量和审计师任期对这种关系的调节作用。该研究的数据包括2007年至2018年全球10个主要行业的41,500个公司年度观察结果。作者进行了国家-行业-年度固定效应回归,并用进一步的方法解决了内生性问题。首先,作者发现社会责任与企业价值和行业调整后的企业价值均显著正相关。进一步的测试表明,基线调查结果也适用于社会责任保证和全球报告倡议框架。其次,调节分析概述了AC所承担的重要调节作用。更具体地说,我们发现审计独立性和专业知识加强了sr的价值相关性。第三,市场也赞赏sr中审计师任期的适度性。实际含义投资者欣赏更大的公司透明度,这意味着可持续发展报告可能减少信息不对称,从而减少代理冲突。此外,适度分析表明,股东在重视企业可持续发展报告的同时,也会考虑AC的质量。因此,审计职能的结构似乎在可持续发展报告的价值相关性方面发挥了隐含的保证作用。根据这些含义,公司可以审查和重新设计其审计职能,并决定是否将证明可持续发展报告,因为审计委员会的独立性和专业知识以及审计师的任期预测了这一决定。独创性/价值该研究强调了审计职能在财务报告之外的日益重要的作用,并为注册会计师和审计师在确保股东对社会责任的可信度方面提出了建议。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Do shareholders appreciate the audit committee and auditor moderation? Evidence from sustainability reporting
Purpose The purpose of this study is to investigate the association between sustainability reporting (SR) and firm value considering the moderating effect of audit committee (AC) quality and auditor tenure on this association. Design/methodology/approach The data for the study comprise 41,500 firm-year observations worldwide between 2007 and 2018 drawing on ten main sectors. The authors run a country-industry-year fixed effect regression and address endogeneity concerns with further methodologies. Findings First, the authors find that SR is significantly and positively associated with both firm value and industry-adjusted firm value. Further tests revealed that the baseline findings hold for SR assurance and the Global Reporting Initiative framework as well. Second, the moderation analysis outlined the significant moderating role that the AC assumes. More specifically, AC independence and expertise were found to strengthen the value relevance of SR. Third, the market also appreciates the moderation of auditor tenure in SR. Practical implications Investors appreciate greater corporate transparency which means that sustainability reports are likely to reduce information asymmetry and thereby agency conflicts. In addition, the moderation analyses imply that shareholders consider AC quality while they attach value to corporate sustainability reports. Hence, the structure of the auditing function appears to perform an implicit assurance role in the value relevance of sustainability reports. In line with these implications, corporations can review and re-design their auditing function and decide whether or not they will attest to sustainability reports given that AC independence and expertise and auditor tenure predict this decision. Originality/value The study highlights the audit function’s growing role beyond financial reporting and suggests implications for ACs and auditors in ensuring shareholders about the credibility of SR.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
7.90
自引率
3.00%
发文量
28
期刊介绍: The International Journal of Accounting & Information Management focuses on publishing research in accounting, finance, and information management. It specifically emphasizes the interaction between these research areas on an international scale and within both the private and public sectors. The aim of the journal is to bridge the knowledge gap between researchers and practitioners by covering various issues that arise in the field. These include information systems, accounting information management, innovation and technology in accounting, accounting standards and reporting, and capital market efficiency.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信