投资偏离最佳路径:审计质量服务审查重要吗?法国的一项研究

IF 3.3 Q1 BUSINESS, FINANCE
Amel Kouaib, Isabelle Lacombe, Anis Jarboui
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引用次数: 0

摘要

目的在法国环境下,外部审计服务与投资偏差之间关系的研究迄今为止受到的关注相对较少。没有足够的指标来衡量审计质量,进而与投资效率建立可衡量的联系。本研究正是出于这一研究空白以及审计服务在确保投资效率方面的重要作用而进行的。本研究的目的是检验良好的审计质量服务是否能提高法国上市公司的企业投资意识,是否有助于建立一个全面的非效率投资分析框架,以及审计服务如何成为降低法国上市公司投资偏差的重要工具。研究结果在对两组公司(过度投资组和过度投资组)运行 FGLS 回归模型并对一组控制变量(尤其是 COVID-19)进行检验后,研究结果表明审计服务与企业投资偏差之间存在非线性相关关系。投资不足和过度投资决策都会受到审计指标的负面影响,而且在统计上有显著影响。此外,让高质量的专业审计师参与可能会加强整体监督,并导致较低的投资偏差水平。总体而言,实证结果表明,高质量的审计服务提高了法国指数公司的投资效率。 这项研究提供了重要信息,审计监管机构可以利用这些信息更好地认识高质量审计的优势,并认真对待影响高质量审计的政策问题。本研究阐明了审计质量服务对投资偏离的影响,从而更深入地理解了导致审计质量影响领域以往研究结论差异的因素,为现有审计文献做出了贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Investment deviation from the optimal path: does the examination of audit quality services matter? A French study

Purpose

The study of the relationship between external auditing services and investment deviation in a French setting has received relatively little research attention thus far. There are insufficient indicators to measure audit quality and then have a measurable link to investment efficiency. This study is motivated by such a research gap as well as the important role of auditing services in assuring investment efficiency. The purpose of this study is to test whether a good audit quality service improves corporate investment awareness in French-listed companies and contributes to establishing a comprehensive analysis framework for inefficient investment and how audit services have become an important tool to reduce the investment deviation of listed companies in France.

Design/methodology/approach

Based on a sample of 89 non-financial French firms listed on the Stoxx 600 Index from 2015 to 2021, this study uses feasible generalised least squares (FGLS) regressions to study the relationship between investment deviation and auditing service quality.

Findings

After running an FGLS regression model for two firm groups (overinvestment and overinvestment groups) and testing for a set of control variables, especially COVID-19, the findings show a non-linear correlation between audit service and corporate investment deviation. Both underinvestment and overinvestment decisions are negatively and statistically significantly impacted by audit indicators. Furthermore, involving a high-quality specialised auditor may enhance overall monitoring and lead to a lower investment deviation level. Overall, the empirical results show that a high-quality audit service enhances the investment efficiency of French-indexed companies.

Practical implications

This study offers crucial information that audit regulators can use to better appreciate the advantages of high audit quality and to take seriously the policy issues that affect it. Board members are urged to provide excellent audit quality that improves investment efficiency with careful consideration.

Originality/value

This study contributes to the existing audit literature by illuminating the effect of audit quality services on investment deviation to show a deeper understanding of the factors that contribute to the differences in prior studies’ findings in the field of audit quality impacts.

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来源期刊
CiteScore
5.80
自引率
16.00%
发文量
65
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