散户投资者关注度与审计定价

IF 2 4区管理学 Q2 BUSINESS, FINANCE

Journal of Information Systems Pub Date : 2024-01-01 DOI:10.2308/isys-2023-017

Myojung Cho, Feiqi Huang, Xin Luo

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引用次数: 0

摘要

我们利用最近开发的散户投资者关注 EDGAR 上 10-K 文件的代理变量，研究了散户投资者关注度与审计费用之间的关系。我们发现，散户投资者关注度与审计费用正相关，而与盈利质量负相关。我们的结果与散户投资者关注度高的公司经理更有可能操纵盈利的观点一致。我们还发现，散户投资者对 10-K 文件的关注是小公司比大公司相对更重要的公司特定信息来源。总之，我们发现散户投资者的关注度在审计定价中发挥着重要作用。即使在控制了遗漏变量偏差、内生性和其他散户投资者关注度衡量标准之后，我们的结果仍然是稳健的。JEL 分类：M41; M42.

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Retail Investor Attention and Audit Pricing

Using a recently developed proxy for retail investor attention to 10-K filings on EDGAR, we investigate the relationship between retail investor attention and audit fees. We find that retail investor attention is positively related to audit fees and negatively related to earnings quality. Our result is consistent with the notion that managers of firms with high retail investor attention are more likely to manipulate earnings. We also find that retail investor attention to 10-K filings is a relatively more important source of firm-specific information for small firms than for large firms. Collectively, we find that retail investor attention plays a significant role in audit pricing. Our results are robust even after controlling for omitted variable bias, endogeneity, and alternative retail investor attention measures. JEL Classifications: M41; M42.

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来源期刊

Journal of Information Systems BUSINESS, FINANCE-

CiteScore

3.90

自引率

21.10%

发文量

期刊介绍： The Journal of Information Systems (JIS) is the academic journal of the Accounting Information Systems (AIS) Section of the American Accounting Association. Its goal is to support, promote, and advance Accounting Information Systems knowledge. The primary criterion for publication in JIS is contribution to the accounting information systems (AIS), accounting and auditing domains by the application or understanding of information technology theory and practice. AIS research draws upon and is informed by research and practice in management information systems, computer science, accounting, auditing as well as cognate disciplines including philosophy, psychology, and management science. JIS welcomes research that employs a wide variety of research methods including qualitative, field study, case study, behavioral, experimental, archival, analytical and markets-based.