自愿审计在债务融资中的价值:来自小型私人控股公司的证据

Q4 Economics, Econometrics and Finance
Sanna Tervo, A. Jokipii
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引用次数: 2

摘要

本研究考察了自愿审计对小型私营公司财务信息质量和债务成本的影响,使用了2007-2012年间5254个观察样本。先前的研究[参见Blackwell等人(1998)、Minnis(2011)和Kim等人(2011)]表明,审计公司的债务成本明显较低。与之前的研究相反,我们的档案证据表明,选择自愿审计的公司比未审计的公司支付的债务利率略高。然而,这一结果得到了Niemi等人(2012)的支持,他们发现自愿审计与财务困境呈正相关,而Dedman等人(2014)发现风险较高的公司更有可能购买自愿审计。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The value of a voluntary audit in debt financing: evidence from small privately held companies
This study examines the effects of voluntary audits on the quality of financial information and the cost of debt in small privately held companies using a sample of 5,254 observations spanning 2007-2012. Prior studies [see Blackwell et al. (1998), Minnis (2011) and Kim et al. (2011)] suggest that audited firms have a significantly lower cost of debt. In contrast to prior studies, our archival evidence shows that firms opting for a voluntary audit pay a slightly higher interest rate on their debt than do the unaudited firms among the set examined. This result is however supported by Niemi et al. (2012) who found that having a voluntary audit is positively associated with financial distress and by Dedman et al. (2014) who found that riskier companies are more likely to purchase voluntary audits.
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来源期刊
CiteScore
0.70
自引率
0.00%
发文量
7
期刊介绍: IJAAPE publishes original scholarly papers across the whole spectrum of: financial accounting, managerial accounting, accounting education, auditing, taxation, public sector accounting, capital market and accounting, accounting information systems, performance evaluation, corporate governance, ethics, and financial management. All methodologies, such as analytical, empirical, behavioural, surveys, and case studies are welcome. IJAAPE encourages contributions especially from emerging markets and economies in transition and studies whose results are applicable across nation states or capable of being adapted to the different accounting and business environments.
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