haku: @indexterm Germany / yhteensä: 2881
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| Tekijä: | Ashbaugh, H. Warfield, T.D. |
| Otsikko: | Audits as a corporate governance mechanism: Evidence from the German market |
| Lehti: | Journal of international accounting research
2003 : VOL. 2, p. 1-21 |
| Asiasana: | Corporate governance Auditing Markets Auditors Germany Europe |
| Kieli: | eng |
| Tiivistelmä: | This study aims at investigating the corporate governance role of external audits in a setting where companies traditionally rely more on debt than equity capital. The German audit market is partitioned into two groups: the first group comprises the top two auditors on the basis of market share, which is classified as the dominant auditors, and the other group consists of all other auditors. This paper predicts that a German company's demand for audit services from one of the two groups of auditors is determined by its set of stakeholders. This paper finds a positive relation btw. German companies' demand for dominant audit suppliers and the variables used in this study as proxies for the stakeholder interests of creditors, dispersed shareholders, and foreign suppliers. In addition, a negative association is found btw. German companies' dominant audit supplier choices and the stakeholder interests of closely held companies. The results suggest that audits play a corporate governance role conditional on companies' relations with alternative stakeholders. |
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