Perceived audit quality, state ownership, and stock price delay: evidence from China
Perceived audit quality, state ownership, and stock price delay: evidence from China
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感知审计质量、国有制和股价延迟：来自中国的证据
DOI：
10.1080/16081625.2016.1208573
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发表时间：
2018-01
影响因子：
1.1
通讯作者：
Yu Zhang
中科院分区：
文献类型：
--
作者：
陈俊;Wang Dong;Shuo Li;Yu Zhang
Abstract We examine the effect of audit quality on stock price delay and whether the effect differs between two groups of Chinese firms: state-owned enterprises (SOEs) and non-state-owned enterprises (NSOEs). Using a sample of 15,019 firm-year observations for Chinese listed firms over the period 2001–2011, we find that firms with Big 4 auditors are associated with less stock price delay and this negative association is weaker for SOEs than for NSOEs. Our findings suggest that high-quality auditors play an important role in the price formation process, in that there is less stock price delay, and this role varies across firms with different ownership structures. Additional analyses show that the audit quality of international Big 4 auditors is perceived to be different from that of domestic Big 4 auditors. The effect of the perceived audit quality on price delay is different for SOEs controlled by the central government compared to those controlled by the local governments. Our study contributes to extant research by focusing on the economic consequences of auditor choices and by emphasizing the importance of recognizing ownership type when conducting audit research. Data availability Data used are from public sources identified in this paper.
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DOI：
10.2139/ssrn.408161
发表时间：
2003-04
期刊：
Microeconomics: General Equilibrium & Disequilibrium Models of Financial Markets eJournal
影响因子：
--
作者：
Kewei Hou;T. Moskowitz
通讯作者：
Kewei Hou;T. Moskowitz
DOI：
10.2139/ssrn.1104444
发表时间：
2008-03
期刊：
Corporate Finance: Governance
影响因子：
--
作者：
Nittai K. Bergman;Sugata Roychowdhury
通讯作者：
Nittai K. Bergman;Sugata Roychowdhury
DOI：
10.2469/dig.v35.n3.1710
发表时间：
2005-08
期刊：
Cfa Digest
影响因子：
--
作者：
R. Kalra
通讯作者：
R. Kalra
DOI：
10.2139/ssrn.270641
发表时间：
2001-03
期刊：
SEIN Corporate Governance & Accountability eJournal
影响因子：
--
作者：
Joseph P. H. Fan;T. Wong
通讯作者：
Joseph P. H. Fan;T. Wong
影响因子：
1.9
作者：
E. Jackson;K. J. Cohen;R. Cyert
通讯作者：
E. Jackson;K. J. Cohen;R. Cyert