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مقاله انگلیسی کیفیت حسابرسی، کیفیت اقلام تعهدی و هزینه حقوق صاحبان سهام در بازارهای نوظهور

این مقاله علمی پژوهشی (ISI)  به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۱ دارای ۹ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.

کد محصول: H707

سال نشر: ۲۰۲۱

نام ناشر (پایگاه داده): الزویر

نام مجله:   International Review of Financial Analysis

نوع مقاله: علمی پژوهشی (Research articles)

تعداد صفحه انگلیسی: ۹ صفحه PDF

عنوان کامل فارسی:

مقاله انگلیسی ۲۰۲۱ :  کیفیت حسابرسی ، کیفیت اقلام تعهدی و هزینه حقوق صاحبان سهام در بازارهای نوظهور: شواهدی از ویتنام

عنوان کامل انگلیسی:

Audit quality, accruals quality and the cost of equity in an emerging market: Evidence from Vietnam

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Abstract

This study explores the relationship between audit quality, accruals quality, and the cost of equity in the context of Vietnam. Particularly, we examine the impact of auditor size and accruals quality on the industry-adjusted earnings – price ratio. Using a sample of Vietnamese listed companies, the study shows that firms audited by a Big Four auditor are associated with a lower cost of equity than firms with a non-Big Four auditor. The results indicate that the auditors’ information role is more relevant than the insurance role in a civil law context with a relatively low auditor litigation risk. In addition, the findings show that companies with better accruals quality are associated with a lower cost of equity. The study has implications for managers and regulators. The findings highlight the importance of ensuring sound auditing practices and maintaining high-quality financial reporting for corporations.

Keywords: Audit quality, Accruals quality, Auditor size, Cost of equity, Vietnam stock market

۱.Introduction

 The effect of audit quality dimensions on the cost of capital has attracted the interest of researchers recently (Krishnan & Zhang, 2019; Persakis & Iatridis, 2015). An external audit is intended to enhance the reliability of a firm’s financial reporting, reducing information risk and eventually reducing the return required by investors (Azizkhani, Mon roe, & Shailer, 2010; Khurana & Raman, 2004; Krishnan & Zhang, 2019). Big audit firms are often perceived as having higher audit quality and are used as a representative for audit quality. Most of the empirical evidence from the US and other Anglo-Saxon countries with a common law system indicate that companies audited by a reputable auditor have a lower cost of equity (Azizkhani et al., 2010; Khurana & Raman, 2004; Persakis & Iatridis, 2015). The impact of perceived audit quality on the cost of capital is grounded on the information quality theory and surance theory, where an auditor is supposed to improve the reliability of reported earnings on the one hand and provide a source of claims to investors in the event of an audit failure on the other (Azizkhani et al., 2010; Karjalainen, 2011; Khurana & Raman, 2004). In addition to auditor size, the quality of accruals in the audited financial statements has been considered as having an impact on the cost of capital in the prior literature, as accruals quality represent firm-specific information risk that is not diversifiable (Francis, Lafond, Olsson, & Schipper, 2005; Gray, Koh, & Tong, 2009)…

۵.Conclusions

 This paper examines the association between audit quality, accruals quality, and the cost of capital in the context of an emerging market. We use auditor size as a proxy for audit quality and the industry-adjusted ratio of earnings to prices as a representative for the cost of equity. Using a sample of Vietnamese listed companies, the findings show that big audit firms have a significant negative association with the cost of equity, which means firms with a Big Four auditor have a lower cost of equity than firms with a non-Big Four auditor. The findings also reflect that firms with higher accruals quality are connected with a lower cost of equity, which implies that accruals quality is a risk-price factor in the Vietnamese stock market. The findings confirm the information quality theory where a reputable auditor is expected to improve the reliability of an auditee’s financial statements, and in line with the prior studies concerning the value relevance of perceived audit quality and earnings quality to the pricing of equity capital, such as Francis et al. (2005), Azizkhani et al. (2010), Persakis and Iatridis (2015), Soon Kim et al. (2020). However, the results are not in line with prior empirical evi dence from Khurana and Raman (2004) that auditor litigation risk is more important than an auditor’s brand-name reputation in the capital market. The results suggest that the governance role of a reputable auditor is important in an emerging market with a relatively lower level of investor protection…

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