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Institutional Ownership and the Selection of Industry Specialist Auditors
Authors:Velury  Uma  Reisch  John T  O'Reilly  Dennis M
Institution:(1) Department of Accounting & MIS, Alfred Lerner College of Business & Economics, University of Delaware, Newark, DE 19716, USA;(2) Department of Accounting, School of Business, East Carolina University, Greenville, NC, 27858-4353;(3) Department of Accountancy, Williams College of Business, Xavier University, Cincinnati, OH, 45207-5161
Abstract:This study provides evidence linking corporate governance mechanisms to the choice of auditor, namely industry specialists. Given that institutional investors are likely to prefer higher quality financial reports to lower quality reports, we theorize that institutional investors will influence managers of companies in which they invest to improve reporting quality by using higher quality, industry specialist auditors. Our findings indicate that firms having relatively greater levels of institutional ownership tend to employ industry specialist audit firms. The results of this study contribute to an understanding of an important facet of corporate governance, the selection of a high quality audit firm.
Keywords:industry specialization  audit quality  institutional ownership  corporate governance
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