| Voluntary Disclosure of Auditors＇ Report on Internal Control： Firm Characteristics and Economic Consequences |
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| 作者姓名： | Rongli Yuan Liming Chen Wen Wen |
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| 作者单位： | [1]School of Business, Renmin University of China, Beijing 100872, China [2]Guanghua School of Management, Peking University, Beijing 100871, China |
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| 基金项目： | Acknowledgements The author gratefully acknowledges the financial supports from the National Natural Science Foundation of China （No. 70940025） and the Humanities and Social Science Research Project of Ministry of Education of China （No. 11YJC630270）. |
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| 摘 要： | Using propensity score matching （PSM） and the difference-in- difference （DID） approach, this paper explores the characteristics of listed Chinese firms that voluntarily disclose auditors＇ reports on internal control and the economic consequences. Using a sample of non-financial firms listed on the main boards of the Shanghai Stock Exchange and the Shenzhen Stock Exchange between 2006 and 2010, we find that firms are more likely to voluntarily disclose their auditors＇ reports on internal control if they have higher state ownership, lower managerial ownership, sanction records, audit committees, non-Big Four auditors as their auditors of annual financial reports, unqualified auditors＇ opinions on financial reports, less board independence, after controlling for firm size, liabilities, performance, and history. Moreover, as compared to a control group that exhibits similar characteristics, firms that voluntarily disclose auditors＇ reports on internal control are associated with positive earnings quality and negative cost of equity capital.
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| 关 键 词： | 内部控制 审计报告 特征和 信息披露 经济 深圳证券交易所 上市公司 金融企业 |
Voluntary Disclosure of Auditors＇ Report on Internal Control： Firm Characteristics and Economic Consequences |
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| Rongli Yuan,Liming Chen,Wen Wen.Voluntary Disclosure of Auditors＇ Report on Internal Control： Firm Characteristics and Economic Consequences[J].Frontiers of Business Research in China,2013(4):505-534. |
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| Abstract: | auditors＇ reports on internal control, earnings quality, cost of equity capital, propensity score matching （PSM）, difference-in-difference （DID） approach |
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| Keywords: | auditors＇ reports on internal control earnings quality cost of equity capital propensity score matching （PSM） difference-in-difference （DID） approach |
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