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On the demand for independent and active audit committees |
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| Authors: | Daniel N. Deli Stuart L. Gillan |
| Affiliation: | a United States Securities and Exchange Commission, 450 5th Street NW Stop 11-5, Washington DC, 20549, USA;b Department of Finance, University of Delaware, Newark, DE,19716, USA;c TIAA-CREF Institute, 730 Third Avenue, 24th Floor, New York, NY 10017-3206, USA |
| Abstract: | We extend the literature on director independence and the role of the board by focusing on the importance of audit committees in the contracting process. We find that the demand for independent and active audit committees is positively related to the demand for accounting certification. In particular, we find that the likelihood of a firm having a completely independent and active audit committee is negatively related to firm growth opportunities and managerial ownership and positively related to firm size and leverage. Our results suggest that audit committees are an important organizational construct related to the demand for accounting certification. |
| Keywords: | Accounting certification Audit committee Outside directors |
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