Efectos Económicos de la Constitución de los Comités de Auditoría
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Universidad de Oviedo
info
ISSN: 1138-4891
Datum der Publikation: 2007
Ausgabe: 10
Nummer: 2
Seiten: 103-126
Art: Artikel
Andere Publikationen in: Revista de contabilidad = Spanish accounting review: [RC-SAR]
Zusammenfassung
The aim of this paper is to analyze the Spanish market reactions arising from the formation of the audit committees in the listed companies. This reaction could reasonably differ from that observed in Anglo-Saxon markets given the peculiarities of the audit process in Spain. With this aim, using the event study methodology, we have measured the abnormal returns surrounding the constitution of the audit committee, taking into account factors such as its voluntary formation, the auditor¿s previous opinion and the auditor¿s firm size. Our results confirm the existence of negative market reactions in the case of a voluntary formation of the committee and when this formation corresponds to a firm that has received a favourable audit report. However, we have observed no significant market reactions when the firm has received a qualified opinion and these reactions did not differ when the company was audited by one of the big audit firms or by other auditor.