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Top Management Turnover, the Formation of the Audit Committee and Audit Quality

Author: WangJinChao
Tutor: TangFangFang
School: Southwest Jiaotong University
Course: Business management
Keywords: Company executives to be replaced Accounting firm changes Audit Quality Earnings Quality Market reaction Audit Committee
CLC: F224
Type: PhD thesis
Year: 2011
Downloads: 301
Quote: 0
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Abstract


In this paper, the company executives of listed companies in China in 2002-2009 to replace the basic perspective, the main research executives replacement for the company's external audit and market reaction, the basis of this study, the effects of the audit committee in overseeing internal managers and the appointment of Certified Public Accountants, as well as to ensure the effectiveness of audit independence. Making company executives to replace empirical research, company executives replaced in accordance with the succession sources, the reasons for the replacement and replace the timing to be broken down and made a series of empirical results, the study results show that: 1 the changes in the external audit CPA aspects: (1) changes in CPA executives of listed companies, chairman of the replacement was a significant positive correlation; (2) CPA changes to company executives, chairman of the unconventional replacement was a significant positive correlation; (3) Certified Public Accountants change with company executives, chairman of external sources of replacement was a significant positive correlation; (4) accounting firm changes the company executive chairman of the board in the second half replacement and CFO replacement of the second half of the year was a significant positive correlation. Also verify the correlation of changes in accounting firms and other control variables, in order to further reveal the relevant factors that affect a listed company changes accounting firm. For the independence of the impact of the external audit: (1) the impact of the CPA changes for the independence of the audit is not significant; (2) The company executives to be replaced in the chairman of the board to replace a significant impact for the independence of the audit; (3) company executives internal source of replacement does not significantly impact the independence of the audit; (4) the company's executives, chairman normal replacement of audit independence impact significantly; company executives replaced (5) during the first half took office, chairman replacement implications for the independence of the audit; (6) the CFO successor high educational background and titles with the independence of the audit significant influence. Impact on audit quality: (1) accounting firm changes reduce the quality of the audit; (2) The chairman of the company executives replacement easier to reduce the quality of audits; (3) executives, chairman of non-normal replacement (5) audit quality and CFO successor background titles, replacement of external sources with lower audit quality significantly obvious; (4) executives, chairman of the second half replacement and CFO in the second half replacement easier to audit quality; irrelevant. In earnings quality: (1) accounting firm change is likely to cause a decline in earnings quality; executives (2) replacement of the CEO and CFO of lower earnings quality; (3) unconventional replacement CEO on Earnings significantly affect quality; successor in the second half of the year (4) executives, Chairman and CFO replacement is more concerned about the non-recurring income and earnings quality have an impact. In the market reaction: (1) Certified Public Accountants to change with the market gains negative correlation; (2) replacement executive chairman of the board and the market return are positively correlated; (3) executive replaced the external successor Source for the market no significant negative opposite; (4) The company executives, CEO unconventional replacement market gains; (5) executive chairman, CEO and CFO in the timing of their successors and market gains was not significant; (6) CFO of higher education titles Background on market returns negative correlation. 6 in the case of the establishment of an audit committee performance: (1) Audit Committee does not have a direct impact on the change of the accounting firm to establish an audit committee, but in the case of packet return, the company significantly limit the CFO replacement for change in accounting firm; (2) Audit Committee audit independence was a significant negative correlation, which shows the extent of the Audit Committee in the effectiveness of audit independence. Set up and did not have an audit committee, the chairman of replacement with the impact of the independence of the audit are grouped regression results showed significant differences, indicating that played a certain role in the establishment of the Audit Committee of the listed company's audit committee, limitations, and weaken the impact of the chairman of the audit independence; (3) The Audit Committee of maneuverability of profits was a significant negative correlation, indicating that the company set up by the Audit Committee, maneuverability less profitable words Audit Committee to improve the quality of audits; grouping regression establish an audit committee and an audit committee, the audit committee to effectively prevent the manipulation of listed companies can manipulate profits, and improve the quality of the audit; (4) Audit Committee for earnings quality is not significant, the Audit Committee in the packet replacement and ungrouped case for change and chairman of the accounting firm, CEO replacement, CFO replacement regression results are not significantly; (5) establish an audit committee and the market return was a significant positive correlation (the mixed regression), the return of the sub-annual to 2004, the most significant.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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