¿Influye la calidad de la auditoría en la gestión de resultados en los mercados emergentes? Evidencia de Jordania
Does audit quality influence earnings management in emerging markets? Evidence from Jordan
Resumen
Este estudio investiga si algunos atributos de la calidad de auditoría son capaces de restringir la manipulación de resultados en un país en desarrollo, Jordania, cuyo contexto cultural, económico e institucional es muy diferente del contexto de los países analizados anteriormente. Se usó la regresión de mínimos cuadrados generalizada (GLS) para estudiar la asociación entre dos atributos de la calidad de auditoría (tamaño del auditor y honorarios de auditoría) y los ajustes por devengos discrecionales, como proxy de la manipulación de resultados, para una muestra de empresas industriales que cotizan en la Bolsa de valores de Amman durante el período 2012 - 2016. Los resultados son consistentes con la expectativa de que en los países emergentes la auditoría externa puede funcionar de manera diferente a la de los países anglosajones y de Europa occidental con respecto a su papel en la restricción de la manipulación de resultados e indican que, dado el entorno institucional en Jordania, el tamaño del auditor y los honorarios de auditoría no tienen un efecto significativo en la manipulación de resultados. Este estudio proporciona a los lectores información sobre si y cómo el entorno institucional influye en la relación entre la calidad de la auditoría y la manipulación de resultados. Además, presenta nueva evidencia sobre el efecto moderador del nivel de los honorarios de auditoría en su relación con la manipulación de resultados. Los resultados de este estudio podrían proporcionar información valiosa a los reguladores, tanto en Jordania como en otros países con un entorno económico e institucional similar, para prevenir las prácticas de manipulación de resultados.
Descargas
Citas
Abdullah, K. 1982. The audit profession in Jordan and Kuwait: A comparative analytical study. Dirasat Journal, 9(2),131-151.
Abdullatif, M. (2016). Auditing Fair Value Estimates in Developing Countries: The Case of Jordan. Asian Journal of Business and Accounting, 9(2), 101-140.
Abdullatif, M., & Al-Khadash, H.A. (2010). Putting audit approaches in context: The case of business risk audits in Jordan. International Journal of Auditing, 14(1), 1-24. https://doi.org/10.1111/j.1099-1123.2009.00400.x
Abdul Rahman, R., & Ali, F.H.M. (2006). Board, audit committee, culture and earnings management: Malaysian evidence. Managerial Auditing Journal, 21(7), 783-804. https://doi.org/10.1108/02686900610680549
Al-Akra, M., Ali, M. J., & Marashdeh, O. (2009). Development of accounting regulation in Jordan. The International Journal of Accounting, 44(2), 163-186. https://doi.org/10.1016/j.intacc.2009.03.003
Al-khabash, A.A., & Al-Thuneibat, A.A. (2008). Earnings management practices from the perspective of external and internal auditors: Evidence from Jordan. Managerial Auditing Journal, 24(1), 58-80. https://doi.org/10.1108/02686900910919901
Al-Mousawi, R.J., & Al-Thuneibat, A. (2011). The effect of audit quality on the earnings management activities. Dirasat: Administrative Sciences, 38(2), 614-628.
Al-Thuneibat, A.A., Issa, R.T.I.A., & Baker, R.A.A. (2011). Do audit tenure and firm size contribute to audit quality?: Empirical evidence from Jordan. Managerial Auditing Journal, 26(4), 317-334. https://doi.org/10.1108/02686901111124648
Alali, F. (2011). Audit fees and discretionary accruals: compensation structure effect. Managerial Auditing Journal, 26(2), 90-113. https://doi.org/10.1108/02686901111094994
Albersmann, B.T., & Hohenfels, D. (2017). Audit Committees and Earnings Management - Evidence from the German Two-Tier Board System. Schmalenbach Business Review 18(2), 147-178. https://doi.org/10.1007/s41464-017-0028-9
Alves, S. 2013. The impact of audit committee existence and external audit on earnings management. Journal of Financial Reporting & Accounting, 11(2), 143-165. http://dx.doi.org/10.1108/JFRA-04-2012-0018
Alzoubi, E.S.S. (2016). Audit quality and earnings management: evidence from Jordan. Journal of Applied Accounting Research, 17(2), 170-189. https://doi.org/10.1108/JAAR-09-2014-0089
Antle, R., Gordon, E. Narayanamoorthy, G., & Zhou, L. (2006). The joint determination of audit fees, non-audit fees, and abnormal accruals. Review of Quantitative Finance and Accounting, 27(3), 235-266. https://doi.org/10.1007/s11156-006-9430-y
Ashbaugh, H., LaFond, R., & Mayhew, B.W. (2003). Do nonaudit services compromise auditor independence? Further evidence. The Accounting Review, 78(3), 611-639. https://www.jstor.org/stable/3203219
Bao, S.R., & Lewellyn, K.B. (2017). Ownership structure and earnings management in emerging markets - An institutionalized agengy perspective. International Business Review, 26(5), 828-838. https://doi.org/10.1016/j.ibusrev.2017.02.002
Beck, P.J., Frecka, T.J., & Solomon, I. (1988). An empirical analysis of the relationship between MAS involvement and auditor tenure: Implications for auditor independence. Journal of Accounting Literature, 7(1), 65-84.
Becker, C.L., DeFond, M.L., Jiambalvo, J., & Subramanyam, K. (1998). The effect of audit quality on earnings management. Contemporary Accounting Research, 15(1), 1-24. https://doi.org/10.1111/j.1911-3846.1998.tb00547.x
Belal, A., Spence, C., Carter, C., & Zhu, J. (2017). The Big 4 in Bangladesh: caught between the global and the local. Accounting, Auditing & Accountability Journal, 30(1), 145-163. https://doi.org/10.1108/AAAJ-10-2014-1840
Berkowitz, D., Pistor, K., & Richard, J.-F. (2003). Economic development, legality, and the transplant effect. European Economic Review, 47(1), 165-195. https://doi.org/10.1016/S0014-2921(01)00196-9
Carcello, J.V., & Nagy, A.L. (2004). Audit firm tenure and fraudulent financial reporting. Auditing: A Journal of Practice & Theory, 23(2), 55-69. https://doi.org/10.2308/aud.2004.23.2.55
Chang, J.C., & Sun, H.-L. (2009). Crossed-listed foreign firms' earnings informativeness, earnings management and disclosures of corporate governance information under SOX. The International Journal of Accounting, 44(1), 1-32. https://doi.org/10.1016/j.intacc.2008.12.004
Chen, K.Y., Lin, K.-L., & Zhou, J. (2005). Audit quality and earnings management for Taiwan IPO firms. Managerial Auditing Journal, 20(1), 86-104. https://doi.org/10.1108/02686900510570722
Chi, C.W., Hung, K., Cheng, H.W., & Lieu, P.T. (2015). Family firms and earnings management in Taiwan: Influence of corporate governance. International Review of Economics & Finance, 36, 88-98. https://doi.org/10.1016/j.iref.2014.11.009
Choi, J.-H., & Wong, T.J. (2007). Auditors' governance functions and legal environments: an international investigation. Contemporary Accounting Research, 24(1),13-46. https://doi.org/10.1506/X478-1075-4PW5-1501
Choi, J.H., Kin, J.B., Liu, X., & Simunic, D. (2008). Audit pricing, legal liability regimes, and Big 4 premiuns: theory and cross-country evidence. Contemporary Accounting Research, 25(1), 55-99. https://doi.org/10.1506/car.25.1.2
Choi, J.-H., Kim, J.-B, & Zang, Y. (2010). Do abnormally high audit fees impair audit quality? Auditing: A Journal of Practice & Theory, 29(2), 115-140. https://doi.org/10.2308/aud.2010.29.2.115
Chung, H., & Kallapur, S. (2003). Client importance, nonaudit services, and abnormal accruals. The Accounting Review, 78(4), 931–955. https://www.jstor.org/stable/3203285
Chung, R., Firth, M., & Kim, J.B. (2003). Auditor conservatism and reported earnings. Accounting and Business Research, 33(1), 19-32. https://doi.org/10.1080/00014788.2003.9729629
DeAngelo, L.E. (1981). Auditor size and audit quality. Journal of Accounting and Economics, 3(3), 183-199. https://doi.org/10.1016/0165-4101(81)90002-1
DeAngelo, H., DeAngelo, L., & Skinner, D.J. (1994). Accounting choice in troubled companies. Journal of Accounting and Economics, 17(1-2), 113-143. https://doi.org/10.1016/0165-4101(94)90007-8.
Dechow, P.M., Sloan, R.G., & Sweeney, A.P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193-225. https://www.jstor.org/stable/248303
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: a review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2-3), 344-401. https://doi.org/10.1016/j.jacceco.2010.09.001
DeFond, M., & Zhang, J. (2014). A review of archival auditing research. Journal of Accounting and Economics, 58(2-3), 275-326. https://doi.org/10.1016/j.jacceco.2014.09.002
DeGeorge, F., Patel, J., & Zeckhauser, R. (1999). Earnings management to exceed thresholds. The Journal of Business, 72(1), 1-33. https://www.jstor.org/stable/10.1086/209601
Donatella, P., Haraldsson, M., & Tagesson, T. (2018). Do audit firm and audit costs/fees influence earnings management in Swedish municipalities? International Review of Administrative Sciences, Fothcoming. https://doi.org/10.1177/0020852317748730
Enomoto, M., Kimura, F., & Yamaguchi, T. (2015). Accrual-based and real earnings management: An international comparison for investor protection. Journal of Contemporary Accounting & Economics, 11(3), 183-198. https://doi.org/10.1016/j.jcae.2015.07.001
Eshleman, J.D., & Guo, P. (2014). Abnormal audit fees and audit quality: The importance of considering managerial incentives in tests of earnings management. Auditing: A Journal of Practice & Theory, 33(1), 117-138. https://doi.org/10.2308/ajpt-50560
Francis, J.R., & Wang, D. (2008). The joint effect of investor protection and Big 4 audits on earnings quality around the world. Contemporary Accounting Research, 25(1), 157-191. https://doi.org/10.1506/car.25.1.6
Francis, J.R., & Yu, M.D. (2009). Big 4 office size and audit quality. The Accounting Review, 84(5), 1521-1552. https://www.jstor.org/stable/27784231
Francis, J.R., Maydew, E.L., & Sparks, H.C. (1999). The role of big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice & Theory, 18(2), 17–34. https://doi.org/10.2308/aud.1999.18.2.17
Frankel, R.M., Johnson, M.F., & Nelson, K.K. (2002). The relation between auditors' fees for nonaudit services and earnings management. The Accounting Review, 77(s-1), 71-105. https://www.jstor.org/stable/3203326
Gu, J., & Hu, D. (2015). Audit Fees, Earnings Management, and Litigation Risk: Evidence from Japanese Firms Cross-Listed on US Markets. Academy of Accounting and Financial Studies Journal, 19(3), 125
Gul, F.A., Chen, C.J., & Tsui, J.S. (2003). Discretionary accounting accruals, managers' incentives, and audit fees. Contemporary Accounting Research, 20(3), 441-464. https://doi.org/10.1506/686E-NF2J-73X6-G540
Gul, F.A., Fung, S.Y.K., & Jaggi, B. (2009). Earnings quality: Some evidence on the role of auditor tenure and auditors’ industry expertise. Journal of Accounting and Economics, 47(3), 265-287. https://doi.org/10.1016/j.jacceco.2009.03.001
Habbash, M., & Alghamdi, S. (2017). Audit quality and earnings management in less developed economies: the case of Saudi Arabia. Journal of Management & Governance, 21(2), 351-373. https://doi.org/10.1007/s10997-016-9347-3
Ianniello, G. (2015). The effects of board and auditor independence on earnings quality: evidence from Italy. Journal of Management & Governance, 19(1), 229-253. https://doi.org/10.1007/s10997-013-9285-2
Iatridis, G.E. (2012). Audit quality in common-law and code-law emerging markets: evidence on earnings conservatism, agency costs and cost of equity. Emerging Markets Review, 13(2), 101-117. https://doi.org/10.1016/j.ememar.2012.01.001
Jaggi, B., & Lee, P. (2002). Earnings management response to debt covenant violations and debt restructuring. Journal of Accounting, Auditing & Finance, 17(4), 295-324. https://doi.org/10.1177/0148558X0201700402
Jaggi, B., Leung, S., & Gul, F. (2009). Family control, board independence and earnings management: Evidence based on Hong Kong firms. Journal of Accounting and Public Policy, 28(4), 281-300. https://doi.org/10.1016/j.jaccpubpol.2009.06.002
Jenkins, D.S., Kane, G.D., & Velury, U. (2006). Earnings quality decline and the effect of industry specialist auditors: An analysis of the late 1990s. Journal of Accounting and Public Policy, 25(1), 71-90. https://doi.org/10.1016/j.jaccpubpol.2005.11.003
Jeong, S.W., & Rho, J. (2004). Big Six auditors and audit quality: The Korean evidence. The International Journal of Accounting, 39(2), 175-196. https://doi.org/10.1016/j.intacc.2004.02.001
Jones, J.J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228.
Junjian, G., & Dan, H. (2015). Audit fees, earnings management and litigation risk: Evidence from Japanese firms cross-listed on U.S. markets. Academy of Accounting & Financial Studies Journal, 19(3), 125-139
Kothari, S.P., Leone, A.J., & Wasley, C.E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163-197. https://doi.org/10.1016/j.jacceco.2004.02.003
Krishnan, G.V. (2003). Does Big 6 auditor industry expertise constrain earnings management? Accounting Horizons, 17(supplement), 1-16.
Lawrence, A., Minutti-Meza, M., Zhang, P. 2011. Can Big 4 versus non-Big 4 differences in audit-quality proxies be attributed to client characteristics?. The Accounting Review, 86(1),259-286. https://www.jstor.org/stable/29780232
Leuz, C., Nanda, D., & Wysocki, P.D. (2003). Earnings management and investor protection: an international comparison. Journal of Financial Economics, 69(3), 505-527. https://doi.org/10.1016/S0304-405X(03)00121-1
Li, S., Park, S.H., & Bao, R.S. (2014). How much can we trust the financial report? Earnings management in emerging economies. International Journal of Emerging Markets, 9(1), 33-53. , https://doi.org/10.1108/IJoEM-09-2013-0144
Lin, J.W., & Hwang, M.I. (2010). Audit Quality, Corporate Governance, and Earnings Management: A Meta-Analysis. International Joural of Auditing, 14, 57-77. doi:10.1111/j.1099-1123.2009.00403.x
Lin, F, Lin, Y., & Chen, C. (2018). Accrual reversals and audit fees: the role of abnormal audit fees. Asia-Pacific Journal of Accounting & Economics, 25(1-2), 276-294. https://doi.org/10.1080/16081625.2016.1256784
Louis, H. 2005. Acquirers’ abnormal returns and the non-Big 4 auditor clientele effect. Journal of Accounting and Economics, 40(1-3),75-99. https://doi.org/10.1016/j.jacceco.2005.03.001
Magee, R. P., & Tseng, M.-C. (1990). Audit pricing and independence. The Accounting Review, 65(2), 315-336. https://www.jstor.org/stable/247627
Maijoor, S.J., & Vanstraelen, A. (2006). Earnings management within Europe: the effects of member state audit environment, audit firm quality and international capital markets. Accounting and Business Research, 36(1), 33-52. https://doi.org/10.1080/00014788.2006.9730005
Martinez, A.L., & Moraes, A. (2017). Relationship between auditors' fees and earnings management. Revista de Administração de Empresas, 57(2), 148-157. http://dx.doi.org/10.1590/s0034-759020170204
Menon, K., & Williams, D.D. (2004). Former audit partners and abnormal accruals. The Accounting Review, 79(4), 1095-1118. https://www.jstor.org/stable/4093087
Niskanen, M., Karjalainen, J., & Niskanen, J. (2011). Demand for audit quality in private firms: evidence on ownership effects. International Journal of Auditing, 15(1), 43-65. https://doi.org/10.1111/j.1099-1123.2010.00422.x
Niu, F.F. (2006). Corporate governance and the quality of accounting earnings: a Canadian perspective. International Journal of Managerial Finance, 2(4), 302-327. https://doi.org/10.1108/17439130610705508
Othman, H.B., & Zeghal, D. (2006). A study of earnings-management motives in the Anglo-American and Euro-Continental accounting models: The Canadian and French cases. The International Journal of Accounting, 41(4), 406-435. https://doi.org/10.1016/j.intacc.2006.09.004
Pacheco Paredes, A.A., & Wheatley, C. (2017). The influence of culture on real earnings management. International Journal of Emerging Markets, 12(1), 38-57. https://doi.org/10.1108/IJoEM-12-2014-0218
Park, Y.W., & Shin, H.-H. (2004). Board composition and earnings management in Canada. Journal of Corporate Finance, 10(3), 431-457. https://doi.org/10.1016/S0929-1199(03)00025-7
Peasnell, K.V., Pope, P.F., & Young, S. (2000). Detecting earnings management using cross-sectional abnormal accruals models. Accounting and Business Research, 30(4), 313-326. https://doi.org/10.1080/00014788.2000.9728949
Piot, C., & Janin, R. (2007). External auditors, audit committees and earnings management in France. European Accounting Review, 16(2), 429-454. https://doi.org/10.1080/09638180701391030
Sáenz-González, J.S., & García-Meca, E. (2014). Does corporate governance influence earnings management in Latin American markets? Journal of Business Ethics, 121(3), 419-440. https://doi.org/10.1007/s10551-013-1700-8
Sánchez-Ballesta, J.P., & García-Meca, E. (2007). Ownership structure, discretionary accruals and the informativeness of earnings. Corporate Governance: An International Review, 15(4), 677-691. https://doi.org/10.1111/j.1467-8683.2007.00596.x
Sharma V.D., Sharma, D. S., & Ananthanarayanan U. (2011). Client Importance and Earnings Management: The Moderating Role of Audit Committees. Auditing: A Journal of Practice & Theory, 30(3), 125–156. https://doi.org/10.2308/ajpt-10111
Shbeilat, M., & Abdel-Qader, W. (2018). Independence Dilemma and the Reliability of the Audit Report: Qualitative Evidence from Jordan. Australian Academy of Accounting & Finanace Review, 4(1), 22-36
Solas, C. 1994. Financial reporting practice in Jordan: An empirical test. Advances in International Accounting, 7(1),43-60
Srinidhi, B., & Gul, F.A. (2007). The differential effects of auditors' non-audit and audit fees on accrual quality. Contemporary Accounting Research, 24(2), 595-629. https://doi.org/10.1506/ARJ4-20P3-201K-3752
Sun, J., & Liu, G. (2011). Client-specific litigation risk and audit quality differentiation. Managerial Auditing Journal, 26(4), 300-316. https://doi.org/10.1108/02686901111124639
Sun, N., Salama, A., Hussainey, K., & Habbash, M. (2010). Corporate environmental disclosure, corporate governance and earnings management. Managerial Auditing Journal, 25(7), 679-700. https://doi.org/10.1108/02686901011061351
Tsipouridou, M., & Spathis, C. (2012). Earnings management and the role of auditors in an unusual IFRS context: The case of Greece. Journal of International Accounting, Auditing and Taxation, 21(1), 62-78. https://doi.org/10.1016/j.intaccaudtax.2012.01.005
Vander Bauwhede, H., & Willekens, M. (2004). Evidence on (the lack of) audit-quality differentiation in the private client segment of the Belgian audit market. European Accounting Review, 13(3), 501-522. https://doi.org/10.1080/0963818042000237106
Vander Bauwhede, H., Willekens, M., & Gaeremynck, A. (2003). Audit firm size, public ownership, and firms' discretionary accruals management. The International Journal of Accounting, 38(1), 1-22. https://doi.org/10.1016/S0020-7063(03)00004-9
Velury, U. (2003). The association between auditor industry specialization and earnings management. Research in Accounting Regulation, 16, 171-184. https://doi.org/10.1016/S1052-0457(02)16010-3
Watts, R.L., & Zimmerman, J.L. (1990). Positive accounting theory: a ten year perspective. The Accounting Review, 65(1),131-156. http://www.jstor.org/stable/247880
World Bank (2004). Hashemite Kingdom of Jordan: Accounting and Auditing, World Bank: Washington DC. Retrieved from: https://openknowledge.worldbank.org/handle/10986/14552 [accessed on November 14th, 2018]
Las obras que se publican en esta revista están sujetas a los siguientes términos:
1. Ediciones de la Universidad de Murcia (EDITUM) y ASEPUC conservan los derechos patrimoniales (copyright) de las obras publicadas, y favorece y permite la reutilización de las mismas bajo la licencia de uso indicada en el punto 2.
2. Las obras se publican en la edición electrónica de la revista bajo una licencia de Creative Commons Reconocimiento-NoComercial-SinObraDerivada 4.0 Internacional. Permite copiar, distribuir e incluir el artículo en un trabajo colectivo (por ejemplo, una antología), siempre y cuando no exista una finalidad comercial, no se altere ni modifique el artículo y se cite apropiadamente el trabajo original. Esta revista no tiene tarifa por la publicación Open Access. ASEPUC y EDITUM financian los costes de producción y publicación de los manuscritos.
3. Condiciones de auto-archivo. Se permite y se anima a los autores a difundir electrónicamente la versión publicada de sus obras, ya que favorece su circulación y difusión y con ello un posible aumento en su citación y alcance entre la comunidad académica.
