Competencia en el mercado de productos, control interno de calidad y opiniones de auditoría. Evidencia de empresas chinas que cotizan en bolsa

Product-market competition, internal control quality and audit opinions. Evidence from Chinese listed firms

Palabras clave: Calidad del control interno, Competencia en el Mercado de productos, Opiniones de auditoría

Resumen

Sobre la base de los datos de las empresas que cotizan en los mercados bursátiles A de Shangai y Shenzhen entre 2007 y 2015, este estudio examina las relaciones entre la calidad del control interno, la competencia en el mercado de productos y las opiniones de auditoría. Los resultados empíricos revelan que (1) cuanto mejor sea la calidad del control interno de las empresas que cotizan en bolsa, más probable es que un contador público certificado emita una opinión sin modificaciones; (2) la competencia en el mercado de productos se asocia positivamente con las opiniones sin modificaciones; (3) la competencia en el mercado de productos debilita la relación positiva entre la calidad del control interno de las empresas que cotizan en bolsa y la probabilidad de que un contador público certificado emita una opinión sin modificaciones; y (4) el impacto significativo de la competencia en el mercado de productos sobre la relación entre el control interno de la calidad y las opiniones sin modificaciones sólo existe en las industrias no monopolísticas.

Descargas

La descarga de datos todavía no está disponible.

Biografía del autor/a

Ling Zhang, Shantou University

Shantou University

Wen Chen, Shantou University

Shantou University

 

WUN HONG SU, Hangzhou Dianzi University

Hangzhou Dianzi University

Citas

Al-Najjar, B. & Rong, D. (2014). Product market competition and corporate governance disclosure: evidence from the UK. Economic Issues, 19(1), 73-93.

Altamuro, J. & Beatty, A. (2010). How does internal control regulation affect financial reporting? Journal of Accounting and Economics, 49, 58-74. https://doi.org/10.2139/ssrn.930690

Arping, S. & Sautner, Z. (2013). Did SOX Section 404 Make Firms Less Opaque? Evidence from Cross‐Listed Firms. Contemporary Accounting Research, 30(3), 1133-1165. https://doi.org/10.1111/j.1911-3846.2012.01188.x

Balakrishnan, K. & Cohen, D. (2011). Product Market Competition, Financial Accounting Misreporting and Corporate Governance: Evidence from Accounting restatements, Working Paper, Stern School of Business. New York University. https://doi.org/10.2139/ssrn.1927427

Bao, B. & Chen, G. (1998). Audit qualification prediction using accounting and market variables: The case of Chinese listed companies. Working paper.

Bauer, A. M. (2016). Tax avoidance and the implications of weak internal controls. Contemporary Accounting Research, 33(2), 449-486. https://doi.org/10.1111/1911-3846.12151

Bhagat, S. & Black, B. (1999). The uncertain relationship between Board composition and Firm Performance. The Business Lawyer, 54(3), 921-963. https://doi.org/10.2139/ssrn.11417

Cai, C., Yang, L., Chen, X.Y. & Chen, Y.H. (2005). The Empirical Analysis of the Factors Leading to the Audit Opinions-Based on the Data of a Share Annual Report of Shanghai and Shenzhen Stock Market in 2003. Finance and Economics, 1, 95-102.

Carcello, B. & Neal, L. (2000). Audit Committee Composition and auditor reporting. Accounting Review, 75(10), 453-467. https://doi.org/10.2308/accr.2000.75.4.453

Chow, C. & Rice, S. (1982). Qualified audit opinions and share prices-An investigation. Auditing: A Journal of Practice and Theory, 1(2), 35-53.

Cohen, J., Krishnamoorthy, G., & Wright, A. (2010). Corporate governance in the post‐Sarbanes‐Oxley era: Auditors’ experiences. Contemporary Accounting Research, 27(3), 751-786. https://doi.org/10.1111/j.1911-3846.2010.01026.x

D’Mello, R., Gao, X. & Jia, Y. (2017). Internal control and internal capital allocation: evidence from internal capital markets of multi-segment firms. Review of Accounting Studies, 22(1), 251-287. https://doi.org/10.1007/s11142-016-9377-8

DeFond, M.L. & Park, C.W. (1999). The effect of competition on CEO turnover. Journal of Accounting & Economics, 27(1), 35-56. https://doi.org/10.1016/s0165-4101(98)00044-5

Doyle, J.T., Ge, W. & McVay, S. (2007). Accruals quality and internal control over financial reporting. The Accounting Review, 82(5), 1141-1170. https://doi.org/10.2308/accr.2007.82.5.1141

Fang, J.H., Hong, J.Q. & Li, R.S. (2004). Study on the Influencing Factors of Audit Quality of Listed Companies in China: Discovery and Revelation. Auditing Research, 6, 35-43.

Feng, W. (2015). The internal control of enterprise R&D efficiency is studied. The influence of the national business, (39), 42-43.

Gallemore, J., & Labro, E. (2015). The importance of the internal information environment for tax avoidance. Journal of Accounting and Economics, 60(1), 149-167. https://doi.org/10.1016/j.jacceco.2014.09.005

Giroud, X., & Mueller, H. M. (2011). Corporate governance, product market competition, and equity prices. The Journal of Finance, 66(2), 563-600. https://doi.org/10.1111/j.1540-6261.2010.01642.x

Goh, B. W., Krishnan, J. and Li, D. (2013). Auditor Reporting under Section 404: The Association between the Internal Control and Going Concern Audit Opinions. Contemporary Account Res, 30, 970-995. https://doi.org/10.1111/j.1911-3846.2012.01180.x

Goh, B.W. & Li, D. (2011). Internal controls and conditional conservatism. The Accounting Review, 86(3), 975-1005. https://doi.org/10.2308/accr.00000041

Holder, A., Karim, K., Lin, K. J., & Pinsker, R. (2016). Do material weaknesses in information technology-related internal controls affect firms'8-K filing timeliness and compliance? International Journal of Accounting Information Systems, 22, 26-43. https://doi.org/10.1016/j.accinf.2016.07.003

Honghton, K.A. & Jubb, C.A. (1999). The cost of audit qualifications: the role of non-audit services. Journal of International Accounting, Auditing & Taxation, 8(2), 215-240. https://doi.org/10.1016/s1061-9518(99)00014-2

Jordan, C. E., & Clark, S. J. (1996). An examination of audit reporting for accounting principles changes. Journal of Applied Business Research, 12, 1-8. https://doi.org/10.19030/jabr.v12i3.5792

Kruse, T., & Rennie, C. (2006). Product market competition, excess free cash flows, and CEO discipline: evidence from the US retail industry. University of Arkansas, Working Paper.

Lee E., Strong N., Zhu Zhenmei (2014). "Did Regulation Fair Disclosure, SOX, and Other Analyst Regulations Reduce Security Mispricing?" Journal of Accounting Research, 52(3): 733-774. https://doi.org/10.1111/1475-679X.12051

Lenard, M., Petruska, K., Alam, P., (2016). Internal control weaknesses and evidence of real activities manipulation. Adv. Account, 33, 47–58. https://doi.org/10.1016/j.adiac.2016.04.008

Lennox, C. (2000). Do companies successfully engage in opinion-shopping? Evidence from the UK. Journal of Accounting & Economics, 29(3), 321-337. https://doi.org/10.1016/s0165-4101(00)00025-2

Leventis, S., Weetman, P. & Caramanis, C. (2011). Agency cost and product market competition: the case of auditing pricing in Greece. The British Accounting Review, 43, 112-119. https://doi.org/10.1016/j.bar.2011.02.005

Mahdi, M., Mohammad, A.B.V. & Mahdi, O. (2017). Corporate governance, product market competition and firm performance: Evidence from Iran. Humanomics, 33(1), 38-55. https://doi.org/10.1108/h-10-2016-0075

Marciukaityte, D & Park, J.C. (2009). Market Competition and Earnings Management (March 17, 2009). Available at SSRN: https://ssrn.com/abstract=1361905 or http://dx.doi.org/10.2139/ssrn.1361905

Mutehler, J., Hopwood, W. & McKeown, J. (1997). The influence of contrary information and mitigating factors on audit opinion decisions on bankrupt companies. Journal of Accounting Research, 8, 295-310. https://doi.org/10.2307/2491367

Qin, N. (2011). Internal control, accounting fraud and audit opinion. Doctoral dissertation, Anhui University of Technology.

Reynolds, J.K. & Francis, J.R. (2000). Does size matter? The influence of large clients on office-level auditor reporting decisions. Journal of Accounting & Economics, 30(3), 375-400. https://doi.org/10.1016/s0165-4101(01)00010-6

Schmidt, K.M. (1997). Managerial incentives and product market competition. The Review of Economic Studies, 64(2), 191-213. https://doi.org/10.2307/2971709

Shleifer, A. & Vishny, R.W. (1997). A survey of Corporate governance. The Journal of Finance, 52(2), 737-783. https://doi.org/10.3386/w5554

Song, Z.J., Li, C.H. & Lu, Y.H. (2009). Board of Directors, Product Market Competition and Firm Performance: Theoretical Analysis and Empirical Research. Management Review, 21(9), 120-128. 10.14120/j.cnki.cn11-5057/f.2009.09.017

Sun, Y. & Xu, Y. (2016). Research on the Relation between Product Market Competition and Financing Constraints-Based on the Mediating Effect of Board Members' Background Characteristics. Industrial Economics Research, 01, 100-110. 10.13269/j.cnki.ier.2016.01.011

Teoh, H.P. & Lim, C.C. (1996). An empirical study of the effects of audit committees, disclosure of nonaudit fees, and other issues on audit independence: Malaysian evidence. Journal of International Accounting, Auditing & Taxation, 5(2), 231-248. https://doi.org/10.1016/s1061-9518(96)90007-5

Wang, X.Q. (2003). A Study of the Government Control in Monopolistic Industries. Management World, 8, 63-73. 10.19744/j.cnki.11-1235/f.2003.08.008

Xiao, C.M. & Li, R. (2012). Does Internal Control Affect Audit Opinions. Accounting and Economics Research, 2, 34-41. 10.16314/j.cnki.31-2074/f.2012.02.003

Yang, D.M., Wang, C.L. & Wang, B. (2009). Internal Control, Auditing Evaluation Opinion and Auditing Opinion. The Theory and Practice of Finance and Economics, 3, 60-66.

Zhang, H.H. & Wang, Z.J. (2010). Product Market Competition and Listed Corporation Over-investment. Chinese Review of Financial Studies, 1, 75-84.

Zhao, X.B. & Liu, Y. (2006). Empirical Analysis of the Relationship between Ownership Concentration and Audit Quality of Listed Companies in China. China Chief Financial Officer, 3, 41-43.

Zhou, X.F. & Zhou, Q.L. (2014). Product Market Forces, Industry Competition and Corporate Earnings Management-Empirical Evidence Based on Chinese Listed Companies. Accounting Research, 08, 60-66.

Publicado
01-01-2020
Cómo citar
Zhang, L., Chen, W., & SU, W. H. (2020). Competencia en el mercado de productos, control interno de calidad y opiniones de auditoría. Evidencia de empresas chinas que cotizan en bolsa. Revista De Contabilidad - Spanish Accounting Review, 23(1), 102-112. https://doi.org/10.6018/rcsar.369111
Sección
Artículos