ABSTRACT This study examines whether auditor switching for opinion shopping (OS) influences investors’ perceptions of audit quality (proxied by earnings response coefficients; ERCs). To the extent that audit quality deteriorates after firms switch auditors for OS, investors are less likely to rely on these firms’ audited earnings. This may result in a negative association between auditor switching for OS and ERCs. However, when the intention for auditor switching is undetected by investors, ERCs would do not differ depending on whether firms switch auditors for OS or not. We find that firms switching auditors for OS have lower ERCs than non-switching firms or those that switch for other reasons, suggesting that investors perceive auditor switching for OS as evidence of impaired auditor independence.

中文翻译：

---

韩国审计师转向意见购物和资本市场对审计质量的看法的证据

摘要 本研究考察了审计师转向意见购物 (OS) 是否会影响投资者对审计质量的看法（由收益响应系数代表；ERC）。在公司为 OS 更换审计师后审计质量下降的程度，投资者不太可能依赖这些公司的审计收益。这可能会导致 OS 和 ERC 的审计员切换之间存在负相关。然而，当投资者没有发现更换审计师的意图时，ERC 不会因公司是否为 OS 更换审计师而有所不同。我们发现，为 OS 更换审计师的公司的 ERC 低于非更换公司或因其他原因更换的公司，这表明投资者将审计师更换为 OS 作为审计师独立性受损的证据。