当前位置:
X-MOL 学术
›
Managerial Auditing Journal
›
论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
Financial market consequences of early adoption of international standards on auditing: international evidence
Managerial Auditing Journal ( IF 2.388 ) Pub Date : 2020-07-02 , DOI: 10.1108/maj-04-2019-2233 Ibrahim Khalifa Elmghaamez , Ali Meftah Gerged , Collins G. Ntim
Managerial Auditing Journal ( IF 2.388 ) Pub Date : 2020-07-02 , DOI: 10.1108/maj-04-2019-2233 Ibrahim Khalifa Elmghaamez , Ali Meftah Gerged , Collins G. Ntim
This paper aims to investigate the effects of the early adoption of International Standards on Auditing (ISAs) on Financial Market Indicators (FMIs) from a diffusion of innovation (DOI) theory perspective.,Using panel data from 110 countries in a period that spans from 1995 to 2014, this study applies an ordinary least squares regression model to investigate the financial consequences of adopting ISAs. This analysis was supplemented with estimating a fixed-effects and two-stage least squares regression models to address any concerns regarding the possible existence of endogeneity problems.,This study reports three key findings. First, the authors find that early ISAs adoption has a negative effect on several financial market consequences, namely stock market integration, market capitalisation, market turnover, market return, market development, stock price volatility and stock trading volume. Second, using an alternative measure to the one that is proposed by DOI theory, the authors found that some financial indicators have been significantly improved after ISAs adoption, but only for listed firms that prepared their financial statements under International Financial Reporting Standards and audited by ISAs simultaneously. Finally, the financialindicators of European stock markets, however, have insignificantly shrank post the mandatory adoption of ISAs in 2006.,The empirical evidence raises questions about how ISAs were enforced and implemented. For example, countries that adopted ISAs at early stages may have been dominated mostly by recently established stock exchanges. This implies a crucial need to determine and apply the best type of auditing regime that can increase investors trust and enhance the credibility of stock markets information, which might ultimately advance the FMIs over time significantly.,To-date, studies investigating the impact of the adoption of ISAs on FMI from a DOI theory perspective are virtually non-existent. The study, therefore, seeks to contribute to the extant literature by examining the influence of ISAs adoption on a wide range of FMIs.
中文翻译:
尽早采用国际标准进行审计对金融市场的影响:国际证据
本文旨在从创新扩散(DOI)理论的角度研究早期采用国际审计准则(ISA)对金融市场指标(FMI)的影响。使用110个国家/地区的面板数据1995年至2014年,这项研究运用普通最小二乘回归模型来研究采用ISA的财务后果。该分析辅以估计固定效应和两阶段最小二乘回归模型,以解决有关内生性问题可能存在的任何担忧。本研究报告了三个关键发现。首先,作者发现,早期采用ISA对金融市场的若干后果有负面影响,这些后果包括股票市场整合,市场资本化,市场营业额,市场回报,市场发展,股票价格波动和股票交易量。其次,作者使用DOI理论提出的替代方法,发现在ISA采用之后,某些财务指标已得到显着改善,但仅适用于根据国际财务报告准则编制财务报表并经ISA审核的上市公司。同时。最后,然而,欧洲股票市场的财务指标在2006年强制采用ISA之后已微不足道了。实证证据提出了有关如何执行和实施ISA的问题。例如,在早期采用ISA的国家可能主要由最近建立的证券交易所主导。这意味着迫切需要确定和应用最佳类型的审计制度,以提高投资者的信任度并增强股票市场信息的可信度,这最终可能会随着时间的推移显着提高FMI。从DOI理论的角度来看,ISA在FMI上的采用实际上是不存在的。因此,本研究旨在通过研究ISA对广泛FMI的影响,为现有文献做出贡献。
更新日期:2020-07-02
中文翻译:
尽早采用国际标准进行审计对金融市场的影响:国际证据
本文旨在从创新扩散(DOI)理论的角度研究早期采用国际审计准则(ISA)对金融市场指标(FMI)的影响。使用110个国家/地区的面板数据1995年至2014年,这项研究运用普通最小二乘回归模型来研究采用ISA的财务后果。该分析辅以估计固定效应和两阶段最小二乘回归模型,以解决有关内生性问题可能存在的任何担忧。本研究报告了三个关键发现。首先,作者发现,早期采用ISA对金融市场的若干后果有负面影响,这些后果包括股票市场整合,市场资本化,市场营业额,市场回报,市场发展,股票价格波动和股票交易量。其次,作者使用DOI理论提出的替代方法,发现在ISA采用之后,某些财务指标已得到显着改善,但仅适用于根据国际财务报告准则编制财务报表并经ISA审核的上市公司。同时。最后,然而,欧洲股票市场的财务指标在2006年强制采用ISA之后已微不足道了。实证证据提出了有关如何执行和实施ISA的问题。例如,在早期采用ISA的国家可能主要由最近建立的证券交易所主导。这意味着迫切需要确定和应用最佳类型的审计制度,以提高投资者的信任度并增强股票市场信息的可信度,这最终可能会随着时间的推移显着提高FMI。从DOI理论的角度来看,ISA在FMI上的采用实际上是不存在的。因此,本研究旨在通过研究ISA对广泛FMI的影响,为现有文献做出贡献。