English, Article edition: Economic Effects of Audit Committee Formation Elena Cabal García; Carlos Fernández Méndez; Mª del Camino Rodríguez Gutiérrez

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Bookmark: http://trove.nla.gov.au/version/16117
Physical Description
  • article
Language
  • English

Edition details

Title
  • Economic Effects of Audit Committee Formation
Author
  • Elena Cabal García
  • Carlos Fernández Méndez
  • Mª del Camino Rodríguez Gutiérrez
Physical Description
  • article
Notes
  • The aim of this paper is to analyze the Spanish market reactions arising from the formation of the audit committees in the listed companies. This reaction could reasonably differ from that observed in Anglo-Saxon markets given the peculiarities of the audit process in Spain. With this aim, using the event study methodology, we have measured the abnormal returns surrounding the constitution of the audit committee, taking into account factors such as its voluntary formation, the auditor’s previous opinion and the auditor’s firm size. Our results confirm the existence of negative market reactions in the case of a voluntary formation of the committee and when this formation corresponds to a firm that has received a favourable audit report. However, we have observed no significant market reactions when the firm has received a qualified opinion and these reactions did not differ when the company was audited by one of the big audit firms or by other auditor.
  • audit committee, stock market, auditing.
  • RePEc:sar:journl:v:10:y:2007:i:2:p:103-126
Language
  • English
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