대리인 비용이 차별적 회계감사서비스에 미치는 영향: 한국 감사시장을 중심으로The Effect of Agency Costs on Differentiated Audit Services: Evidence from Korean Audit Market
- Other Titles
- The Effect of Agency Costs on Differentiated Audit Services: Evidence from Korean Audit Market
- Authors
- 전영순; 노준화; 배길수
- Issue Date
- 2010
- Publisher
- 한국회계학회
- Keywords
- Audit services; Agency costs; Cash flow rights; Voting rights; Audit fees; Audit services; Agency costs; Cash flow rights; Voting rights; Audit fees; 대리인 비용; 현금구매지분; 투표권; 감사보수; 감사품질; 감사수요
- Citation
- 회계저널, v.19, no.1, pp.311 - 344
- Indexed
- KCI
- Journal Title
- 회계저널
- Volume
- 19
- Number
- 1
- Start Page
- 311
- End Page
- 344
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/117678
- ISSN
- 1229-327X
- Abstract
- Using the Korean audit service market, we examine whether audit quality is systematically related to a broad spectrum of agency costs, including those originating from conflicts of interest between the controlling owner and minority shareholders. On the audit demand side, we find that firms with higher agency costs are more likely to demand higher quality audit. Specifically, as the discrepancy between the voting rights and cash flow rights of the controlling owner increases, the firm is more likely to hire a high-quality auditor. The equity ownership interest of foreign investors is related to audit quality after the 1997 Asian financial crisis. Additionally, as managerial ownership decreases and firms’ dependence on banks for financing increases, the firm tends to demand a high-quality auditor. On the supply side, audit fees were negatively related to agency problems between the controlling owners and minority shareholders prior to the crisis, thereby indicating that auditors were not compensated appropriately for the risk they assumed during this period. However, this negative association disappears after the crisis. In general, audit fees tend to reflect the agency costs during the post-crisis period.
- Files in This Item
- There are no files associated with this item.
- Appears in
Collections - Korea University Business School > Department of Business Administration > 1. Journal Articles
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.