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Managerial ownership, audit firm size, and audit fees: Australian evidence

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  • Shan, Yuan George
  • Troshani, Indrit
  • Tarca, Ann

Abstract

We analyze the extent to which managerial ownership is associated with auditor selection and the audit firm’s assessed overall risk of audit clients. We test the association between managerial ownership and both audit firm size and audit fees in a sample of Australian-listed companies between 2005 and 2015. Prior literature analyzing the relationships in US, UK, and Hong Kong settings found that the significance and direction of the relationship is related to the level of managerial ownership. When managerial ownership levels are compatible with shareholder interests (i.e., “convergence-of-interests”), the relationship between managerial ownership and audit firm size and audit fees is negative. Conversely, when managerial ownership levels are contrary to the interests of shareholders (i.e., “entrenchment”), the relationship is positive. Our results are largely consistent with prior literature, but we document more specifically the levels of ownership at which convergence-of-interests and entrenchment occur in the Australian market.

Suggested Citation

  • Shan, Yuan George & Troshani, Indrit & Tarca, Ann, 2019. "Managerial ownership, audit firm size, and audit fees: Australian evidence," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 35(C), pages 18-36.
    • Handle: RePEc:eee:jiaata:v:35:y:2019:i:c:p:18-36
    DOI: 10.1016/j.intaccaudtax.2019.05.002
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    Cited by:

    1. Vanessa Carvalho Pereira & Antonio Gualberto Pereira & José Sérgio Casé Oliveira, 2023. "Influence of ownership structure on the choice of Big Four independent auditors," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 20(3), pages 316-326, September.
    2. Iman Harymawan & Aditya Aji Prabhawa & Mohammad Nasih & Fajar Kristanto Gautama Putra, 2021. "Risk Management Committee, Auditor Choice and Audit Fees," Risks, MDPI, vol. 9(9), pages 1-16, August.
    3. Alhababsah, Salem & Yekini, Sina, 2021. "Audit committee and audit quality: An empirical analysis considering industry expertise, legal expertise and gender diversity," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 42(C).
    4. Mohamed M. El-Dyasty & Ahmed A. Elamer, 2021. "The effect of ownership structure and board characteristics on auditor choice: evidence from Egypt," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 18(4), pages 362-377, December.
    5. Mahmoud Lari Dashtbayaz & Amjed Hameed Mezher & Khalid Haitham Khalid Albadr & Bashaer Khudhair Abbas Alkafaji, 2023. "The Relationship between Intellectual Capital and Audit Fees," JRFM, MDPI, vol. 16(2), pages 1-28, February.

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    More about this item

    Keywords

    Managerial ownership; Audit firm size; Audit fees; Convergence-of-interests hypothesis; Entrenchment hypothesis;
    All these keywords.

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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