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The effect of audit opinion on debt characteristics: the moderating effect of the type of auditor and the Tunisian Revolution

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  • Hanen Moalla

Abstract

The aim of this research is to investigate the impact of the audit opinion on debt characteristics (i.e., debt amount, maturity structure, and cost of debt) and analyse the moderating effect of both the type of auditor and the Tunisian Revolution. We were interested in the going-concern opinion and the qualified opinion. We analysed 573 year-firms observations and pre- and post-revolution periods (respectively 2008-2010 and 2011-2017). The sample is composed of companies audited either by Big-4 or non-Big 4 auditors. The main results underline the importance of the effect of the going-concern opinion on debt characteristics. The influence of the qualified audit opinion and especially the going-concern opinion issued by a Big 4 auditor on the characteristics of the debt is important. These modified opinions expressed by a reputable auditor are associated with unfavourable debt conditions. A negative impact of the going-concern opinion after the Tunisian Revolution is highlighted.

Suggested Citation

  • Hanen Moalla, 2025. "The effect of audit opinion on debt characteristics: the moderating effect of the type of auditor and the Tunisian Revolution," Afro-Asian Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 15(5), pages 665-688.
    • Handle: RePEc:ids:afasfa:v:15:y:2025:i:5:p:665-688
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