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The Analysis of Audit Market Concentration in Visegrad 4 Countries

In: Eurasian Business and Economics Perspectives

Author

Listed:
  • Michal Šindelář

    (Prague University of Economics and Business)

Abstract

The aim of the paper is to analyze the audit market concentration in Visegrad 4 countries during the period 2017–2020. The analysis is based on main stock markets in these Visegrad 4 countries—the Czech Republic is represented by Prague Stock Exchange (PSE), the Slovak Republic is represented by Bratislava Stock Exchange (BSSE), the Hungary is represented by Budapest Stock Exchange (BSE), and the Republic of Poland is represented by Warsaw Stock Exchange (GPW). The analysis is based on domestic shares listed on these stock exchanges. A total of 43 companies listed on PSE, 95 companies listed on BSSE, 107 companies listed on BSE, and 1432 companies listed on GPW were analyzed during the whole period. The traditional market concentration indicators—the Herfindahl–Hirschman index and Concentration ratios—are used for this analysis. The data show a very high market concentration on PSE and BSE. At these stock markets, the concentration ratio for four companies is over 95% in the area of audit fees. The high market concentration is also confirmed by the Herfindahl–Hirschman index. On GPW the Big4 firms control around 80% of audit fees and their influence has been gradually declining in recent years. A more detailed analysis shows that only 30% of auditors operating at BSSE and BSE provide non-audit services permitted by European legislation.

Suggested Citation

  • Michal Šindelář, 2022. "The Analysis of Audit Market Concentration in Visegrad 4 Countries," Eurasian Studies in Business and Economics, in: Mehmet Huseyin Bilgin & Hakan Danis & Ender Demir (ed.), Eurasian Business and Economics Perspectives, pages 191-204, Springer.
    • Handle: RePEc:spr:eurchp:978-3-031-15531-4_12
    DOI: 10.1007/978-3-031-15531-4_12
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