IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Incentivos De Las Empresas Cotizadas Españolas Para Crear Voluntariamente Comités De Auditoría

Listed author(s):
  • Cristina de Fuentes Barberá


    (Universitat de València)

  • María Consuelo Pucheta


    (Universitat Jaume I)

Registered author(s):

    As a result of the publication of the Code of Corporate Good Governance in 1998, known as the Olivencia Code, some companies voluntarily created an audit committee, after the recommendation of the Code in which all companies, especially listed, were encouraged to create them. Therefore, the aim of this work is to analyse which factors are associated with voluntary audit committee formation of those companies listed on the Continuous Market through 1999. In particular we analyse the association of factors such as Board independence and size, auditor size, agency costs, economies of scale, institutional investors, the audit report and auditor tenure. We find that voluntary audit committee formation is positively correlated with the proportion of independent directors on the board of directors and the economies of scale. On the other hand, the results show that board size, auditor size, agency costs of equity and debts, institutional investors with shares on the board of directors, a qualified audit report and audit tenure are not factors associated with voluntary audit committee formation. A raíz de la publicación del Código de Buen Gobierno Corporativo en 1998, también conocido como Código Olivencia, algunas empresas crearon voluntariamente un comité de auditoría, tras la recomendación del Código en la que instaba a todas las empresas, sobre todo cotizadas, a la formación de los mismos. Así pues, el objetivo de este trabajo es analizar qué motivos indujeron a las empresas cotizadas en el mercado continuo durante 1999 a crear voluntariamente comités de auditoría. Concretamente, analizamos la asociación de factores como la independencia y tamaño del consejo de administración, el tamaño del auditor, los costes de agencia, las economías de escala de implementar un mecanismo de control, los inversores institucionales, el informe de auditoría y la duración del encargo de auditoría. Los resultados ponen de manifiesto que la formación voluntaria de comités de auditoría está positivamente correlacionada con el porcentaje de miembros independientes que tenga el consejo de administración y las economías de escala. Por otra parte, los resultados revelan que el número de miembros del consejo de administración, el tamaño de la firma auditora, los costes de agencia de la propiedad y de la deuda, la representación de inversores institucionales con participación accionarial en el consejo de administración, la recepción de un informe de auditoría con salvedades y la duración del encargo de auditoría no son factores que se asocien con la formación voluntaria de un comité de auditoría.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    File Function: Fisrt version / Primera version, 2006
    Download Restriction: no

    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2006-08.

    in new window

    Length: 44 pages
    Date of creation: Jul 2006
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2006-08
    Contact details of provider: Postal:
    C/ Guardia Civil, 22, Esc 2a, 1o, E-46020 VALENCIA

    Phone: +34 96 319 00 50
    Fax: +34 96 319 00 55
    Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ivi:wpasec:2006-08. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Departamento de Edición)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.