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


  • Cristina de Fuentes Barberá

    () (Universitat de València)

  • María Consuelo Pucheta

    () (Universitat Jaume I)


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.

Suggested Citation

  • Cristina de Fuentes Barberá & María Consuelo Pucheta, 2006. "Incentivos De Las Empresas Cotizadas Españolas Para Crear Voluntariamente Comités De Auditoría," Working Papers. Serie EC 2006-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2006-08

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    References listed on IDEAS

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    More about this item


    comité de auditoría; formación voluntaria; corporate governance audit committee; voluntary formation; corporate governance;

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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