Publication: Efectos económicos de la constitución de los comités de auditoría
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Date
2007
Authors
Cabal García, Elena ; Fernández Méndez, Carlos ; Rodríguez Gutiérrez, María del Camino
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info:eu-repo/semantics/article
Description
Abstract
El propósito de este trabajo consiste en analizar la valoración del mercado bursátil español
respecto a la constitución del comité de auditoría en las empresas cotizadas, teniendo en
cuenta que esta reacción puede diferir de la observada en mercados del ámbito anglosajón
debido a las peculiaridades que presenta la auditoría de cuentas en España. Para ello,
aplicando la metodología del estudio de eventos, se analizan las rentabilidades anormales
próximas a la creación del comité, considerando factores como su voluntariedad, las
opiniones previas del auditor o el tamaño de la firma auditora. Los resultados confirman
que el mercado reacciona negativamente ante el establecimiento voluntario del comité y
cuando éste se implanta en sociedades que venían recibiendo informes de auditoría
favorables. No obstante, dicho anuncio no parece tener efecto cuando la compañía es
receptora de informes calificados ni parece diferir por el hecho de ser auditada por una
gran firma frente a otros auditores.
The aim of this paper is to analyze the Spanish market reactions arising from the formation of the audit committees in the listed companies. This reaction could reasonably differ from that observed in Anglo-Saxon markets given the peculiarities of the audit process in Spain. With this aim, using the event study methodology, we have measured the abnormal returns surrounding the constitution of the audit committee, taking into account factors such as its voluntary formation, the auditor’s previous opinion and the auditor’s firm size. Our results confirm the existence of negative market reactions in the case of a voluntary formation of the committee and when this formation corresponds to a firm that has received a favourable audit report. However, we have observed no significant market reactions when the firm has received a qualified opinion and these reactions did not differ when the company was audited by one of the big audit firms or by other auditor
The aim of this paper is to analyze the Spanish market reactions arising from the formation of the audit committees in the listed companies. This reaction could reasonably differ from that observed in Anglo-Saxon markets given the peculiarities of the audit process in Spain. With this aim, using the event study methodology, we have measured the abnormal returns surrounding the constitution of the audit committee, taking into account factors such as its voluntary formation, the auditor’s previous opinion and the auditor’s firm size. Our results confirm the existence of negative market reactions in the case of a voluntary formation of the committee and when this formation corresponds to a firm that has received a favourable audit report. However, we have observed no significant market reactions when the firm has received a qualified opinion and these reactions did not differ when the company was audited by one of the big audit firms or by other auditor
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