This article investigates the relationship between fees for audit and non-audit services with Tobin＇s Q. Using a sample of Brazilian public companies in the period from 2009 to 2011, we estimate the association betwe...This article investigates the relationship between fees for audit and non-audit services with Tobin＇s Q. Using a sample of Brazilian public companies in the period from 2009 to 2011, we estimate the association between Tobin＇s Q and the auditors＇ remuneration scaled by total assets. Additionally, to strengthen the conclusions, we present a second model with the remuneration of the auditors in absolute terms. The results suggest a significant relationship between Tobin＇s Q and audit and non-audit fees, positive and negative, respectively. Specifically, increases in audit fees and non-audit fees respectively increase and decrease the Tobin＇s Q of the audited company. The results of this study have important implications for those interested in good corporate governance practices. Managers and board members concerned with value carefully evaluate the remuneration and nature of services creation, when engaging independent auditors, should provided.展开更多
One strand of research in public economics has found that increasing ethnic diversity leads to reductions in provision of productive public goods. Another strand of research has emphasized the key role that tax and ex...One strand of research in public economics has found that increasing ethnic diversity leads to reductions in provision of productive public goods. Another strand of research has emphasized the key role that tax and expenditure limitations play in the provision of public services. This paper explores the interaction between these two effects. The regression results suggest that the prior results on ethnic diversity are robust when TELs are taken into consideration. In addition, the imposition of TELs mitigates the negative effect of ethnic fragmentation on the share of local spending on education and roads. It also mitigates the positive correlation between ethnic diversity and total local government revenue and expenditure per capita.展开更多
文摘This article investigates the relationship between fees for audit and non-audit services with Tobin＇s Q. Using a sample of Brazilian public companies in the period from 2009 to 2011, we estimate the association between Tobin＇s Q and the auditors＇ remuneration scaled by total assets. Additionally, to strengthen the conclusions, we present a second model with the remuneration of the auditors in absolute terms. The results suggest a significant relationship between Tobin＇s Q and audit and non-audit fees, positive and negative, respectively. Specifically, increases in audit fees and non-audit fees respectively increase and decrease the Tobin＇s Q of the audited company. The results of this study have important implications for those interested in good corporate governance practices. Managers and board members concerned with value carefully evaluate the remuneration and nature of services creation, when engaging independent auditors, should provided.
文摘One strand of research in public economics has found that increasing ethnic diversity leads to reductions in provision of productive public goods. Another strand of research has emphasized the key role that tax and expenditure limitations play in the provision of public services. This paper explores the interaction between these two effects. The regression results suggest that the prior results on ethnic diversity are robust when TELs are taken into consideration. In addition, the imposition of TELs mitigates the negative effect of ethnic fragmentation on the share of local spending on education and roads. It also mitigates the positive correlation between ethnic diversity and total local government revenue and expenditure per capita.
