In accordance with the regulations as stipulated in the Pro-visions of the Customs of the People’s Republic of China on Ex-ternal Audit, the Customs officers engaged in external audit shalluse the Certificate of Exte...In accordance with the regulations as stipulated in the Pro-visions of the Customs of the People’s Republic of China on Ex-ternal Audit, the Customs officers engaged in external audit shalluse the Certificate of External Audit of the Customs (hereinafterreferred to as Certificate) as of June 5, 1997. The Certificate has ablack leather outer covering and is inlaid inside with a pierced andguilded customs emblem, which consists of the red national em-blem in its upper part, and a key and a truncheon encircled by earsof wheat in its lower part. Put in a leather covering, the Certificateis a card sealed up with plastics, on which there is a bareheadedcolour photo of the holder in the Customs uniform and with a展开更多
The continuing emergence of sudden financial crises and the bankruptcy of Big banks audited by the‘Big Four’auditors confirms that the external audit quality(EAQ)always remains insufficient compared to the desired q...The continuing emergence of sudden financial crises and the bankruptcy of Big banks audited by the‘Big Four’auditors confirms that the external audit quality(EAQ)always remains insufficient compared to the desired quality.The quality weakness is due either to the bad audit company choice,although their sizes,or to the disrespect of the good audit rules.Because there is a lack of comparative studies in the framework of conventional and Islamic banks,this paper aims to compare the impact of EAQ on the financial performance(FP)of 180 conventional banks and 180 Islamic banks.FP and EAQ variables are collected from 56 countries over the period(2010-2020).To overcome the mystery of the best EAQ selection based on its impact on FP,this paper relied on the GLS estimator.Consequently,this paper concluded that the EAQ affected the conventional banks’FP,but it improved that of Islamic banks with a moderate impact.展开更多
Annual reports are the main sources of information for outside investors' investment decisions and enable shareholders to supervise the management.Difficulties with the readability of these reports may therefore h...Annual reports are the main sources of information for outside investors' investment decisions and enable shareholders to supervise the management.Difficulties with the readability of these reports may therefore have serious consequences. Using 19,221 firm-year observations of Chinese A-share listed firms from 2001 to 2015, we investigate the association between annual report readability and corporate agency costs, where readability is proxied by report file length and/or file size. We find that firms with better annual report readability experience lower agency costs, and the negative association between readability and agency costs is more pronounced in firms with higher external audit quality, internal control quality or analyst coverage. These results hold after several robustness checks. The positive effect of annual report readability is stronger in private firms than in state-owned enterprises, and becomes stronger after the implementation of new accounting standards in 2007. Readable annual reports can help in monitoring corporate insiders' opportunistic behavior and thus reduce agency costs.展开更多
文摘In accordance with the regulations as stipulated in the Pro-visions of the Customs of the People’s Republic of China on Ex-ternal Audit, the Customs officers engaged in external audit shalluse the Certificate of External Audit of the Customs (hereinafterreferred to as Certificate) as of June 5, 1997. The Certificate has ablack leather outer covering and is inlaid inside with a pierced andguilded customs emblem, which consists of the red national em-blem in its upper part, and a key and a truncheon encircled by earsof wheat in its lower part. Put in a leather covering, the Certificateis a card sealed up with plastics, on which there is a bareheadedcolour photo of the holder in the Customs uniform and with a
文摘The continuing emergence of sudden financial crises and the bankruptcy of Big banks audited by the‘Big Four’auditors confirms that the external audit quality(EAQ)always remains insufficient compared to the desired quality.The quality weakness is due either to the bad audit company choice,although their sizes,or to the disrespect of the good audit rules.Because there is a lack of comparative studies in the framework of conventional and Islamic banks,this paper aims to compare the impact of EAQ on the financial performance(FP)of 180 conventional banks and 180 Islamic banks.FP and EAQ variables are collected from 56 countries over the period(2010-2020).To overcome the mystery of the best EAQ selection based on its impact on FP,this paper relied on the GLS estimator.Consequently,this paper concluded that the EAQ affected the conventional banks’FP,but it improved that of Islamic banks with a moderate impact.
基金support from the Chinese National Science Funds(Grant Nos.71790602 and 71572160)
文摘Annual reports are the main sources of information for outside investors' investment decisions and enable shareholders to supervise the management.Difficulties with the readability of these reports may therefore have serious consequences. Using 19,221 firm-year observations of Chinese A-share listed firms from 2001 to 2015, we investigate the association between annual report readability and corporate agency costs, where readability is proxied by report file length and/or file size. We find that firms with better annual report readability experience lower agency costs, and the negative association between readability and agency costs is more pronounced in firms with higher external audit quality, internal control quality or analyst coverage. These results hold after several robustness checks. The positive effect of annual report readability is stronger in private firms than in state-owned enterprises, and becomes stronger after the implementation of new accounting standards in 2007. Readable annual reports can help in monitoring corporate insiders' opportunistic behavior and thus reduce agency costs.
