【报告主题】Credible Audit Assurance and Debt Structure Concentration: Cross-country Evidence from PCAOB International Inspections
【主讲嘉宾】余扬新，香港城市大学，商学院教授。
【报告时间】2023年4月18日 14：00
【报告地点】会计学院108室
【内容提要】We examine whether and how the introduction of an internationally credible audit regulatory oversight affects a firm’s debt concentration level in a cross-country setting. For a sample of non-US-listed companies across 45 countries, we observe a significant decrease in a firm’s debt concentration after the initial disclosure of its auditor’s inspection report provided by the US Public Company Accounting Oversight Board (PCAOB). The effects are more pronounced in cases when foreign debt investors are likely to involve. Cross-sectional results vary across a range of auditor-level, client-level and country-level characteristics. Overall, our findings highlight the role of credible audit oversight in shaping a firm’s debt structure especially when foreign debts are involved.