文章基本信息

标题：Motivating Capital Investment by Using the Audit Process to Increase Financial Transparency
本地全文：下载
作者：J Reid Cummings ; Gabriel G Ramirez ; Divesh S Sharma 等
期刊名称：Asian Journal of Finance & Accounting
印刷版ISSN：1946-052X
出版年度：2018
卷号：10
期号：1
页码：81-114
语种：English
出版社：Macrothink Institute
摘要：This study examines the relationship between REITs’ uses of the audit process to increase financial transparency, and their ability to attract and/or maintain reasonable access to capital investment. We find that capital investment is positively and significantly associated with auditor quality, specialization, and reputation. After controlling for the effects of the 2007-2008 financial crisis, we find that when REITs seek to attract new capital investment, using the audit process to increase financial transparency is just as important before the crisis as after it. These findings suggest that regardless of the economic conditions, auditor quality, specialization, and reputation add value. This study examines the relationship between REITs’ uses of the audit process to increase financial transparency, and their ability to attract and/or maintain reasonable access to capital investment. We find that capital investment is positively and significantly associated with auditor quality, specialization, and reputation. After controlling for the effects of the 2007-2008 financial crisis, we find that when REITs seek to attract new capital investment, using the audit process to increase financial transparency is just as important before the crisis as after it. These findings suggest that regardless of the economic conditions, auditor quality, specialization, and reputation add value.