【讲座时间】2023年4月18日  14：00

【讲座地点】BV韦德108室

【讲座主题】Credible Audit Assurance and Debt Structure Concentration: Cross-country Evidence from PCAOB International Inspections

【嘉宾介绍】余扬新，香港城市大学，商学院教授。

  Yangxin Yu is a Professor at the Department of Accounting, College of Business. Yangxin’s research focuses on corporate disclosure, executive compensation and corporate social responsibility. His work has been published in the top accounting, finance and management journals, including Journal of Accounting and Economics, The Accounting Review, Journal of Financial and Quantitative Analysis, and Strategic Management Journal.

【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.