The Study of the Relationship among CPAs' Auditing Tenure,Industry Specialization, Industry Experience and Stock Return Volatility
| Autor: | Shu-Ying Chen, 陳淑瑩 |
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| Rok vydání: | 2017 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 105 Over the years, economists have demonstrated great concerns about the topic of stock return volatility. Investors know about the company''s operating conditions by viewing the information of financial statements to make investment decisions, thus affects the stock return volatility. Previous literatures have examined the influencing factors of stock return volatility, however, few literature has discussed the effects of CPAs'' auditing tenure and levels of industry specialization upon stock return volatility. The study in addition examines the effect of industry experience on the volatility of stock return. In this study, we explore all listed companies in Taiwan from 2005 to 2015 to investigate the impact of the CPAs'' auditing tenure, the degree of industry specialization and the level of industry experience on the volatility of stock return. The empirical results show that the impact of CPAs'' audit tenure, industry specialization, and industry experience upon the stock return volatility are significantly negative, which are summarized as follows: 1. Longer CPAs'' auditing tenure results in lower volatility of stock return. 2. The higher degree of industry specialization, the less the volatility of stock return. 3. Auditors with more industry experience can have a mitigating effect on corporations’ stock return volatility. 4. Considering the interacting effects of CPA’s audit tenure, industry specialization, and industry experience, in the capital market of Taiwan, the level of auditors’ industry specialization or industry experience has no significant mitigating effects upon the impact of audit tenure on stock return volatility. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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