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Do audited firms have a lower cost of debt?
Högskolan Dalarna.ORCID-id: 0000-0003-2952-7327
Högskolan i Gävle, Akademin för utbildning och ekonomi, Avdelningen för ekonomi, Företagsekonomi.ORCID-id: 0000-0002-5043-6289
Institute of Retail Economics, Stockholm.
2022 (engelsk)Inngår i: International Journal of Disclosure & Governance, ISSN 1741-3591, E-ISSN 1746-6539, Vol. 19, nr 2, s. 153-175Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

The purpose of this study is to investigate if audited financial statements add value for firms in the private debt market. Using an instrumental variable method, we find that firms with audited financial statements, on average, save 0.47 percentage points on the cost of debt compared to firms with unaudited financial statements. We also find that using the big, well-known auditing firms does not yield any additional cost of debt benefits. Lastly, we investigate if there are industries where alternative sources of information make auditing less valuable in reducing the cost of debt. Here, we find that auditing is less important in lowering cost in one industry, agriculture, where one lender has a 74% market share and a 100-year history of lending to firms within that industry. As such, it seems that lenders having high exposure to a certain industry might act as an alternative to auditing in reducing the information asymmetry between the firm and the lender.

sted, utgiver, år, opplag, sider
Springer , 2022. Vol. 19, nr 2, s. 153-175
Emneord [en]
Agency theory; Audit complexity; Audit reform; Cost of capital; Endogenous switching model; External audit; Private limited firms; Regulation
HSV kategori
Forskningsprogram
Intelligent industri
Identifikatorer
URN: urn:nbn:se:hig:diva-37587DOI: 10.1057/s41310-021-00133-1ISI: 000736932300001Scopus ID: 2-s2.0-85122062262OAI: oai:DiVA.org:hig-37587DiVA, id: diva2:1625774
Tilgjengelig fra: 2022-01-10 Laget: 2022-01-10 Sist oppdatert: 2022-05-15bibliografisk kontrollert

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