Using a sample of China’s A-share listed companies for the period 2001-2004,this paper investigates the influence of institutional environment variables,including the process of marketization,level of local governmen...Using a sample of China’s A-share listed companies for the period 2001-2004,this paper investigates the influence of institutional environment variables,including the process of marketization,level of local government intervention,and local legal environment,on blockholder characteristics and ownership concentration,and the relation between the endogeneity of ownership structure and institutional environment.Our results indicate that the effects of these variables on ownership concentration are(1)positive for listed companies controlled by state asset management bureaus affiliated with local governments,(2)negative for listed companies controlled by state-owned enterprises affiliated with local governments and(3)unclear for listed private companies.These variables also positively affect the degree of privatization of listed companies in China.展开更多
In this study, we examine whether education, as an important component of the human capital of auditors, is related to the occurrence of financial misstatement, and investigate the moderating effect of professional ex...In this study, we examine whether education, as an important component of the human capital of auditors, is related to the occurrence of financial misstatement, and investigate the moderating effect of professional experience. Using a sample of 16,651 firm-year observations from the Chinese stock market from2003 to 2014, we find that the education level of signing auditors is significantly negatively associated with the likelihood of financial misstatement, which suggests that higher education can enhance the ethics and independence of auditors and mitigate the risk of financial misstatement. In addition, professional experience attenuates the negative relation between the education level of signing auditors and financial misstatement. Our findings are also robust to a variety of sensitivity tests, and our conclusions still hold after using a two-stage OLS-logistic regression to address the endogeneity problem. Lastly, the negative effect of education level on financial misstatement holds only for 985 Project universities, low individual-level(audit-firm-level) client importance, and state-owned enterprises.展开更多
基金funded by grants from Key Projects of Key Research Institute of Humanities and Social Science of Ministry of Education(2009JJD790040)the National Social Science Foundation of China(No07CJY010)
文摘Using a sample of China’s A-share listed companies for the period 2001-2004,this paper investigates the influence of institutional environment variables,including the process of marketization,level of local government intervention,and local legal environment,on blockholder characteristics and ownership concentration,and the relation between the endogeneity of ownership structure and institutional environment.Our results indicate that the effects of these variables on ownership concentration are(1)positive for listed companies controlled by state asset management bureaus affiliated with local governments,(2)negative for listed companies controlled by state-owned enterprises affiliated with local governments and(3)unclear for listed private companies.These variables also positively affect the degree of privatization of listed companies in China.
基金financial support from the National Natural Science Foundation of China(approval numbers:NSFC-71790602 NSFC-71572162)the Key Project of Key Research Institute of Humanities and Social Science in the Ministry of Education(approval number:16JJD790032)
文摘In this study, we examine whether education, as an important component of the human capital of auditors, is related to the occurrence of financial misstatement, and investigate the moderating effect of professional experience. Using a sample of 16,651 firm-year observations from the Chinese stock market from2003 to 2014, we find that the education level of signing auditors is significantly negatively associated with the likelihood of financial misstatement, which suggests that higher education can enhance the ethics and independence of auditors and mitigate the risk of financial misstatement. In addition, professional experience attenuates the negative relation between the education level of signing auditors and financial misstatement. Our findings are also robust to a variety of sensitivity tests, and our conclusions still hold after using a two-stage OLS-logistic regression to address the endogeneity problem. Lastly, the negative effect of education level on financial misstatement holds only for 985 Project universities, low individual-level(audit-firm-level) client importance, and state-owned enterprises.
