Managerial overconfidence, ability, firm-governance and audit fees View Full Text


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Article Info

DATE

2019-04

AUTHORS

Santanu Mitra, Bikki Jaggi, Talal Al-Hayale

ABSTRACT

Prior studies document that managerial overconfidence potentially increases the risk of financial misstatements, and that overconfident managers purchase lower quality audits and pay lower audit fees. As a part of the research that evaluates the information value of managerial characteristics to auditors, our study examines how the relationship between managerial overconfidence and audit fees is impacted by managerial ability, and board and audit committee effectiveness in the post-Sarbanes–Oxley (post-SOX) environment. In general, we find a significantly positive relationship between managerial overconfidence and audit fees consistent with the supply-side risk based perspective of audit pricing. However, this relationship is significantly attenuated in higher managerial ability firms where overconfident managers are better able to make proper accounting estimates and judgements required for producing reliable financial statements, and synthesize firm-specific information into appropriate forward looking projections. We find that on an average, the overconfident firms with higher managerial ability pay 6.3% lower audit fees than the overconfident firms with lower managerial ability. Our analyses further show that board characteristics positively impact the relationship between managerial overconfidence and audit fees, suggesting that stronger board monitoring increases the demand for higher quality audits to mitigate the reporting risk of the overconfident firms. On an average, the firms with managerial overconfidence pay additional 9.3% higher audit fees when they are subject to stronger and more effective board oversight. However, we find weaker evidence on the effect of audit committee characteristics on audit fees of the overconfident firms. Our primary results hold for a battery of supplemental tests including the tests using propensity-score matched sample. The study contributes to audit fee and corporate governance literature, and has useful implications for regulators, accounting practitioners, and auditors. More... »

PAGES

841-870

References to SciGraph publications

  • 2007-04. The association between audit committees, compensation incentives, and corporate audit fees in REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
  • 2013-01. Asset write-offs discretion and accruals management in Taiwan: the role of corporate governance in REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
  • 2007-04. The empirical relationship between ownership characteristics and audit fees in REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
  • Identifiers

    URI

    http://scigraph.springernature.com/pub.10.1007/s11156-018-0728-3

    DOI

    http://dx.doi.org/10.1007/s11156-018-0728-3

    DIMENSIONS

    https://app.dimensions.ai/details/publication/pub.1103782385


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    HOW TO GET THIS DATA PROGRAMMATICALLY:

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    RDF/XML is a standard XML format for linked data.

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