This study examines whether auditors are employed as a monitoring mechanism to mitigate agency problems arising from different types of controlling shareholders. In a context of concentrated ownership and poor investo...This study examines whether auditors are employed as a monitoring mechanism to mitigate agency problems arising from different types of controlling shareholders. In a context of concentrated ownership and poor investor protection, controlling shareholders can easily expropriate wealth from minority shareholders and profit from private benefits of control. However, this agency conflict has been rarely studied, as the most commonly assumed agency conflict occurs between managers and shareholders. Using an audit fee model derived from , we study the impact of the nature of controlling shareholders on audit fees in French listed firms. Our results show: (1) a negative relationship between audit fees and government shareholdings; (2) a positive relationship between audit fees and institutional shareholdings; and (3) no relationship between audit fees and family shareholdings. These results illustrate the mixed effects of the nature of ownership on audit fees.展开更多
Since the seminal JFE paper published by Jensen and Meckling in 1976(Jensen and Meckling,1976)the agency theory has been widely applied in numerous studies in the fields of corporate finance and accounting.Meanwhile,m...Since the seminal JFE paper published by Jensen and Meckling in 1976(Jensen and Meckling,1976)the agency theory has been widely applied in numerous studies in the fields of corporate finance and accounting.Meanwhile,many researchers also notice that the conflicts between the principal(shareholder)and the agent(manager)may not be the predominant issue in most of the firms around the world,since the dispersed shareholding and separation between ownership and management are relatively uncommon phenomenon,limited to certain type of firms(listed firms)and to certain countries(like the USA).展开更多
The Us'recent"withdrawal"from the Global Tax Deal could have led an observer to perform the autopsy of the most important international tax agreement of the decade.Yet Pascal Saint-Amans,former Director ...The Us'recent"withdrawal"from the Global Tax Deal could have led an observer to perform the autopsy of the most important international tax agreement of the decade.Yet Pascal Saint-Amans,former Director of the OECD's Centre for Tax Policy and Administration and Professor at HEC Paris,advises keeping obituaries in the pocket for the time being.The"Global Tax Deal",better known as the Two-Pillar Solution,was agreed by 137 jurisdictions at the Inclusive Framework in 2021,following 10 years of negotiations to address Base Erosion and Profit Shifting(BEPS)under G20 leadership.Because of the way it was conceived and considering countries'positions and interests,the Global Tax Deal appears to be here to stay.When the gaming table is the world itself,quitting the game does not mean it is over.It signals thestartofa newround.展开更多
基金the financial support of the Fondation HEC (Project F0802)the INTACCT program (European Union, Contract No. MRTN-CT-2006-035850)
文摘This study examines whether auditors are employed as a monitoring mechanism to mitigate agency problems arising from different types of controlling shareholders. In a context of concentrated ownership and poor investor protection, controlling shareholders can easily expropriate wealth from minority shareholders and profit from private benefits of control. However, this agency conflict has been rarely studied, as the most commonly assumed agency conflict occurs between managers and shareholders. Using an audit fee model derived from , we study the impact of the nature of controlling shareholders on audit fees in French listed firms. Our results show: (1) a negative relationship between audit fees and government shareholdings; (2) a positive relationship between audit fees and institutional shareholdings; and (3) no relationship between audit fees and family shareholdings. These results illustrate the mixed effects of the nature of ownership on audit fees.
文摘Since the seminal JFE paper published by Jensen and Meckling in 1976(Jensen and Meckling,1976)the agency theory has been widely applied in numerous studies in the fields of corporate finance and accounting.Meanwhile,many researchers also notice that the conflicts between the principal(shareholder)and the agent(manager)may not be the predominant issue in most of the firms around the world,since the dispersed shareholding and separation between ownership and management are relatively uncommon phenomenon,limited to certain type of firms(listed firms)and to certain countries(like the USA).
文摘The Us'recent"withdrawal"from the Global Tax Deal could have led an observer to perform the autopsy of the most important international tax agreement of the decade.Yet Pascal Saint-Amans,former Director of the OECD's Centre for Tax Policy and Administration and Professor at HEC Paris,advises keeping obituaries in the pocket for the time being.The"Global Tax Deal",better known as the Two-Pillar Solution,was agreed by 137 jurisdictions at the Inclusive Framework in 2021,following 10 years of negotiations to address Base Erosion and Profit Shifting(BEPS)under G20 leadership.Because of the way it was conceived and considering countries'positions and interests,the Global Tax Deal appears to be here to stay.When the gaming table is the world itself,quitting the game does not mean it is over.It signals thestartofa newround.
