喻园管理论坛2021年第98期(总第755期)

演讲主题: National Auditor Inspection Programs and Corporate Innovation: International Evidence

主 讲 人: 黄   媛，香港理工大学会计及金融学院副教授

主 持 人: 钟宇翔，管理学院会计系讲师

活动时间: 12月10日（周五）上午10：00-11：30

活动地点: 腾讯会议，会议ID: 158 801 208

主讲人简介：

Dr. Yuan HUANG is an Associate Professor of Accounting at the Hong Kong Polytechnic University. She obtained her Ph.D. in Accounting from Hong Kong University of Science and Technology. Her research interests include accounting- based equity valuation and the effect of financial reporting practices on corporate financial management decisions. Her research has appeared in the Journal of Financial and Quantitative Analysis, Journal of Accounting and Public Policy, and Journal of Accounting, Auditing and Finance.

活动简介：

This paper examines the real effects of national auditor inspection programs on corporate innovation. Exploiting the staggered adoption of auditor inspection programs worldwide and employing a difference-in-differences methodology, we find that patents and patent citations increase significantly following the introduction of auditor inspections. This finding suggests that increased auditor oversight has a positive impact on corporate innovation activities. Moreover, we find evidence consistent with inspection programs promoting innovation activities by relaxing firms’ financial constraints, mitigating management myopia in firms where agency conflicts between managers and shareholders are more severe, and encouraging CEO risk-taking. Additional analyses show that after the adoption of auditor inspection programs, firms undertake more risky innovation activities that involve path-breaking patents, which have a more positive contribution to firm value. Collectively, our study provides evidence on how auditor oversight affects corporate innovation outcomes worldwide.