The influence of auditor’s opinion and auditor’s reputation on the cost of debt: evidence from private Spanish firms

• Manuel Cano-Rodríguez ^[1] ; Santiago Sánchez-Alegría ^[2] ; Pablo Arenas-Torres ^[1]
  1. [1] Universidad de Jaén

     Universidad de Jaén

     Jaén, España

     
  2. [2] Universidad Pública de Navarra

     Universidad Pública de Navarra

     Pamplona, España

     
• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Vol. 45, Nº 1, 2016, págs. 32-62
• Idioma: inglés
• Títulos paralelos:
  • La influencia de la opinión de auditoría y la reputación del auditor en el coste de la deuda: evidencia en las empresas españolas no cotizadas
• Texto completo no disponible (Saber más ...)
• Dialnet Métricas: 5 Citas
• Resumen
  • español

    En este trabajo analizamos la relevancia de la reputación del auditor y de la opinión expresada en el informe de auditoría para los acreedores de las empresas en un entorno de baja demanda de calidad de auditoría. Los resultados obtenidos a partir de una muestra de empresas no cotizadas españolas indican que los clientes de las grandes auditoras soportan un menor coste de deuda, demostrando que la reputación del auditor es relevante para los acreedores de la empresa. Los resultados también muestran la relevancia del contenido del informe de auditoría, dado que las empresas con informe limpio pagan un menor coste de deuda, si bien nuestros resultados indican que esta influencia no depende del tipo de auditor, lo que sugiere que los clientes de las grandes auditoras consiguen beneficiarse de la reputación de éstas aun cuando reciben informes de auditoría con salvedades.

  • English

    This paper addresses the relevance of auditor’s opinion and auditor’s reputation for the creditors of private companies in an environment of low demand for audit quality. By employing archival data from private Spanish firms, we find that Big-4 auditors’ clients bear a lower cost of debt, showing that the selection of a high-quality auditor is relevant for the creditors of the company. We also demonstrate that the content of audit reports is relevant for creditors, as they require a higher cost of debt from firms that have obtained a qualified audit report. The influence of auditor’s opinion on the cost of debt does not depend on type of auditor, suggesting that Big-4 auditors’ clients benefit from their auditor’s reputation, even when they receive a qualified audit report.

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