Auditor Industry Specialization, Analysts Following and Financing Constrains

Heng-gao Tang () and Tao-ying Peng ()
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Heng-gao Tang: Hunan University
Tao-ying Peng: Hunan University

Chapter Chapter 4 in The 19th International Conference on Industrial Engineering and Engineering Management, 2013, pp 35-44 from Springer

Abstract: Abstract Using a sample of Chinese listed firms from 2007 to 2009, this paper examines the effect of auditor industry specialization and analysts following on financing constrains. We find that, as two types of information conduct mechanism, after controlling for other variables, both auditor industry specialization and analysts following can relieve firm’s financing constrains. Furthermore, Compared to firms with more analysts following, the effect of auditor industry specialization on the mitigation of financing constrains is much more significant in firms with less analysts following. This indicates that developing securities analyst industry with great efforts and actively cultivating the industry specialization of auditors contribute to improve the transparency of capital market information, which is beneficial to capital market’s development toward a more healthier way.

Keywords: Analysts following; Auditor industry specialization; Financing constrains; Information Asymmetry (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-38442-4_4

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DOI: 10.1007/978-3-642-38442-4_4

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