Key Audit Matters for Production-To-Order Industry and Conservatism
Abstract
:1. Introduction
2. Literature Review and Research Hypotheses
2.1. Literature Review
2.2. Research Hypotheses
3. Research Design and Sample Selection
3.1. Empirical Models
- KAMt = an indicator variable, for which the value is 1 for after the introduction of KAM and 0 otherwise;
- SIZEt = the natural log of the total assets;
- LEVt = the total debt to total assets ratio;
- GRWt = the total assets growth rate;
- ROAt = the net income divided by the lagged total assets;
- LOSSt = an indicator variable which takes a value of 1 if a loss was reported in the previous period, and 0 otherwise;
- IRt = the ratio of inventory assets and accounts receivables;
- LIQUIDt = the current ratio, which is calculated by dividing current assets by current liabilities;
- BIG4t = an indicator variable which takes the value of 1 if the firm was audited by BIG4 auditors, and 0 otherwise;
- OWNt = the major shareholder ownership ratio;
- FORt = the foreign ownership ratio;
- MKt = an indicator variable, which is 0 for companies listed on the KOSPI market and 1 for companies listed on the KOSDAQ (Korea Securities Dealers Automated Quotations) market of the Korean Exchange;
- IND = an industry dummy.
3.2. Conservatism Measures
3.3. Samples and Data
4. Empirical Results
4.1. Descriptive Statistics
4.2. Correlation Analysis
4.3. Univariate Results
4.4. Multivariate Results
4.5. Additional Analysis
5. Discussion and Conclusions
Author Contributions
Funding
Conflicts of Interest
References
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Industry | 2015 | 2016 |
---|---|---|
Manufacture of textile products, clothing, clothing accessories, and fur products | 2 | 2 |
Manufacture of wood, wood products, pulp, and paper products, excluding furniture | 2 | 2 |
Manufacture of chemical materials and chemical products, excluding medicines | 7 | 8 |
Manufacture of rubber and plastic products | 3 | 3 |
Manufacture of nonmetallic mineral products | 8 | 8 |
Manufacture of primary metal | 7 | 7 |
Manufacture of metal-processed products, excluding machinery and furniture | 9 | 12 |
Manufacture of electronic components, computers, video, sound, and communication equipment | 6 | 8 |
Manufacture of medical, precision, optics, and watch | 5 | 5 |
Manufacture of electrical equipment | 11 | 11 |
Manufacture of other machines and equipment | 40 | 46 |
Manufacture of cars and trailers | 4 | 4 |
Manufacture of other transportation equipment | 11 | 10 |
Electricity, gas, steam, and air conditioning supply industries | 2 | 2 |
Comprehensive construction industries | 51 | 52 |
Wholesale trade and commission trade industries | 7 | 7 |
Air transport, publishing, and telecommunications | 9 | 9 |
Computer programming, system integration, and management | 7 | 9 |
Professional services | 14 | 14 |
Architectural technology, engineering, and other technical services | 11 | 11 |
Total | 217 | 231 |
Variable | Mean | Std. | 25% | Median | 75% |
---|---|---|---|---|---|
CONS1t | 1.8940 | 6.8466 | −0.3462 | 0.6246 | 1.7364 |
CONS2t | 0.0542 | 0.1615 | 0.0094 | 0.0216 | 0.0529 |
CONS3t | 0.0659 | 0.7301 | −0.1016 | 0.1055 | 0.2580 |
KAMt | 0.5156 | 0.5003 | 0 | 1 | 1 |
SIZEtt | 26.6407 | 1.7921 | 25.3551 | 26.1768 | 27.5114 |
LEVt | 0.5162 | 0.1951 | 0.3802 | 0.5167 | 0.6433 |
GRWt | 0.1206 | 0.3787 | −0.0177 | 0.0496 | 0.1366 |
ROAt | 0.0137 | 0.1091 | −0.0080 | 0.0208 | 0.0554 |
LOSSt | 0.3058 | 0.4613 | 0 | 0 | 1 |
IRt | 0.2294 | 0.1332 | 0.1364 | 0.2172 | 0.3082 |
LIQUIDt | 1.6576 | 1.0453 | 0.9720 | 1.3699 | 2.0741 |
BIG4t | 0.5446 | 0.4986 | 0 | 1 | 1 |
OWNt | 0.3936 | 0.1644 | 0.2671 | 0.3935 | 0.5077 |
FORt | 0.0676 | 0.1073 | 0.0089 | 0.0237 | 0.0832 |
MKt | 0.5379 | 0.4991 | 0 | 1 | 1 |
CONS1t | CONS2t | CONS3t | KAMt | SIZEt | LEVt | GRWt | ROAt | LOSSt | IRt | LIQUIDt | BIG4t | OWNt | FORt | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CONS2t | −0.0061 | |||||||||||||
CONS3t | 0.0850 | 0.2603 | ||||||||||||
KAMt | 0.1188 | 0.0510 | 0.3299 | |||||||||||
SIZEt | 0.0323 | −0.0562 | −0.1696 | 0.0045 | ||||||||||
LEVt | 0.0865 | 0.2140 | 0.0067 | 0.0019 | 0.4163 | |||||||||
GRWt | 0.0098 | −0.1115 | −0.0841 | 0.0201 | 0.0154 | −0.0394 | ||||||||
ROAt | 0.0276 | −0.2582 | −0.0982 | −0.0122 | 0.1430 | −0.3121 | 0.3193 | |||||||
LOSSt | −0.0083 | 0.1601 | 0.0728 | −0.0838 | 0.0459 | 0.4380 | −0.0841 | −0.3286 | ||||||
IRt | 0.0351 | −0.0820 | 0.0079 | 0.0572 | −0.1771 | −0.1047 | 0.0983 | 0.1165 | −0.1356 | |||||
LIQUIDt | −0.0386 | −0.0946 | −0.0373 | −0.0325 | −0.2767 | −0.7080 | 0.0249 | 0.2863 | −0.3312 | 0.1138 | ||||
BIG4t | 0.0695 | 0.0392 | −0.1223 | −0.0252 | 0.4909 | 0.2041 | −0.0676 | 0.0448 | 0.0037 | −0.1368 | −0.1507 | |||
OWNt | 0.0641 | −0.0638 | −0.0247 | −0.0199 | 0.1160 | −0.0627 | −0.1667 | 0.1218 | −0.1318 | −0.0313 | 0.0612 | 0.1610 | ||
FORt | −0.0216 | −0.0815 | −0.0809 | 0.0302 | 0.4635 | −0.0316 | 0.0368 | 0.1592 | −0.0802 | −0.1058 | 0.0619 | 0.2367 | −0.0070 | |
MKt | −0.0494 | −0.0201 | 0.0727 | 0.0155 | −0.6223 | −0.3108 | 0.1204 | −0.0841 | −0.0841 | 0.1924 | 0.2200 | −0.3260 | −0.2214 | −0.3029 |
Variable | KAM = 0 (n = 217) | KAM = 1 (n = 231) | T-Test |
---|---|---|---|
CONS1t | −0.1678 | 3.8309 | −2.68 *** |
CONS2t | 0.0457 | 0.0621 | −1.11 |
CONS3t | −0.1823 | 0.2990 | −7.38 *** |
SIZEt | 26.6325 | 26.6485 | −0.09 |
LEVt | 0.5158 | 0.5165 | −0.04 |
GRWt | 0.1128 | 0.1280 | −0.42 |
ROAt | 0.0151 | 0.0124 | 0.26 |
LOSSt | 0.3456 | 0.2684 | 1.78 * |
IRt | 0.2215 | 0.2367 | −1.21 |
LIQUIDt | 1.6926 | 1.6247 | 0.68 |
BIG4t | 0.5576 | 0.5325 | 0.53 |
OWNt | 0.3970 | 0.3904 | 0.42 |
FORt | 0.0642 | 0.0707 | −0.64 |
MKt | 0.5300 | 0.5455 | −0.33 |
Variable | CONS1 | CONS2 | CONS3 | |||
---|---|---|---|---|---|---|
Coefficient | t-Value | Coefficient | t-Value | Coefficient | t-Value | |
Intercept | 18.029 | 0.87 | 0.321 | 1.76 * | 2.062 | 1.96 ** |
KAMt | 3.084 | 2.85 *** | 0.021 | 1.73 * | 0.495 | 7.45 *** |
SIZEt | −0.472 | −0.70 | −0.015 | −1.98 ** | −0.087 | −2.84 *** |
LEVt | 4.691 | 0.75 | 0.272 | 3.80 *** | 0.225 | 0.71 |
GRWt | −0.472 | −0.33 | −0.017 | −0.73 | −0.165 | −1.74 * |
ROAt | 7.851 | 1.05 | −0.246 | −2.88 *** | 0.087 | 0.23 |
LOSSt | −0.472 | −0.04 | 0.013 | 0.70 | 0.132 | 1.85 * |
IRt | 4.229 | 0.77 | −0.072 | −1.15 | −0.206 | −0.74 |
LIQUIDt | −0.472 | −0.24 | 0.027 | 2.82 *** | −0.004 | −0.07 |
BIG4t | 2.073 | 1.70 * | 0.032 | 1.73 * | −0.082 | −1.01 |
OWNt | 3.502 | 0.78 | −0.044 | −0.85 | 0.055 | 0.24 |
FORt | −0.472 | −0.02 | −0.040 | −0.48 | 0.101 | 0.27 |
MKt | 0.066 | 0.04 | −0.027 | −1.26 | −0.015 | −0.58 |
Industry Dummy | Included | Included | Included | |||
Adj.R2 | 0.3391 | 0.0656 | 0.0935 | |||
F-value | 12.19 *** | 11.54 *** | 10.75 *** |
Variable | ∆CONS1 | ∆CONS2 | ∆CONS3 | |||
---|---|---|---|---|---|---|
Coefficient | t-Value | Coefficient | t-Value | Coefficient | t-Value | |
Intercept | −0.009 | −0.01 | 0.053 | 2.60 ** | 0.436 | 7.93 *** |
KAMt | 2.108 | 2.97 *** | 0.024 | 1.77 * | 0.128 | 3.05 *** |
∆SIZEt | 0.720 | 0.42 | −0.217 | −6.04 *** | −0.194 | −1.99 *** |
∆LEVt | −6.087 | −1.96 ** | 0.611 | 8.02 *** | 0.384 | 1.86 ** |
∆GRWt | −0.442 | −0.47 | −0.038 | −1.94 ** | −0.123 | −2.34 ** |
∆ROAt | −0.131 | −0.05 | −0.226 | −4.07 *** | 0.423 | 2.81 *** |
LOSSt | 0.118 | 0.20 | 0.012 | 0.98 | 0.046 | 1.65 * |
∆IRt | −2.239 | −0.51 | −0.291 | −3.21 *** | −0.137 | −0.56 |
∆LIQUIDt | 0.056 | 0.30 | 0.001 | 0.14 | 0.004 | 0.41 |
BIG4t | 0.322 | 0.63 | −0.003 | −0.30 | 0.102 | 3.51 *** |
∆OWNt | −0.102 | −0.03 | −0.150 | −2.01 ** | 0.062 | 0.31 |
∆FORt | −1.393 | −0.23 | −0.311 | −2.49 ** | 0.251 | 0.74 |
MKt | −0.819 | −1.70 * | −0.001 | −0.05 | −0.207 | −6.52 *** |
Industry Dummy | Included | Included | Included | |||
Adj.R2 | 0.0076 | 0.1201 | 0.1136 | |||
F-value | 5.9 *** | 5.73 *** | 5.40 *** |
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In, C.-y.; Kim, T.; Park, S. Key Audit Matters for Production-To-Order Industry and Conservatism. Int. J. Financial Stud. 2020, 8, 5. https://doi.org/10.3390/ijfs8010005
In C-y, Kim T, Park S. Key Audit Matters for Production-To-Order Industry and Conservatism. International Journal of Financial Studies. 2020; 8(1):5. https://doi.org/10.3390/ijfs8010005
Chicago/Turabian StyleIn, Chang-yeol, Taeheung Kim, and Sambock Park. 2020. "Key Audit Matters for Production-To-Order Industry and Conservatism" International Journal of Financial Studies 8, no. 1: 5. https://doi.org/10.3390/ijfs8010005
APA StyleIn, C. -y., Kim, T., & Park, S. (2020). Key Audit Matters for Production-To-Order Industry and Conservatism. International Journal of Financial Studies, 8(1), 5. https://doi.org/10.3390/ijfs8010005