審計品質與股利政策

Audit Quality and Dividend Policy

研究以1990 年至2011 年12,622 筆觀測值為樣本，檢視審計品質與客戶盈餘持續性、現金股利之關連性。本研究以受查公司之會計師事務所規模衡量公司之審計品質。本研究實證結果發現大型會計師事務所和現金股利呈正向之關係，亦可能透過盈餘持續性，與現金股利呈正向之關係。本研究結果發現審計品質於客戶之現金股利決策中所扮演之外部監督角色。

Using 12,622 firm-year observations from 1990 to 2011, this study explores the interrelationships among audit quality, clients’ earnings persistence and cash dividends. This study measures audit quality with audit firm size. The results show that Big N audit firms are positively associated with clients’ cash dividends, and linked to clients’ cash dividends through earnings persistence. The results shed light on the monitoring role of audit quality in clients’ cash dividends.