Essays on Enforcement of Accounting Standards, Audit Quality, and Lobbying

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1 Essays on Enforcement of Accounting Standards, Audit Quality, and Lobbying Inaugural-Dissertation zur Erlangung des Doktorgrades des Fachbereichs Wirtschaftswissenschaften der Johann Wolfgang Goethe-Universitat Frankfurt am Main vorgelegt von: Daniel Worret, M.Sc. aus Darmstadt Frankfurt am Main, 2014

2 Inhaltsverzeichnis Seite Inhaltsverzeichnis Abbildungsverzeichnis Tabellenverzeichnis Abkiirzungsverzeichnis Verzeichnis der verwendeten Symbole V X XI XIII XXI 1 Einleitung Problemstellung Uberblick iiber die kumulative Dissertation Zusammenfassung der wissenschaftlichen Beitrage Enforcement of Accounting Standards - How effective is the German Two-Tier System in detecting Earnings Management? The Challenge of Measuring Audit Quality: Some Evidence Are "Big Four Audits" really better? - Some Remarks on the "Big Four Dichotomy" Lobbying and Audit Regulation in the EU Schlussbetrachtung 23 Literaturverzeichnis 25 2 Enforcement of Accounting Standards - How effective is the German Two-Tier System in detecting Earnings Management? Introduction Enforcement of Accounting Standards: Institutional Background Legal Framework and Current Developments within the European Union The German Two-Tier Accounting Enforcement System Literature Review 49 V

3 2.3.1 Enforcement, Regulatory Changes, and Accounting Quality Restatements, Management Turnover, and Capital Market Reactions Methodology: Measuring Earnings Management Accrual-based Earnings Management Models Methodology of the Paper Hypothesis Development Sample Description Empirical Results Correlation Analysis Descriptive Statistics of Firm Characteristics Univariate Analysis Multivariate Analysis Robustness Checks Propensity Score Matching Additional Earnings Management Measures Intentional vs. Unintentional Errors Summary, Conclusion, and Outlook 93 Bibliography 96 3 The Challenge of Measuring Audit Quality: Some Evidence Introduction Common Measures for Audit Quality in Empirical Accounting and Audit Research Some Remarks: The Distinction between Accounting and Audit Quality Earnings Management Models: Estimation of Discretionary Accruals Jones-Model (Jones, 1991) Modified Jones-Model (Dechow et al., 1995) Ill VI

4 Forward-Looking Jones-Model (Dechow et al., 2003) Performance-Adjusted Jones-Model (Kothari et al., 2005) Dechow/Dichev-Model (Dechow and Dichev, 2002) Dechow/Dichev/McNichols-Model (McNichols, 2002) Limitations of the Models Earnings Management Models: "Real Earnings Management" Restatements of Financial Statements Accounting Enforcement Findings Modified Audit Opinions Litigation against Auditors Audit Lag Size of Audit Firms Audit Fees Unexplained Audit Fees Hypothesis Development and Methodology Sample Description Results Descriptive Statistics Spearman's Rank Correlation Analysis Conclusion and Possible Limitations 135 Appendix A 137 Appendix B 138 Appendix C 139 Appendix D 141 Bibliography 143 VII

5 4 Are "Big Four Audits" really better? - Some Remarks on the "Big Four Dichotomy" Introduction Institutional and Theoretical Background The Economic Role of the Audit Legal Framework Consolidation of Audit Firms Enforcement of Accounting Standards Prior and Related Research Hypotheses Development Methodology and Sample Description Empirical Results Market Concentration Descriptive Statistics on the Big Four Dichotomy Audit Quality Conclusion 190 Bibliography Lobbying and Audit Regulation in the EU Introduction The reform of the audit market within the European Union Green Paper (2010) and Legislative Process Final Regulation and Directive (2014) Prior Research Economic Rationale for Engaging in Lobbying Activities Methods of Lobbying: Direct vs. Indirect Lobbying Activities Interest Groups involved in Lobbying Activities Characteristics and Incentives of Lobbying Participants Timing of Lobbying Activities 211 VIII

6 5.3.6 Argumentation of Lobbying Participants Lobbying Success Methodology and Hypotheses Development Sample Description and Elimination Process Methodological Approach Hypotheses Results Interest Groups Lobbying Strategies Lobbying Success Summary, Conclusion, and Limitations 233 Appendix 237 Bibliography 238 IX

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