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1、DOI:10.1111/j.1475-679X.2006.00211.xJournalofAccountingResearchVol.44No.3June2006PrintedinU.S.A.DoesOpinionShoppingImpairAuditorIndependenceandAuditQuality?TONGLU∗Received7October2004;accepted22October2005ABSTRACTThisstudyinvestigateshowcompanies’threatstodismissauditorsand
2、theirengagementinopinionshoppinginfluenceauditorindependenceandau-ditquality,whichinturnaffectmisstatementsinfinancialstatements.Italsoexamineshowoutsiders’reactionstoauditorswitchinginfluenceopinionshopping.Theresultsindicatethatneitherthepredecessorauditor’snorthesuccessorau
3、ditor’sindependenceiscompromisedbydismissalthreatsandopinionshopping.Further,thesuccessorauditor’sauditqualityexceedsthepredecessorauditor’sauditquality.Inaddition,auditorswitchingdecreasespotentialunderstatementsandincreasespotentialoverstatementsinfinan-cialstatements,andt
4、hecapitalmarket’sandthesuccessorauditor’sreac-tionstoauditorswitchingreducethebenefitsofopinionshoppingtocom-panies.Additionally,thestudyshedssomelightonthepotentialeffectsofboththeSarbanes-Oxley’srestrictiononnon-auditservicesandmandatoryauditorrotationorretention.Thepapera
5、lsoderivesarichsetofempiricalimplications.∗UniversityofHouston.ThispaperisbasedonmydissertationattheUniversityofMinnesota.Iamverygratefultomyadvisor,ChandraKanodia,forhisguidance.Ialsothankthemembersofmydissertationcommittee,ReginaAnctil,AndreaMoro,andespeciallyFrankGigler,
6、fortheiradvice.Igratefullyappreciatetheconstructivecommentsbytheanonymousreferee.ThispaperhasalsobenefitedfromthecommentsofPhilipBerger(theeditor),HareshSapra,RaghuVenugopalan,andworkshopparticipantsattheUniversityofMinnesota.561CopyrightC,UniversityofChicagoonbehalfoftheIn
7、stituteofProfessionalAccounting,2006562T.LU1.IntroductionTherecentexplosivegrowthinauditorswitchingisexemplifiedbythefactthatin2004,morethan1,600companieschangedtheiroutsideaccount-ingfirm,anincreaseof78%over2003.Moreover,61companieschangedauditorsatleasttwicein2004,andthe2,5
8、14changesduring2003and2004representsmorethanone-fourthofallU.S.publiclytradedcompa
