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1、JournalofBusinessFinance&Accounting,34(1)&(2),169–201,January/March2007,0306-686xdoi:10.1111/j.1468-5957.2006.00658.xTheEffectofCorporateStatusonExternalAuditFees:EvidenceFromtheUKMarkA.ClatworthyandMichaelJ.Peel*Abstract:Thispapersimultaneouslyexamines,forthefirsttime,thedeterminantsofexterna
2、lauditfeesofUKcompaniesdrawnfromthequotedsector(MainMarket,theAlternativeInvestmentMarketandOfex),andtheunquotedsector(publicandprivatelimitedcompanies).Thepaperalsoprovidesnewevidenceontheeffectsofcorporatefailureandthepersistenceofthebigfourandmid-tierauditorpremiumsacrossthepublicandprivate
3、corporatesectors.Aftercontrollingforfirmsize,auditriskandcomplexity,wefindthatquotedandunquotedpubliclimitedcompanieshavesignificantlyhigherauditfeesthantheirprivatelimitedcounterparts.Ourestimatesimplythatrelativepremiumsformarket/corporateformareasfollows:MainMarketoverAIM,6.8%;AIMoverOfex,1
4、9.5%;Ofexoverunquotedplc,15.5%;andunquotedplcoverprivate,16.7%.However,despiteindicationsinpriorUSresearchtothecontrary,wefindnoevidencethatinsolventfirmsthatfailedwerechargedhigherauditfeesintheyearprecedingfailure.Apositiverelationshipisalsofoundbetweenauditandconsultancyfees–aresultthatpers
5、istsusinganinstrumentalvariablesapproachtocontrolforendogeneity.Keywords:auditfees,financialmarkets,corporatestatus,auditrisk,corporatefailure,robustestimators,consultancyfees,instrumentalvariables1.INTRODUCTIONDespitethelargenumberofextantstudiesrelatingtoauditmarkets,arecentOxera(2006)report
6、,CompetitionandChoiceintheUKAuditMarket,commissionedbytheDepartmentofTradeandIndustryandtheFinancialReportingCouncil,hashighlightedcontinuingconcernsrelatingtobigfourmarketsaturation(oflistedfirms),competition,pricingandindependenceissues.Someofthekeyfindingsofthestudy∗Theauthorsarebothfromthe
7、CardiffBusinessSchool,CardiffUniversity.Theyaregratefulforthehelpfulcommentsofananonymousreferee,togetherwiththoseofRoyChandler,Ole-KristianHope,AndyStarkandseminarparticipantsattheJudgeInstituteofManagement,UniversityofCambridge,QuinnS
