The ‘Independence’ of Expert Opinions in Corporate Takeovers: Agreeing With Directors’ Recommendations
研究澳大利亚收购中目标公司审计师提供的专家报告是否缺乏独立性，发现审计师出具与董事一致意见的比例与其他专家无差异，但市场视其为非独立。
Abstract: The impact of non‐audit services on auditor independence has been the recent focus of regulators worldwide. Using expert reports provided in Australian takeovers, this study investigates a context where the audit independence issue is reversed. As approximately a quarter of expert reports are prepared by the target firm's auditor, concerns have been expressed over the independence of the opinion provided. This paper finds that, relative to other experts, there is no difference in the rate at which experts with other business dealings with the target, including the target's auditor, provide an opinion that agrees with that of directors. However, the capital market reaction around the release of the report indicates that reports produced by auditors are viewed as non‐independent.