Does Investor Selection of Auditors Enhance Auditor Independence?
通过实验检验投资者选择审计师是否比经理人选择更能减少审计独立性违规，发现权力转移显著降低违规比例并提升市场整体经济剩余。
This paper reports the results of experiments designed to examine whether investor selection of auditors enhances auditor independence. The experimental design enables us to explore the effect on independence of different institutional rules as to who hires and fires auditors and to directly measure independence violations. The results suggest that transferring the power to hire and fire the auditor from managers to investors significantly decreases the proportion of independence violations. Additional analysis suggests that a reduction in independence violations increases the overall economic surplus generated in the markets examined.