The Effect of Auditing on Promoting Exports: Evidence from Private Firms in Emerging Markets
研究了审计对新兴市场私营企业出口的促进作用，利用强制审计门槛附近的断点回归和外部监管冲击的双重差分法，发现审计能显著增加企业出口，尤其在审计质量高的国家和信息替代渠道有限的企业中更明显。
We investigate the effect of auditing on promoting exports for private firms in emerging markets. Using a sample of private firms from 125 countries between 2006 and 2015, we show that firms that have their financial statements audited have more exports than firms that do not have their financial statements audited. To infer causality, we employ a regression discontinuity design (RDD). Using the discontinuity around the mandatory financial audit threshold, we find that firms slightly above the threshold have more exports than do firms that are slightly below the threshold. We also exploit the countries with exogenous regulation shocks to the mandatory audits. Using the difference-in-differences (DiD) design, we find that firms that are exempted from mandatory audits have less exports subsequent to the regulation change. Further analyses reveal that the effect of auditing is more pronounced in countries with higher audit quality and for firms with limited alternative information. Our findings suggest that the auditing function promotes exports—an important economic consequence for the global economic development. This paper was accepted by Shivaram Rajgopal, accounting.