An Examination of the Importance of an Auditor's Reputation.
研究美国证券交易委员会对审计事务所的惩戒行动，发现受罚事务所市场份额下降、客户流失，尤其在涉事州更明显，表明声誉受损有真实经济后果。
Abstract Although audit theory stresses the importance of auditor reputation, little empirical attention has been paid to the consequences of a decline in an auditor's reputation. This paper examines the effects of disciplinary actions by the Securities and Exchange Commission (SEC) pertaining to public accounting firms. We find that audit firms involved in disciplinary actions tend to lose market share relative to their competitors. They also have more difficulty retaining clients than other public accounting firms. Finally, affected firms are less able to retain and attract clients in the state mentioned in the SEC enforcement release than they are in the nation as a whole. The results are consistent with the viewpoint that an SEC action and the subsequent decline in an audit firm's reputation will lead to real economic consequences.