Banca de DEFESA: MARCOS ANDREZ SANTOS DA SILVA

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
DISCENTE : MARCOS ANDREZ SANTOS DA SILVA
DATA : 05/07/2021
HORA: 09:00
LOCAL: Webconferência
TÍTULO:

RELATIVE FEES OF AUDITORS AND THE MARKET VALUE OF PUBLICLY HOLDING COMPANIES AUDITED BY BIG FOUR IN BRAZIL

PALAVRAS-CHAVES:

Relative Fees; Market Value; Non-Audit Services.

PÁGINAS: 86
GRANDE ÁREA: Ciências Sociais Aplicadas
ÁREA: Administração
SUBÁREA: Ciências Contábeis
RESUMO:

Audit is an important tool for maintaining good levels of governance. However, there is a lack of consensus in the literature on the market's perception of audit fees. It is argued that, on one hand, audit fees reflect the level of work and high levels of these can mean greater efforts and audit quality. On other hand, there is also a concern with the formation of economic bonds associated with high levels of fees. As for fees from Non-Audit Services (NAS), research attributes damage to independence by providing services unrelated to auditing and, however, the possibility of spillovers and greater specialization is also advocated in the literature. In this context, the present study aims to investigate, through variables related to the auditors' remuneration, the influence of the relative audit fees, other services and totals (RELAF, RELNAS and TRELFEE, respectively) on the market value (MV) of publicly traded companies audited by big four in Brazil. For this purpose, an unbalanced panel was used for the period from 2009 to 2019, composed of 2212 observations from 281 publicly traded B3 companies audited by big four. In order to mitigate sources of endogeneity, dynamic panel estimations were adopted using the Generalized Method of Moments in Differences (GMM-Dif), The results obtained indicate the existence of a significant relationship, initially positive and that becomes negative, between MV and the audit fees, however, not significant for the fees of other services and totals. In this sense, the evidence points to a concave relationship between RELAF and the companies' market value, in which, for high levels of relative audit fees, the dependent variable decreases. In addition, robustness analyzes with Tobin's Q and the Enterprise Value variable, proxies of the market value, indicated results similar to those evidenced by the main estimates. In the light of theory, these results indicate that there is a negative perception when the client starts to play an important financial role for the auditor regarding the relative audit fees. It is argued that such a negative perception may be related to the existence of economic bonds or to the belief that the auditor's perceived independence is impaired, although it is not possible to investigate these aspects directly and unequivocally.

MEMBROS DA BANCA:
Presidente - 2140457 - ANTONIO GUALBERTO PEREIRA
Externo à Instituição - ANTONIO LOPO MARTINEZ
Interno - 1745267 - CESAR VALENTIM DE OLIVEIRA CARVALHO JUNIOR
Interno - 1227504 - JOSE SERGIO CASE DE OLIVEIRA