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Nilsson, O. (2018). The relationship between shareholder protection through regulation and the demand for external auditor services. International Journal of Disclosure & Governance, 15(3), 162-175
Open this publication in new window or tab >>The relationship between shareholder protection through regulation and the demand for external auditor services
2018 (English)In: International Journal of Disclosure & Governance, ISSN 1741-3591, E-ISSN 1746-6539, Vol. 15, no 3, p. 162-175Article in journal (Refereed) Published
Abstract [en]

Auditing is one of the most obvious corporate governance mechanisms, and auditors play one of the most central gatekeeping roles in the corporate governance system. The auditing function has typically been examined as if it is essentially independent of the legal context in which it is applied. However, some studies emphasize that the auditor’s governance role is likely dependent on the national corporate governance system in which an auditor operates. One area that has received attention is how the legal environment, including the strength of shareholder protection regulations, affects the demand for auditing. However, entirely contradictory understandings of this relationship can be derived from the literature: that these two mechanisms act as substitutes and that they act as complements. A potential explanation for this discrepancy is that prior studies use static measures of regulations as proxies for shareholder protections and proxies for auditing service demand that have been criticized for being too rough. By using the Shareholder Protection Index developed by the Centre for Business Research at Cambridge and four measures capturing nuances of auditing service demand, this study makes a novel contribution to this line of research. By using data from two countries, the UK and Sweden, that belong to different legal traditions, the analysis also tests whether this aspect has any impact on the relationship between shareholder protections and auditor demand. The analysis shows that the demand for auditor services in general is positively correlated with the level of shareholder protection imposed by regulations, i.e., these two corporate governance mechanisms are compliments. There is no support for the argument that a country’s legal origin affects this relationship. The general interpretation is that the level of shareholder protections imposed by regulations will drive the demand for auditor services and that this is the case irrespective of a country’s legal origin. This study provides in-depth knowledge on the relationship between the legal environment and the demand for auditing, offers valuable information about the impact and consequences of legal reforms and is therefore especially valuable for policymakers and academics interested in this topic.

Place, publisher, year, edition, pages
Basingstoke: Palgrave Macmillan, 2018
Keywords
Auditing, Shareholder protection, Corporate governance
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-75963 (URN)10.1057/s41310-018-0044-0 (DOI)000444121000003 ()2-s2.0-85048359955 (Scopus ID)
Available from: 2018-06-15 Created: 2018-06-15 Last updated: 2019-08-29Bibliographically approved
Nilsson, O. (2016). Förtroendeperspektiv på aktiebolagsrevision. (Doctoral dissertation). Växjö: Linnaeus University Press
Open this publication in new window or tab >>Förtroendeperspektiv på aktiebolagsrevision
2016 (Swedish)Doctoral thesis, monograph (Other academic)
Alternative title[en]
Trust perspective on statutory auditing
Abstract [en]

This dissertation is motivated by the circumstance that theoretical discussions of statutory auditing are dominated by the principal-agent perspective. The effect of this has been so pervasive that general assumptions characterising the principal-agent perspective may have become regarded as true. On this basis, there are fears that important decisions, for example, could be made on erroneous grounds, as principal-agent perspectives essentially lack external validity. Critics have pointed out that the basic assumptions of the principalagent theoretical perspective – that individuals always act out of self-interest and that there is a constant risk of opportunism – become too general and need to be made more nuanced. It has been argued that trust, which may be regarded as a contrasting concept to self-interest and opportunism, might be integrated to support external validity. It may also be noted that this term – trust – has become a catchword for describing the significance and role of auditing in the practical discourse. These arguments support the relevance of this dissertation, where the overall purpose is to elaborate on a theoretical perspective on the statutory auditing including trust. This will contribute to explaining and understanding statutory auditing in a way that balances the currently dominant theoretical perspectives on auditing.

The dissertation accomplishes this in three related ways building on three parts. The first of these aims to substantiate a theoretical proposition based on trust theory. It focuses on clarifying various dimensions of trust which may contribute to analysing the role and significance of auditing. The second is an empirical study aimed at elucidating auditing from a systems perspective and contains a historical analysis in which texts are used to reproduce and analyse some of the developments on the basis of the theoretical framework. The third is an empirical study which concerns auditing from an investors perspective. It is based on a survey of equity investors in companies listed on the Stockholm stock exchange, and also based on the theoretical framework. The two empirical studies contribute to substantiating the proposition that trust is a concept that should be integrated in theories explaining the role and function of auditing.

Place, publisher, year, edition, pages
Växjö: Linnaeus University Press, 2016. p. 340
Series
Linnaeus University Dissertations ; 258/2016
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-56269 (URN)978-91-88357-28-1 (ISBN)
Public defence
2016-09-22, N1008, Hus N, Universitetsplatsen 1, Växjö, 10:00 (Swedish)
Opponent
Supervisors
Available from: 2016-09-01 Created: 2016-08-31 Last updated: 2016-11-22Bibliographically approved
von Koch, C., Nilsson, O. & Jönsson, M. (2015). How Country-Level Corporate Governance Impacts Information Environment: Using a New Model with More Forecast Properties. International Journal of Business and Social Science, 6(8), 14-26
Open this publication in new window or tab >>How Country-Level Corporate Governance Impacts Information Environment: Using a New Model with More Forecast Properties
2015 (English)In: International Journal of Business and Social Science, ISSN 2219-1933, E-ISSN 2219-6021, Vol. 6, no 8, p. 14-26Article in journal (Refereed) Published
Abstract [en]

Financial analyst forecast properties are often used to measure the information environment (IE) within which firms operate. The three most common analyst proxies for IE are analyst following, analyst forecast accuracy, and analyst forecast dispersion. Research using these forecast properties indicates that country-level corporate governance (CCG) positively affects IE. However, consider that analyst properties are determined by both public and private information and that these proxies do not enable determining these two dimensions; even so, they can be interpreted as a rough proxy for IE, in particular because there are models that measure the proportion and precision of private information, the precision of public information and the precision of total information using analyst data. We claim that it is especially important to understand these dimensions and that the relationship between CCG and IE has not been fully investigated. The aim of this paper is therefore to investigate this relationship more thoroughly using a new model as a proxy for firms’ IE. We use a worldwide sample, and our results show that higher levels of CCG significantly and positively affect IE. Greater CCG improves the precision of both public and total information. Additionally, our results indicate that precision in private information is unaffected by greater CCG and that analysts use relatively less private information in their forecasts with increased CCG. We can therefore conclude a generally positive relationship between CCG and IE with improved public information. 

Place, publisher, year, edition, pages
Center for Promoting Ideas, 2015
Keywords
information environment, analyst forecasts, comparative study
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-47316 (URN)
Available from: 2015-11-17 Created: 2015-11-17 Last updated: 2017-12-01Bibliographically approved
von Koch, C., Nilsson, O. & Collin, S.-O. Y. (2015). The influence of investor protection on the performance of financial analysts: Time series analyses in four different legal systems. International Journal of Disclosure & Governance, 12(May 2015), 167-184
Open this publication in new window or tab >>The influence of investor protection on the performance of financial analysts: Time series analyses in four different legal systems
2015 (English)In: International Journal of Disclosure & Governance, ISSN 1741-3591, E-ISSN 1746-6539, Vol. 12, no May 2015, p. 167-184Article in journal (Refereed) Published
Abstract [en]

In the corporate governance landscape there are several different groups of so-called gatekeepers who act as intermediary between the company and investors. Financial analysts represent one of these groups that have been especially tied to the question of how corporate laws affect the overall efficiency of corporate governance. It has, for example, been proposed that their performance, that is, predicting earnings per share (EPS), is influenced by the strength of the legal system in terms of investor protection. In this study we analyze this relationship in four European countries using a newly developed index for investor protection. This allows us to conduct analysis both cross-sectionally and over time, which is an opportunity for a more refined analysis of the impact of strengthened investor protection than prior studies. Our main conclusion is that there is overall support for the proposition that there is a relation between financial analysts’ performance and the strength of legal protection based on both analyses of changes over time and between countries. Their performance is better with a higher degree of investor protection. But we also claim that the analysts’ role and investor protection can be seen as a substitution for each other when working as mechanisms in the corporate governance landscape, as there is a more extensive market for analysts when there is less investor protection. The results provide an in-depth analysis of the effect of strengthened legalization and also how different corporate governance mechanisms can affect each other. This is especially of value for policy makers and academics interested in the impact and consequences of legal reforms.

Place, publisher, year, edition, pages
Palgrave Macmillan, 2015
National Category
Economics and Business Business Administration
Research subject
Economy
Identifiers
urn:nbn:se:lnu:diva-40998 (URN)10.1057/jdg.2014.1 (DOI)000363677400004 ()2-s2.0-84929083198 (Scopus ID)
Available from: 2015-03-18 Created: 2015-03-18 Last updated: 2018-04-18Bibliographically approved
von Koch, C., Nilsson, O., Jönsson, M. & Jansson, A. (2014). An empirical study of the method effect in analysing the adoption of IFRS. Accounting and Finance Research, 3(2), 153-169
Open this publication in new window or tab >>An empirical study of the method effect in analysing the adoption of IFRS
2014 (English)In: Accounting and Finance Research, ISSN 1927-5986, E-ISSN 1927-5994, Vol. 3, no 2, p. 153-169Article in journal (Refereed) Published
Abstract [en]

This study investigates the consequences of using different methods when making conclusions about the effect of IFRS. The study’s contribution is related to the suggestion that research design must be considered when analysing the results of prior studies on the adoption of IFRS. In summary, our results demonstrate that the impact of IFRS on accounting quality measured as financial analysts’ information environment depends on the model used. Using the same model as in prior research (the BKLS model) our results confirm earlier studies that IFRS adoption improves the information environment for analysts. However, when using a more sophisticated model no such improvement can be found.

Keywords
IFRS, Information environment, Analyst forecasts, Comparative study
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-39170 (URN)10.5430/afr.v3n2p153 (DOI)
Available from: 2015-01-15 Created: 2015-01-15 Last updated: 2017-12-05Bibliographically approved
von Koch, C., Collin, S.-O. Y., Jönsson, M. & Nilsson, O. (2013). Investor protection regulation and information in capital markets. In: : . Paper presented at 6th International Workshop on Accounting & Regulation, Siena, July 4-6, 2013.
Open this publication in new window or tab >>Investor protection regulation and information in capital markets
2013 (English)Conference paper, Published paper (Refereed)
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-31578 (URN)
Conference
6th International Workshop on Accounting & Regulation, Siena, July 4-6, 2013
Available from: 2014-01-22 Created: 2014-01-22 Last updated: 2017-02-17Bibliographically approved
von Koch, C., Nilsson, O., Jönsson, M., Andersson, J. & Matthiesen, E. (2013). The impact of firm-level shareholder protections on abnormal returns on insider trading. Journal of Business and Financial Affairs, 3(1)
Open this publication in new window or tab >>The impact of firm-level shareholder protections on abnormal returns on insider trading
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2013 (English)In: Journal of Business and Financial Affairs, ISSN 2167-0234, Vol. 3, no 1Article in journal (Refereed) Published
Keywords
Shareholder protection, Insider trading, Firm-level
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-31463 (URN)10.4172/2167-0234.1000114 (DOI)
Available from: 2014-01-15 Created: 2014-01-15 Last updated: 2017-02-17Bibliographically approved
von Koch, C., Nilsson, O. & Jönsson, M. (2013). The interaction between country and firm-level corporate governance. In: : . Paper presented at 10th workshop on corporate governance, Brussels, 10-11 october, 2013.
Open this publication in new window or tab >>The interaction between country and firm-level corporate governance
2013 (English)Conference paper, Published paper (Refereed)
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-31483 (URN)
Conference
10th workshop on corporate governance, Brussels, 10-11 october, 2013
Available from: 2014-01-16 Created: 2014-01-16 Last updated: 2017-02-17Bibliographically approved
Jönsson, M., von Koch, C., Nilsson, O. & Homayoun, S. (2013). The interaction between country-level and firm-level corporate governance. In: : . Paper presented at EAA 2013, European Accounting Association 36th annual congress, Paris, May 6-8, 2013.
Open this publication in new window or tab >>The interaction between country-level and firm-level corporate governance
2013 (English)Conference paper, Published paper (Refereed)
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-31482 (URN)
Conference
EAA 2013, European Accounting Association 36th annual congress, Paris, May 6-8, 2013
Available from: 2014-01-16 Created: 2014-01-16 Last updated: 2017-02-17Bibliographically approved
von Koch, C., Nilsson, O., Jönsson, M. & Jonnergård, K. (2013). The interaction between Country-Level and Firm-level Corporate Governance. International Journal of Business and Social Science, 4(13), 78-92
Open this publication in new window or tab >>The interaction between Country-Level and Firm-level Corporate Governance
2013 (English)In: International Journal of Business and Social Science, ISSN 2219-1933, E-ISSN 2219-6021, Vol. 4, no 13, p. 78-92Article in journal (Refereed) Published
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
urn:nbn:se:lnu:diva-31461 (URN)
Available from: 2014-01-15 Created: 2014-01-15 Last updated: 2017-12-06Bibliographically approved
Organisations
Identifiers
ORCID iD: ORCID iD iconorcid.org/0000-0002-1626-8410

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