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  • 1.
    Nilsson, Ola
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    The relationship between shareholder protection through regulation and the demand for external auditor services2018In: International Journal of Disclosure & Governance, ISSN 1741-3591, E-ISSN 1746-6539, Vol. 15, no 3, p. 162-175Article in journal (Refereed)
    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.

  • 2.
    Tagesson, Torbjörn
    et al.
    Linköping University.
    Collin, Sven-Olof Yrjö
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Corporate governance influencing compliance with the Swedish Code of Corporate Governance2016In: International Journal of Disclosure & Governance, ISSN 1741-3591, E-ISSN 1746-6539, Vol. 13, no 3, p. 262-277Article in journal (Refereed)
    Abstract [en]

    A code of corporate governance was introduced in Sweden in 2005. Although the code is mandatory, a company is allowed to override specific rules if it openly discloses the deviation and explains why it does not comply. The aim of this study is to explain how the governance structure, operationalized as the ownership structure, the board and the auditor, affects companies’ propensity to deviate from the Swedish Code. The empirical data in this study are based on the 2010 annual reports from 193 companies listed on the Stockholm Stock Exchange and data from the Swedish Corporate Governance Board. The findings show that concentrated ownership, smaller boards with directors with long tenure and audit firms with a high proportion of employees compared with partners increase the likelihood of deviance.

  • 3.
    von Koch, Christopher
    et al.
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Nilsson, Ola
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    Collin, Sven-Olof Yrjö
    Linnaeus University, School of Business and Economics, Department of Management Accounting and Logistics.
    The influence of investor protection on the performance of financial analysts: Time series analyses in four different legal systems2015In: International Journal of Disclosure & Governance, ISSN 1741-3591, E-ISSN 1746-6539, Vol. 12, no May 2015, p. 167-184Article in journal (Refereed)
    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.

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