감사인 유형별 회계이익과 재량적 발생에 대한 시장반응차이

Prior research has shown that high-quality auditors are able to constrain aggressive and opportunistic reporting of discretionary accruals relative to low-quality auditors, whether the stock market recognizes the superiority of high-quality auditors in pricing of discretionary has not been studied.This study examines the relation between auditor types and earnings management, earnings response coefficients(ERCs), and pricing of discretionary accounting choices. This study implicitly expect that earnings management is tempered and ERCs are increased by the quality of the firm's external auditor. Also, expect that information contents of discretionary accruals of firms with higher quality auditors(Big6 firms) are higher than that of firms with lower quality auditors(Non-Big6 firms).The results reveal that Big6 auditor do not restricts manager's discretionary accrual choices(except for the periods of IMF financial crisis) relative to Non-Big6 auditors. The findings also indicate that the ERCs of Big6 firms and information contents of Big6 firms' discretionary accruals are not significantly higher than those of Non-Big6 firms. These results imply that Big6 do not restricts manager's discretionary earnings management incentive and affects investors' perceived quality of earnings and its discretionary components.