경영자 지분율이 감사보수에 미치는 영향

This paper examines the association between managerial ownership and audit fee using Korean firms. Prior literatures have shown mixed results toward the association between managerial ownership and firm value which represent alignment or entrenchment perspective. After Sarbanes Oxley(SOX) act, many audit literatures have been conducted to find which corporate governance factors can enhance audit quality which can be internal or external governance factors such as audit committee, board of director, institutional investors or security analyst. Further, Han et al. (2012) tried to analyze managerial ownership and audit fee using American data and found there was negative association between managerial ownership and audit fee. Contrary to American studies, limited research has been done in this issue in Korea. So, this paper empirically investigates whether managerial ownership can increase or decrease auditor's perceived audit risk. In an ex－ante perspective, it can be negative association between managerial ownership and audit fee which is closely related to alignment perspective and it can be positive association between managerial ownership and audit fee which is closely related to entrenchment perspective. Using 7,119 firm-year observations from 2003 to 20009 for Korean firms, empirical result is as follows. First, in an whole sample, there is negative association between managerial ownership and audit fee. Second, more negative association is found in KOSDAQ sample. This paper’s contribution is as follows. This is the first empirical study to research about the association between managerial ownership and audit fee in Korea. So, this paper may shed some lights on further studies on accounting in the future.