감사위원회와 외부감사보수：도입 및 재임기간을 중심으로

[Purpose]We examine the effects of the audit committee adoption period and audit committee member tenure on audit fees. We also investigate the marginal effects of the audit committee member tenure on audit fees. Further, we analyze the moderating effect of complexity of information environment on the relationship between audit committee member tenure on audit fees. [Methodology]Using 1,411 firm－year data for non－financial companies with audit committee listed on the Korea Stock Exchange market from 2001 to 2012, we perform the least square and two stage least squares regression analysis. [Findings]We find the following test results. First, as the adoption period of an audit committee increases, the audit fees increase as well. Second, as the member tenure of an audit committee increases, the audit fees also increase. Third, the relationship between audit committee member tenure and audit fees forms an inverted U－shaped curve over time. Finally, the impact of the audit committee member tenure on audit fees is more powerful in firms with slightly complex information environment than in companies with highly complex information environment. [Implications]Unlike previous research, this study considers not only the effect of audit committee adoption period on audit fees but also moderating effect of information environment on the association. Further Korean regulatory authorities could use these empirical test results as supporting evidence in improving tenure policy on audit committee members.