기관투자자의 투자가 감사인의 투입 및 감사프리미엄에 미치는 영향

The role of institutional investors is drawing attention due to the recent introduction of stewardship codes. This study analyzed how the increase in litigation risk from institutional investors’ investments affects audit fee resulted by both auditors’ audit efforts and premiums. In other words, to reduce the risk of litigation by institutional investors, we investigated whether the audit increases audit hour and abnormal audit hour, or if audit fee still increases due to premium after controlling the increasing audit efforts. The results of this study are as follows. First, as institutional investors existed or the equity ratio of institutional investors increased, not only the audit hour increased, but also the input time for each auditor position showed a difference. In other words, by changing the composition of the auditor’s human resource, the audit hour for relatively high-quality auditor’s working was increased. Second, even after controlling the audit hour, the audit fee showed a significantly positive relations with the existence and ownership of institutional investors. In other words, it can be seen that the auditor recognizes the risk caused by the investment of the institutional investor, and demands more audit fees of the nature of a premium in preparation for the risk of future litigation. The results of this study shows empirical evidence that increased investment of institutional investors have a significant impact on auditors’ audit behaviour and premium, which may serve as evidence to highlight the role of institutional investors.