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The Pricing of National and City-Specific Reputations for Industry Expertise in the U.S. Audit Market

The Accounting review, 2005-01, Vol.80 (1), p.113-136 [Peer Reviewed Journal]

Copyright 2005 American Accounting Association ;Copyright American Accounting Association Jan 2005 ;ISSN: 0001-4826 ;EISSN: 1558-7967 ;DOI: 10.2308/accr.2005.80.1.113 ;CODEN: ACRVAS

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  • Title:
    The Pricing of National and City-Specific Reputations for Industry Expertise in the U.S. Audit Market
  • Author: Francis, Jere R. ; Kenneth Reichelt ; Wang, Dechun
  • Subjects: Accounting ; Accounting firms ; Auditing ; Auditors ; Big Five accounting firms ; Business audits ; Business reputation ; Business structures ; Coefficients ; Fees ; Financial audits ; Industrial market ; Industry ; Leadership ; Market share ; Pricing ; Professional fees ; Reputations ; Service industries ; Studies ; U.S.A
  • Is Part Of: The Accounting review, 2005-01, Vol.80 (1), p.113-136
  • Description: The pricing of Big 5 industry leadership in the U.S. audit market is investigated using audit fee disclosures for the 2000-2001 fiscal years and the joint national-city framework in Ferguson et al. (2003). There is a significant fee premium of 19 percent on those engagements where Big 5 auditors are both the nationally top-ranked auditor and the city-level industry leader in the city where the client is headquartered, indicating that national and city-specific industry leadership jointly affect auditor reputation and pricing. However, there is never a premium in any tests for auditors that are national industry leaders alone without also being city-specific industry leaders, indicating that national leadership by itself does not result in a premium. The evidence is mixed with respect to city-specific industry leaders alone that are not also national industry leaders. While there is a premium of 8 percent in the primary tests, this result is inconclusive as it does not hold in all sensitivity analyses.
  • Publisher: Sarasota: American Accounting Association
  • Language: English
  • Identifier: ISSN: 0001-4826
    EISSN: 1558-7967
    DOI: 10.2308/accr.2005.80.1.113
    CODEN: ACRVAS
  • Source: AUTh Library subscriptions: ProQuest Central
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