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Critical audit matters and stock price crash risk

Frontiers of business research in China, 2021-12, Vol.15 (1), p.64-88, Article 6 [Peer Reviewed Journal]

Copyright reserved, 2021, Higher Education Press and Springer ;The Author(s) 2021 ;The Author(s) 2021. This work is published under http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1673-7326 ;EISSN: 1673-7431 ;DOI: 10.1186/s11782-021-00102-z

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  • Title:
    Critical audit matters and stock price crash risk
  • Author: Zhi, Xiaoqiang ; Kang, Zuming
  • Subjects: Accounting/Auditing ; Audits ; Business and Management ; Business Finance ; Capital markets ; Corporate-idiosyncratic CAMs ; Crash risk ; Critical audit matters (CAMs) ; Human Resource Management ; Incremental information ; Institutional investments ; Marketing ; New audit standard ; Organization
  • Is Part Of: Frontiers of business research in China, 2021-12, Vol.15 (1), p.64-88, Article 6
  • Description: Using manually collected data on the number and category of critical audit matters (CAMs) in the period 2016–2017, we investigate the hitherto unexplored questions of whether CAMs affect firm-specific crash risk, how CAMs influence crash risk in the Chinese capital market, and recognize CAMs that contain incremental information. Our findings are as follows: (1) Crash risk decreases after implementing the new audit standard requiring the disclosure of CAMs; (2) CAMs release negative information and change the capital market information environment; (3) only corporateidiosyncratic CAMs contain incremental information; (4) crash risk is mitigated only by CAMs disclosed by companies with a high shareholding of institutional investors. The main conclusion of our study is a positive assessment of the new audit standard and of CAMs in terms of protecting the interests of investors and strengthening the stability of the capital market to provide a new perspective for supervising the implementation of the new audit standard.
  • Publisher: Singapore: Higher Education Press
  • Language: English
  • Identifier: ISSN: 1673-7326
    EISSN: 1673-7431
    DOI: 10.1186/s11782-021-00102-z
  • Source: ProQuest Central
    Springer Nature OA Free Journals
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