Shareholder Value Implications of the Internal Audit Function

dc.contributor.advisorCready, William M.
dc.creatorLiu, Bo
dc.date.accessioned2017-09-16T04:02:31Z
dc.date.available2017-09-16T04:02:31Z
dc.date.created2017-08
dc.date.issued2017-08
dc.date.submittedAugust 2017
dc.date.updated2017-09-16T04:02:31Z
dc.description.abstractIn 2013, NASDAQ Stock Market LLC (NASDAQ) issued a proposal to mandate the internal audit function (IAF) for all listed companies but later withdrew the proposal. In this study, I investigate whether a mandatory IAF adds shareholder value and how the value implications vary across companies. For companies that do not voluntarily adopt an IAF before the proposal, I document a positive (negative) price response to the NASDAQ IAF proposal filing (withdrawal). This evidence suggests that, on average, investors perceive a mandatory IAF as value enhancing. I also document that the market reactions are more positive for companies with more business segments or with lower institutional ownership. This evidence suggests that investors’ perception of the mandatory IAF are more positive for companies with complex business or with weak corporate governance. In addition, I document the types of companies that are more likely to establish an IAF voluntarily.
dc.format.mimetypeapplication/pdf
dc.identifier.urihttp://hdl.handle.net/10735.1/5510
dc.language.isoen
dc.rightsCopyright ©2017 is held by the author. Digital access to this material is made possible by the Eugene McDermott Library. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author.
dc.subjectAuditing, Internal
dc.subjectFinancial statements—Law and legislation
dc.subjectStockholder wealth
dc.subjectCorporations—Investor relations
dc.titleShareholder Value Implications of the Internal Audit Function
dc.typeDissertation
dc.type.materialtext
thesis.degree.departmentManagement Science
thesis.degree.grantorUniversity of Texas at Dallas
thesis.degree.levelDoctoral
thesis.degree.namePHD

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