We emphasize that it is interesting to analyze the sentiment of the hearer as intermediary information between the company and its external users through an analysis of the type of the audit study ( unqualified versus qualified audit sentiment ) in regard of Tunisian bankers in the instance of doing determinations to allow credits.
The consequences of our survey are obtained and analysed from a distribution of a questionnaire sent to a sample composed of 76 loan officers in 20 Tunisian Bankss. We have found no important consequences that the hearer ‘s sentiment is an information chiefly taken for Tunisian loaner ‘s opinions but it establishes an extra support for the rating of a file of recognition. Where as, Tunisian users, in general and loan officers in peculiar, perceived a qualified audit study as holding a negative impact on the credibleness of fiscal statements and the subsequent determination to allow credits.
Extra consequences chow that the audit study occupies the 4th topographic point among the other beginnings of informations necessities for the rating of the client and has limited “information contents” to bankers in the present Tunisian scrutinizing environment.
Keies words: hearer ‘s sentiment, loaning determinations, file of recognition.
JEL Classification: E51, E41, M42
This survey will seek to gauge the importance of the information of an audit study in a procedure of allowing credits by Tunisian bankers, in peculiar when the hearer ‘s sentiment is qualified at the terminal to appreciate better the demands of the users in charge of recognition and to analyze the enlightening contents of this sentiment.
The intent of an audit study is to pass on the result of the hearer ‘s reappraisal of the fiscal statements ( Lin et al. , 2003 ) leting at foremost a better direction and so a rapprochement of the divergent involvements within the house ( Ng and Stoeckenuis, 1979 ) . So, the audit study allows set uping a planetary vision of the company, to forestall hazards and to motivate to put up devices of grasp, rating and control ( Brousseau, 1993 ) .
Within the model of this argument which can be within the company every bit good as between directors and stockholders as between directors and creditors ( Jensen and Meckling, 1976 ) , the house has to give a peculiar attention to the quality of the information ( Antel, 1982 ) which it publishes: an aim that the hearer intervenes foremost for its realisation.
Therefore, by explicating an sentiment about the fiscal statements of the company, the hearer will vouch the regularity and the earnestness of the information ( Chan and Walter, 1996 ) of which he gives grounds that they appear harmonizing to the Generally Admitted Accounting Principles and the regulations of the profession. Even, when an hearer provides an unqualified sentiment on fiscal statements, users may see the file of recognition of the client as bad intelligence and the determination of allowing a recognition will be hard.
Thankss to the consideration of the enlightening dissymmetries, Bankss are seen more capable than the other creditors to choose and look into the borrowers. This thought is supported by several researches and theoretical accounts inquiring about the topographic point of the audit study in the construction of debts of the company ( Jacquillat and Levasseur, 1984 ) . In add-on, the two types of audit study ( unqualified and qualified sentiments ) , their effects have long been debated in the auditing literature ( Bailey, Bylinski and Shields, 1983 ; Bamber and Stratton, 1997 ; Fargher and Wilkins, 1998 ; Frost, 1994 ; Lim, 1997 ) and they are differenced by the usage of the “expect for” phrase to measure up an hearer ‘s sentiment.
We have tried to reply this job by establishing it self on the old surveies realized which treated the same inquiry. We were inspired by experimental surveies ( Libby, 1979 ; Bamber and Stratton, 1997 ; Houghton, 1983 ; Jun Lin et al. , 2003 ) and by reactions of the stock exchange ( Dodd et al. , 1984 ; Pucheta et al. , 2004 ; Su and Zhao, 2000 ; Loudder et al. , 1992 ; Baskin, 1972 ) made by several writers in order to demo the public-service corporation of the audit study in the presence of the other beginnings of information that can utilize a creditor to analyze the file of the client. We study bank loan officers because this group of users routinely analyses fiscal informations and has an built-in involvement in the dependability of such informations ( Schneider and Church, 2008 ) .
In Tunisia, the scrutinizing map and the duty to call an hearer is dated on 1959, the harmonisation of the patterns of audit study were began in 1982 during the creative activity of the order of Tunisian chartered comptrollers ( L’Ordre des Experts Comptables Tunisians ) and particularly of its reorganization in 1988. Besides, in Tunisia as in France, the duty of the audit map and the presentation of the study of the statutory hearers were basically established by Torahs. The jurisprudence 82-61 of June 30th 1982 puts in charge of statutory hearers, the duty to continue to a elaborate control of the histories and to stop expressly either the enfranchisement of the histories, or the enfranchisement matched by modesty or the refusal of enfranchisement.
Our current survey investigates bank loans officers ‘ reactions to measure up audit studies and it is necessary to cognize the usage of this information and its importance to do such determinations to allow credits. We have found that the hearer ‘s sentiment is secondary information taken by Tunisian Bankss and it is considered as an extra support for the rating of a file of recognition, where as when there ‘s a uncertainty about the cleanness of fiscal statements, the determination can be hard.
Our adopted methodological measure is the distribution of a figure of 76 questionnaires among 20 Tunisian Bankss where we have obtained 44 questionnaires with replies as a rate of 58 % . Our nonsubjective by this survey is to update the cognition of Tunisian auditing criterions and patterns. Our findings will be of import for many users such as investors, professionals, practionners, readers, etc.
The balance of this paper is organized as follows. The following subdivision reviews the relevant literature and provides a footing to develop the research hypothesis. Then, we describe the research method and present our consequences. At Last, we offer reasoning comments and survey restrictions.
An scrutinizing map conducted by independent professionals is considered as external mechanism of administration leting to train directors ( Jensen and Meckling, 1976 ) and to cut down the costs of bureau. In this frame, the theory of bureau analyses the entreaty to the external audit as a mean to restrict the possibilities of accounting uses, to settle struggles and to cut down enlightening dissymmetries between the principal and his agent.
Prior research has examined the demand of audit as a mean to travel closer to the involvements of parties that have contractual dealingss with a company ( Jensen and Meckling, 1976 ) . Besides, Antel ( 1982 ) proves that the external audit is a average to incentive directors to pass on right informations to stockholders. Besides, Chow ( 1982 ) considers it as a mechanism of ordinance between stockholders directors and loaners. In fact, Charreaux ( 1997 ) asserts that the entreaty to the debts allows directors to get away in the subject of stockholders but create another relation with bankers who protect themselves by the entreaty to the contractual clauses or to the pickings of warrants.
Therefore, the mission of an external hearer has ternary intents, he has to protect creditors and minimise the costs of bureau to protect stockholders and to assist the proprietor to get the hang good the direction of his company. In add-on, during the relation of recognition, the bank can be in relation of deficiency of information and the impossibleness to cognize the attempts supplied by the company. In that instance, the society entreaties to the recreation of capital Lent to more hazards in order to maximise the value of investing. The ground that many empirical surveies ( Chow, 1982 ; Alice, 2005 ) were able to explicate the demand of the audit by the importance of the costs of bureau and the declaration of those struggles within the house.
Our nonsubjective concerns basically the topographic point of the audit study in the instance of allowing credits by Bankss. So, for a long clip, legion researches from whom we can cite Libby ( 1979 ) , Firth ( 1978 ) , Dodd et al. , ( 1984 ) , Elliot ( 1982 ) and Baskin ( 1972 ) tried to cognize the usage truly made by audit studies among the assorted elements of fiscal information. Besides, certain writers were interested to mensurate the public-service corporation of the audit study by simple enquiries with the assorted users through assorted beginnings of available information ( Lee and Tweedie, 1975 ) .
What we count precisely in this article is to cognize the reaction of the creditors in peculiar the bankers to fiscal statements showing a qualified sentiment. Such surveies are said “reactions to the audit report” and take two different signifiers. Empirical surveies led on fiscal markets and experimental surveies refering the behavior of the chief users.
As respects to researches concentrated on the importance of the audit study and its impact on the stock market, the step of the reaction of users to the message received from the hearers is translated by the difference of the profitableness expected from the portion in absence of uncertainness making on the histories of the company.
Several surveies and researches were led on this bowl and in assorted environments in which certain writers tried to compare the influence of assorted preparations of audit studies on the stock exchange returns. Indeed, Firth ( 1978 ) made this survey in Great Britain, Ball et Al. ( 1979 ) on the Australian market, Dodd et al. , ( 1984 ) on the American stock exchange. Soltani ( 1992 ) realized a similar research on the Gallic market of listed companies in Paris between 1975 and 1990 by detecting the effects of all the type of uncertainness makings published by the hearers. More late, Pucheta et al. , ( 2004 ) focused their attendings on the Spanish market and Jun Lin et al. , ( 2003 ) in China.
However, other researches have concentrated on a individual class of the uncertainness making “subject to” we quote as illustration Elliot ( 1982 ) and Loudder et al. , ( 1992 ) who added that the revelation of a qualified sentiment can bring forth an reverse reaction of the market. Baskin ( 1972 ) and Mittelstead et al. , ( 1992 ) were interested in the analysis of the incidence of the American uncertainness makings connected in charge of methods or accounting rules.
moreover, Baskin ( 1972 ) made his research on the New York stock exchange by naming the companies which underwent a alteration of accounting methods between 1966 and 1969 on a sample of 137 companies registered on the New York Stock Exchange NYSE at the terminal to analyze the enlightening impact of this type of making in instance of an efficient market. Besides, Alderman ( 1977 ) made a research on the uncertainness making “subject to” at the terminal to mensurate the influence of this making on the appraisal of the hazard. The information aggregation was made on a sample of 20 houses holding received such making between 1986 and 1971.
Besides, both writers Frishkoff and Rogowski ( 1978 ) underwent a survey on both American stock exchanges “New York Stock Exchange” and “American stock exchange” , but they interested in another type of making “disclaimer of” and its impact on stock market monetary values. This survey was led on 7500 houses traveling from July the first 1972 boulder clay June 30th 1974. Among, which 22 merely who underwent the making “disclaimer of” . In another manner, Fleak and Wilson ( 1994 ) were interested on the enlightening contents of lone American uncertainness making connected to the making “going concern” on stock market monetary values for the period 1979-1986.
Contrary to this survey, Fields and Wilkins ( 1991 ) led another research to analyze the impact of “good news” , the publication of an unqualified audit study after several exercisings incorporating makings and that was between 1978 and 1987 on a sample of 52 audit studies. So, the credibleness of fiscal statements has an consequence on the determinations of investing and on the notices of loaners, it has an impact on the portions of companies and on their costs. Besides, the newest surveies which are made showed that a qualified audit study indicates a high hazard and reflect a uncertainty refering the fiscal contents which can act upon the rating of users and loaners ( Fargher and Wilkins, 1998 ; Melumad and Ziv, 1997 ; Seipel and Tunnel 2000 ; Sharma and Sidhu, 2001 ) .
Even, certain surveies suggest that the making of audit studies can be considered as an index of “unclean” histories and may impact the finding and the usage of fiscal statements ( Blackwell et al, 1998 ; Hathely et Al, 1991 ; Lim, 1997 ) . Besides, Firth ( 1978 ) shows that the making of the audit study offers an of import enlightening content for the determination devising of investing on the British fiscal markets. So, the reaction of the monetary value is immediate in the publication of a qualified audit study and has no consequence before the day of the month of its publication. Banks and Kinney ( 1982 ) besides argue that the unnatural profitableness is bigger for the company which their audit studies contain makings.
Hence, Mutchler ( 1985 ) stipulates that the consequences of the statistic trials allow reasoning that the sentiment “going concern” has a negative impact on stock market monetary values. In the same context, Hopwood et Al. ( 1989 ) turn out that the broadcast of a qualified audit study with “going concern” is an of import mean for the users of fiscal statements leting them to anticipate the bankruptcy of the concerned houses. Besides, William claude dukenfields and Wilkins ( 1991 ) revealed a positive accommodation of the monetary values to the proclamation of the retreats of uncertainness makings because it represents information which influences the wealth of stockholders.
Finally, other researches like Ball et al. , ( 1979 ) , Mittelstead et al. , ( 1992 ) and Pucheta et al. , ( 2004 ) show no peculiar reaction of markets to the publication of audit studies with making.
In add-on to these surveies of the stock exchange reactions, other researches led on the behavior of users in forepart of broadcast of audit studies. The empirical analyses and the synthesis of the consequences chow different reactions from recognition officers in assorted environments such as the surveies of Libby ( 1979 ) , Bamber and Stratton ( 1997 ) and LaSalle and Anandarajan ( 1997 ) in United Status, the survey of Abdel-khalik et al. , ( 1986 ) in Canada and eventually Houghton ( 1983 ) and Gul ( 1987 ) in Australia.
Indeed, harmonizing to Bamber and Stratton ( 1997 ) and Buchman and Collins ( 1998 ) , a qualified audit study is considered as an index of dirty fiscal statements. In another term, the making of an audit study supplies the base of the hearer sentiment that the users reached of an built-in hazard. Gul ( 1987 ) ends from his empirical survey that the making “subject to” increases the hazard perceived by bankers who require certain warrants before doing a committedness. It is the ground for other writers, that the officers of recognition indicate that this making can provide information useful for the decision-making.
Besides, other surveies suggest that the audit study influences the judgements of loaners. Indeed, Bamber and Stratton ( 1997 ) find that the uncertainness in the audit study modified by SAS 58 ( AICPA ) influences the rating of creditors in their rating of hazard subsidies, rate of involvement and the determination of allowing a recognition. It is considered as a beginning of extra information and a 2nd sentiment about fiscal statements.
Firth ( 1987 ) manages to reason that bankers and analysts of recognition grant a large importance for the audit study that contains a making of “going concern” type and on the rating of assets. Besides, LaSalle and Anandarajan ( 1997 ) turn out that the uncertainness refering differences influences the determinations of bankers. Therefore, no bank agreed to allow a recognition to the company that the audit study contains such making.
However, the bulk of researches did non make net decisions, Libby ( 1979 ) and Abdel-khalik et Al. ( 1986 ) find that a making of audit study can non impact the determination of loaners. Houghton ( 1983 ) happen a similar consequence by asseverating that a making of an audit study is non considered as sufficient information to modify in a important manner the determination of bankers. For Johnson and Pany ( 1984 ) , the fact that the hearers are associated with the publication of probationary histories does non better significantly the assurance granted to these histories by bankers and these last 1s do non see the presence of an hearer as an component finding the determination of allowing a recognition.
Even, Jun Lin et Al. ( 2003 ) show that the making of audit study has weak enlightening contents for the Chinese users and it is necessary to better the rules and the criterions practises of the profession. Besides, Estes and Reimer ( 1977 ) their empirical consequences prove that the recognition officers are non influenced by the sentiment “expect for” . In fact, Bessel et Al. ( 2003 ) argue that a making of auditor sentiment diethylstilbestrols non increase in a important manner the hazard perceived by neither fiscal analysts nor the fiscal decision-making.
Finally, Soltani ( 1996 ) suggests that there ‘s a comparative importance granted by bankers every bit good as by users to scrutinize studies as dependable beginning of information, because these users consider that the audit study is deficient for such a determination and declare to utilize the other beginnings of information such as personal opinions.
Study background and hypothesis
The audit study has to show clearly the sentiment of the hearer on the consequences of the operations of the company presented in fiscal statements. This information proposed to show the sentiment of the hearer, has to give an accurate and sincere image and has to do mention to accounting criterions.
Harmonizing to the Article 83 of the Tunisian commercial jurisprudence, the preparation of the sentiment of the statutory hearer on the fiscal statements of the company can take the undermentioned three signifiers. The enfranchisement without modesty, the enfranchisement with modesty and the refusal to attest. An sentiment without modesty ( unqualified sentiment ) is expressed when the statutory hearer obtained a sensible insurance of the regard of the Generally Admitted Accounting Principles and conditions of the profession. However, a qualified sentiment is expressed when the hearer estimates that the Generally Admitted Accounting Principles are non respected and its incorrect application has a important impact on the presentation of the histories. Finally, the refusal to attest is mentioned by the hearer when he notices uncertainnesss which affect the earnestness of histories in a manner that he can non be able to organize a satisfactory strong belief on the regulative of fiscal statements.
We remind that our nonsubjective consists in gauging the importance of the information contained in the study of the hearer in peculiar when it is qualified and its impact on the credibleness of fiscal statements and afterward the determination to allow credits. The preparation of the hypotheses consists merely in interpreting in a clarify manner the job of our survey. Two chief hypotheses, which will be tested, have for nonsubjective the designation of the impact of the qualified audit study on the credibleness of the company ‘s fiscal statements. The first and the 2nd hypothesis to be investigated in this survey are specified as follows:
H1. The hearer ‘s study is “basic information” taken foremost during an analysis of a file of recognition.
By this first hypothesis, we want to cognize the topographic point that may keep the audit study among the other beginnings of information taken by the Tunisian bankers in a procedure of allowing credits.
H2. A qualified audit study has a negative impact on bankers ‘ appraisals of the credibleness of fiscal statements of the company.
This last hypothesis attempts to analyse the impact of the making on the credibleness of fiscal statements on one manus and on the determination of allowing of recognition on the other manus. More specifically, an unqualified hearer ‘s sentiment provides sensible confidence of the cleanness of fiscal statements and assists users in doing good rational economic determinations.
Methodology and informations
For our empirical hunt, we have chosen to direct a questionnaire to the assorted recognition officers within the Tunisian Bankss. It is about assorted members of commission of recognition, about analysts of recognition, etc. the pick of this methodological analysis by questionnaire is turned out the best adapted to our survey. Indeed, to reach these people in charge, a list of Bankss was established and personal contacts were realized. Our questionnaire was sent to 76 recognition officers, belonging to 20 Tunisian Bankss. The pick of Bankss is justified by the importance of the information for their demands of rating of a client applier of credits and the assortment of the audit studies, which they can run into.
The usage of the questionnaire is justified by the fact that the bulk of the old surveies nearing the job on the public-service corporation of the audit study on the determinations of allowing credits were made by holding entreaty to questionnaires. Our questionnaire was sent to 76 loan officers among 20 Tunisian Bankss, we have obtained merely a rate of 58 % from a figure of 44 among the distributed questionnaires.
Libby ( 1979 ) used a questionnaire sent to 36 creditors belonging to four bigger Bankss of Chicago. The obtained consequences are made by utilizing the analysis of the discrepancy. In add-on, LaSalle and Anandarajan ( 1997 ) elaborated four questionnaires, which were distributed in 2000 recognition officers. Besides, in the American context, the survey led by Bamber and Stratton ( 1997 ) was made by mean of a questionnaire sent to 91 creditors. In the same context, Firth ( 1978 ) tried to demo the impact of the assorted types of sentiments on the determinations of the bankers besides by fall backing to a questionnaire. The survey of Abdel-Khalik et al. , ( 1986 ) was besides realized by a questionnaire sent to 64 Canadian creditors.
Participants in this survey consisted of presidents of the commission of recognition, members of the commission, managers and analysts of recognition. Our questionnaire is structured as follows: a first list of inquiries associating to the position of the individual that participated in this survey, a 2nd list of general inquiries concerns the decision-maker of a recognition and eventually the 3rd list of inquiries relative to the company applier of a loan at the terminal to chow the influence of the sentiment of the hearer on the determinations of the bankers. The recognition officers were straight contacted, it was compulsory to take conversations with assorted creditors particularly those who occupy the high topographic point of the hierarchy to do sure of our aim, so to sensitive them of the involvement of our research. The following tabular array shows the position of participants.
The literature reappraisal shows that the methodological analysis of the informations aggregation is the same for several writers by the distribution of a questionnaire to the assorted people in charge of recognition. However, the statistical tools were non the same and every writer adopted the step which is convenient for its research. To reply their research job, Johnson and Pany ( 1994 ) appealed to the multi-varied analysis ( MANOVA ) . As for Estes and Reimer ( 1977 ) , they limited themselves to trials of independency of Chi-square. However, Firth ( 1978 ) is limited to a simple comparing of the distributions of frequence between the replies of the bankers having qualified studies and the others unqualified. Soltani ( 1996 ) used trials of independency of Chi-square to mensurate the correlativity between the assorted replies in the same manner, Bamber and Stratton ( 1997 ) every bit good as La Salle and Anandarajan ( 1997 ) they used the trials of independency of Chi-square and the calculating of frequence to gauge the reaction of the bankers to four types of an audit study.
As respects to our empirical analysis, distributions of frequence every bit good as trials of independency of Chi-square were employed to reply our aim.
The statistical description revealed frequences and per centums to demo the impact of every inquiry on the behavior of Tunisian bankers so a trial of independency of Chi-square is made to corroborate our hypotheses quoted antecedently. Descriptive statistics sing the participants ‘s responses and the trial of chi-square made between different inquiries are presented in table 1 and 2 at the terminal to demo the topographic point of hearer ‘s sentiments among the other beginnings of information that can necessitate the banker during the rating of the fiscal state of affairs of his client.
The observation of the tabular array nA°1 demoing the part of every beginning of information in the appraisal of a file of recognition, indicates that the sentiment of the hearer occupies the 4th topographic point among the other beginnings of information with a rate of 86, 4 % . However, it turns out that it exists other beginnings of information most of import and occupy the precedence for bankers. Indeed, the entirety of participants considers that the information supplied by the fiscal statements as being the first information taken and has a rate of 100 % . Second comes the information supplied by the cardinal bank of Tunisia with term of direction of hazard ( 95, 5 % ) because it facilitates to creditors the apprehensiveness of the client to avoid the hazard of insolvency. In the 3rd topographic point comes the relation that can be between the bank and the house followed by the sentiment of the hearer on fiscal statements.
Then the trial of Chi-square applied shows an independency between the topographic point which occupies the audit study among the other beginnings of information and the importance of this audit study for the eyes of the bankers, so as represented in the undermentioned tabular arraies, the interaction consequence is non statistically important ( ? A?= 1,312 ; p= 0,252 & gt ; 0,05 ) . It comes to corroborate the consequences obtained antecedently which stipulate that the sentiment of the hearer is an of import beginning of information for the bankers but occupy the 4th topographic point among the other beginnings of information. Therefore, our first hypothesis is non confirmed and the audit study is considered an extra support for a file of recognition and non taken foremost into history.
Besides, to prove the cogency of the 2nd hypothesis and to see if a qualified audit study influences negatively the determination of the Tunisian bankers in allowing of recognition, we have appeal to several crossings between assorted variables. The crossing that we have made is attributed to the inquiry nA°3 represented by the variable V10 with each of the undermentioned inquiries: Q4, Q5, Q6, Q7, Q8 and Q9 represented by variables severally: V11, V12, V13, V14 and V15. The inquiries concerned by the 2nd trial of chi-square are presented bellow:
We have appeal to all these variables to gauge the influence of the making with all its signifiers on the behavior of the bankers to allow credits. The trial of Chi-square so applied reveals significance interactions between variables. In add-on, the crossing between the inquiries shows that in most of the instances, variables are dependent the some with respect to the others ( p value & lt ; 0, 05 ) . It means that the bankers attach a large importance for the publication of the making and they can modify their determinations to allow a recognition if this making is of a important gravitation that influences negatively the credibleness of fiscal statements of the company topic of the demand. Therefore, our 2nd hypothesis is confirmed.
To reason, we say that the sentiment of the hearer did n’t take an of import topographic point for the determination of allowing of recognition and convey an extra informative content for the Tunisian Bankss. However, a qualified audit study has a negative impact on the determination of the Tunisian bankers but it does non belie that the rating of a file of recognition bases itself on other beginnings of more interesting information for Tunisian bankers such as fiscal statements, the information emitted by the cardinal bank of Tunisia and the relation bank- company.
In malice of the aid that we had from Tunisian bankers and their coaction to reply our questionnaire, some critics can be mentioned. The first beginning of these critics returns to the topographic point occupied by the sentiment of the hearer among the other beginnings of information that the banker uses in his decision-making. It seems that in the world another process can be led.
Therefore, and by fright that we are traveling to hold no replies to our questionnaire, we limited our survey through merely a questionnaire without holding entreaty to fiscal statements or audience of certain studies, where even a instance survey of a company as an illustration. It is the ground that the information seems to be deficient to analyse a demand of a loan and the consequences of the survey can be limited, but the questionnaire is the lone agencies adopted by the old surveies, we wanted to fall back to the same.
Besides, it is necessary to bespeak that most of the replies being subjective and the loan officer answers the inquiries of a manner that he thinks suited and non harmonizing to the process made truly.
Furthermore, allow us observe that our survey is limited to the scrutiny of the consequence of the sentiment of the hearer on a individual class of users ( Bankss ) so, the obtained consequences can non be generalized to the other users. But such a research is utile because it tempts at the suggestion of future ways of development for illustration, the extension of our sample, so, we can double our survey on the companies of Renting ; we can besides develop the empirical consequences. Consequently, the last 1s may be confronted by surveies from the examined files and holding been the object of existent determinations. Finally, In forepart of weak involvement carried by the Tunisian Bankss in the audit study, it is interesting to find the foundations of this indifference.
- Alderman C. W. , 1977. The function of uncertainness makings: Evidence to back up the probationary decisions of the Cohen committee. Journal of Accountancy, November 1977, 50-57.
- Alice, B. , 2005. Techniques for measuring regulative alteration. European Journal of Law and Economis 2 ( 3 ) , 211-226.
- Antel R. , 1982. The hearer as an economic agent. Journal of Accounting Research 20 ( 2 ) , 503-527.
- Ball, R. , Walker, R. , Whittred, G. , 1979. Audit makings and portion monetary value. Abacus 15 ( 1 ) , 23-34.
- Bamber, E. , et Stratton R. , 1997. The information content of the uncertainty-Modified audit study: Evidence from Bank loan officers. Accounting Horizons 11 ( 2 ) , 1-11.
- Banks, D.W. , Kinney, W.R. , 1982. Loss eventuality studies and stock monetary values: an empirical survey A» , Journal of Accounting Research 20 ( 1 ) , 240-254.
- Baskin, E. , 1972. The communicative effectivity of consistence exclusions. The Accounting Review 38 ( 2 ) , 38-51.
- Bessell, M. , Anandarajan, A. , Umar, A. , 2003. Information content, audit studies and traveling concern: An Australian survey. A ccounting and finance 43 ( 3 ) , 261-282.
- Black, 1976. The dividend Puzzle. Journal of Portfolio Management, 2 ( 2 ) , 5-8.
- Blackwell, D. W. , Noland, T. R. , & A ; Winters, D. B. , 1998. The value of hearer confidence: Evidence from loan pricing. Journal of Accounting Research 36 ( 1 ) , 57-70.
- Brousseau E, ( 1993 ) , A« L’economie des contrats- engineerings de l’information et coordination interentreprises A» , Presse Universitaire de France.
- Buchman, T. A. , & A ; Collins, D. , 1998. Uncertainty about judicial proceeding losingss and hearers ‘ modified audit studies. Journal of Business Research, 43 ( 2 ) , 57-63.
- Chan, Y.K. , Walter, T.S. , 1996. Qualified audit studies and dearly-won catching. Asia Pacific Journal of study 13, ( 3 ) , 37-63.
- Charreaux, G. , 1997. Vers une theorie de authorities diethylstilbestrols entreprises, In. Le gouvernement diethylstilbestrols entreprises: corporate administration, theories et faits. Economica, Gerard charreaux Edition.
- Chow, C. , 1982. The demand for external auditing: size, debt and ownership influences. The accounting reappraisal 57 ( 2 ) , 272-291.
- Dodd, P. , Dopuch, N. , Holthausen, R. , Leftwich, R. , 1984.Qualified audit sentiments and stock monetary values, information content, Announcement dates and current revelation. Journal of Accounting and Economics 6 ( 1 ) , 3-38.
- Elliot, J. , 1982. Capable to scrutinize sentiments and unnatural security returns: results and ambiguities A» , Journal of Accounting Research 20, 617-38.
- Estes, R. , Reimer, M. , 1977. A survey of the consequence of qualified hearer ‘s sentiments on bankers imparting determinations. Accounting and Business Research, Atumn 1977, 250-58.
- Fargher, N.L. , Wilkins, M.S. , 1998. Evidence on hazard alterations around audit making and making backdown proclamations. Journal of Business Finance and Accounting 25 ( 7 ) , 829-847.
- William claude dukenfields, L. , Wilkins, M. , 1991.The information content of withdrawn audit makings: new grounds on the value of “subject to “opinions scrutinizing. Journal of theory and pattern 10 ( 2 ) , 62-70.
- Firth, M. , 1978.Qualified audit study: their impact on investing determinations. The Accounting Revue 53 ( 3 ) , 642-650.
- Fleak, S.K. , Wilson, E.R. , 1994. The incremental information content of the traveling concern audit sentiment. Journal of Accounting, Auditing and Finance 9 ( 1 ) , 149-168.
- Frishkoff, P. , Rogowski, R. , 1978. Disclaimers of Audit Opinion. Management Accounting, 52-57.
- Gul, F. A. , 1987. The effects of uncertainness coverage on loaning officers ‘ perceptual experiences of hazard and extra information required. Abacus 23 ( 2 ) , 172-181.
- Hathely, D. , Innes, J. , & A ; Brown, T. , 1991. The expanded audit report-an empirical probe. Accounting and Business Research 21 ( 4 ) , 311-319.
- Hopwood, W. , McKeown, J. , Mutchler, J. , 1989. A trial of the incremental explanatory power of sentiments qualified for consistence and uncertainness. The Accounting Review 64 ( 1 ) , 28-48.
- Houghton, K.A. , 1983. Audit studies: Their impact on the loan determination procedure and result: An experiment. Accounting and Business Research 14 ( 53 ) , 15-20.
- Jacquillat, B. , Levasseur, M. , 1984. Signaux, mandats et gestion financiere: une synthese de la litterature. Finance 5, 3-83.
- Jensen, M. , Meckling, W. , 1976. Theory of the house: managerial behavior, bureau cost, and ownership construction. Journal of Financial Economic 3 ( 4 ) , 305-360.
- Johnson, D.A. , Pany, K. , 1984. Prognosiss, Auditor Review, and Bank Loan Decisions. Journal of Accounting Research 22 ( 2 ) , 731-743.
- Jun Lin, Z. , Quingliang, T. , Jason, X. , 2003. An experimental survey of users ‘ responses to measure up audit studies in China. Journal of International Accounting Auditing and Taxation, 12 ( 1 ) , 1-22.
- LaSalle, R. E. , & A ; Anandarajan, A. ( 1997 ) . Bank loan officers ‘ reactions to scrutinize studies issued to entities with judicial proceeding and traveling concern uncertainnesss. Accounting Horizons, 11 ( 2 ) , 3-40.
- Lee, T. , Tweedie, A. , 1975 ) . Accounting information: an probe of private stockholder use. Accounting and Business Research 5 ( 20 ) , 280-291.
- Libby, R. , 1979. Banker ‘s and hearer ‘s perceptual experiences of the message communicated by the audit study. Journal of Accounting Research 17 ( 1 ) , 99-122.
- Lim, G. H. ( 1997 ) . Audit making: What does it means? Singapore Management Review, 19, 78-80.
- Loudder, M. L. , Khurana, I. K. , Sawyers, R. B. , Cordery, C. , Johnson, C. , Lowe, J. , & A ; Wunderle, R. ( 1992 ) . The information content of audit makings. Auditing: A Journal of Practice & A ; Theory, 11, 69-82.
- Melumad, N.D. , Ziv, A. , 1997 A theoretical scrutiny of the market reaction to hearers ‘ makings. Journal of accounting research 35 ( 2 ) , 239-256.
- Mittelstead H. , Regier, P.R. , Chewing, E.G. , Pany, K. , 1992 ) . Do consistence alterations provide informations to equity markets? Auditing. Journal of theory and pattern. 11 ( 1 ) , 83-98.
- Mutchler, J.F. , 1985. A multivariate analysis of the hearer ‘s traveling concern sentiment determination. Journal of Accounting Research 23 ( 2 ) , 668-82.
- Myers, S. C. , 1977. Determinants of corporate adoption. Journal of Financial Economics, vol 5 ( 2 ) , 147-175.
- Ng, D. , 1978. An information economic sciences analysis of fiscal coverage and external auditing. The accounting reappraisal 53 ( 4 ) , 910-920.
- Ng, D. , Stoeckenuis, J. , 1979. Auditing: inducements and true coverage. Journal of Accounting Research, Supplement 17, 1-24.
- Piot, C. , 2000. Relation d’agence, opportunites de croissance et notoriete de l’auditeur externe: une etude empirique du marche francais. Association Francaise de Comptabilite 1-25
- Pucheta, M. , Vico, A. , Garcia Benau, M. , 2004. Chemical reactions of the Spanish capital market to measure up audit studies. European Accounting Revue 13 ( 4 ) , 689-711.
- Seipel, C. , Tunnel, L. , 2000. A stochastic laterality analysis of the insurance of qualified opinionsA» , Americain Business Review 18 ( 1 ) , 32-39.
- Sharma, D.S. , Sidhu, J. , 2001. Professionalism vs. commerce the association between non- audit services ( NAS ) and audit independency. Journal of Business Finance and Accounting 28 ( 5 ) , 595-529.
- Smith, C. , Warner, J. , 1979. One fiscal catching: an analysis of bond compacts. Journal of Financial Economics 7 ( 2 ) , 117-161.
- Soltani, B. , 1992. Le contenu informationnel diethylstilbestrols rapports d’audit pour lupus erythematosuss marches moneymans et lupus erythematosuss establishments financieres. These de Doctorat ( CEREG- Universite Paris-Dauphine ) .
- Soltani, B. , 1996. Le commissaire aux comptes et le marche moneyman. Collection recherche nut Gestion, Edition Economica.
- Su, C. , Zhao, R. , 2000. An emerging market ‘s reaction to initial modified audit sentiments: grounds from the Shangai Stock Exchange. Contemporary Accounting Research 17 ( 3 ) , 429-455.
- Watts, R.L. , Zimmermann, J.L. , 1983. Agency jobs, scrutinizing and the theory of the house: some grounds. Journal of Law and Economics 26 ( 3 ) , 613-633.