%0 Journal Article
%T Efectos Econ¨®micos de la Constituci¨®n de los Comit¨¦s de Auditor¨ªa
%A Elena Cabal Garc¨ªa
%A Carlos Fern¨¢ndez M¨¦ndez
%A Ma del Camino Rodr¨ªguez Guti¨¦rrez
%J Revista de Contabilidad : Spanish Accounting Review
%D 2007
%I Elsevier
%X El prop¨®sito de este trabajo consiste en analizar la valoraci¨®n del mercado burs¨¢til espa ol respecto a la constituci¨®n del comit¨¦ de auditor¨ªa en las empresas cotizadas, teniendo en cuenta que esta reacci¨®n puede diferir de la observada en mercados del ¨¢mbito anglosaj¨®n debido a las peculiaridades que presenta la auditor¨ªa de cuentas en Espa a. Para ello, aplicando la metodolog¨ªa del estudio de eventos, se analizan las rentabilidades anormales pr¨®ximas a la creaci¨®n del comit¨¦, considerando factores como su voluntariedad, las opiniones previas del auditor o el tama o de la firma auditora. Los resultados confirman que el mercado reacciona negativamente ante el establecimiento voluntario del comit¨¦ y cuando ¨¦ste se implanta en sociedades que ven¨ªan recibiendo informes de auditor¨ªa favorables. No obstante, dicho anuncio no parece tener efecto cuando la compa ¨ªa es receptora de informes calificados ni parece diferir por el hecho de ser auditada por una gran firma frente a otros auditores.The aim of this paper is to analyze the Spanish market reactions arising from the formation of the audit committees in the listed companies. This reaction could reasonably differ from that observed in Anglo-Saxon markets given the peculiarities of the audit process in Spain. With this aim, using the event study methodology, we have measured the abnormal returns surrounding the constitution of the audit committee, taking into account factors such as its voluntary formation, the auditor¡¯s previous opinion and the auditor¡¯s firm size. Our results confirm the existence of negative market reactions in the case of a voluntary formation of the committee and when this formation corresponds to a firm that has received a favourable audit report. However, we have observed no significant market reactions when the firm has received a qualified opinion and these reactions did not differ when the company was audited by one of the big audit firms or by other auditor.
%K audit committee
%K stock market
%K auditing.
%U http://www.rc-sar.es/verPdf.php?articleId=168