Accounting Progress
Online ISSN : 2435-9947
Print ISSN : 2189-6321
ISSN-L : 2189-6321
The study of Economic Functions of the Financial statements Auditing
Yoshihiro Sakuma
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2008 Volume 2008 Issue 9 Pages 39-60

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Abstract
 The purpose of this paper investigates the economic functions(signaling)of auditing for information asymmetry between an investor and a company. Especially focussed on the IPO market, I estimate multiple linear regression which contains the proxy variables showing the information asymmetry. Furthermore, the difference between qualified audit opinion and Tsuiki information that an auditor’s information were verified how underpricing would be affected. I find effective in signaling of the information asymmetry. And I find the significant negative association between underpricing and qualified audit opinion, but the significant positive relation underpricing and Tsuiki information. Furthermore, the auditor’s information brought a strong significant in the immediately before period of IPO.
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© 2008 Japan Accounting Association
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