The 'independence' of expert opinions in corporate takeovers: Agreeing with directors' recommendations

Bugeja, M

The 'independence' of expert opinions in corporate takeovers: Agreeing with directors' recommendations

Bugeja, M

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Publication Type:: Journal Article
Citation:: Journal of Business Finance and Accounting, 2005, 32 (9-10), pp. 1861 - 1885
Issue Date:: 2005-01-01

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Field	Value	Language
dc.contributor.author	Bugeja, M https://orcid.org/0000-0002-1941-5092	en_US
dc.date.issued	2005-01-01	en_US
dc.identifier.citation	Journal of Business Finance and Accounting, 2005, 32 (9-10), pp. 1861 - 1885	en_US
dc.identifier.issn	0306-686X	en_US
dc.identifier.uri	http://hdl.handle.net/10453/10177
dc.description.abstract	The impact of non-audit services on auditor independence has been the recent focus of regulators worldwide. Using expert reports provided in Australian takeovers, this study investigates a context where the audit independence issue is reversed. As approximately a quarter of expert reports are prepared by the target firm's auditor, concerns have been expressed over the independence of the opinion provided. This paper finds that, relative to other experts, there is no difference in the rate at which experts with other business dealings with the target, including the target's auditor, provide an opinion that agrees with that of directors. However, the capital market reaction around the release of the report indicates that reports produced by auditors are viewed as non-independent. © Blackwell Publishing Ltd. 2005.	en_US
dc.relation.ispartof	Journal of Business Finance and Accounting	en_US
dc.relation.isbasedon	10.1111/j.0306-686X.2005.00650.x	en_US
dc.subject.classification	Finance	en_US
dc.title	The 'independence' of expert opinions in corporate takeovers: Agreeing with directors' recommendations	en_US
dc.type	Journal Article
utslib.citation.volume	9-10	en_US
utslib.citation.volume	32	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Accounting Discipline
utslib.copyright.status	closed_access
pubs.issue	9-10	en_US
pubs.publication-status	Published	en_US
pubs.volume	32	en_US

Abstract:

The impact of non-audit services on auditor independence has been the recent focus of regulators worldwide. Using expert reports provided in Australian takeovers, this study investigates a context where the audit independence issue is reversed. As approximately a quarter of expert reports are prepared by the target firm's auditor, concerns have been expressed over the independence of the opinion provided. This paper finds that, relative to other experts, there is no difference in the rate at which experts with other business dealings with the target, including the target's auditor, provide an opinion that agrees with that of directors. However, the capital market reaction around the release of the report indicates that reports produced by auditors are viewed as non-independent. © Blackwell Publishing Ltd. 2005.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/10177