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Journal of Management and Governance

Erschienen in:

17.11.2020

Audit committee diversity and financial restatements

verfasst von: Seemantini Pathak, Codou Samba, Mengge Li

Erschienen in: Journal of Management and Governance | Ausgabe 3/2021

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Abstract

Prior research has found that characteristics of the audit committee influence the incidence of financial restatements, as does demographic diversity on boards of directors. We draw upon work team diversity research to examine the impact of relations-oriented and task-oriented diversity in the audit committee on the likelihood of fraud-related and error-related financial restatements, respectively. We argue that these two types of demographic diversity work differently through greater vigilance of the audit committee in reducing the occurrence of financial restatements. Using a matched sample of fraud-restatement, error-restatement and non-restatement U.S. firms between 1996 and 2010, we find that relations-oriented diversity is associated with a lower incidence of fraud-related restatements, while task-oriented diversity is associated with a lower likelihood of error-related restatements. We also find that the involvement of audit committee members on other board committees moderates these relationships. We discuss the important role of work team diversity mechanisms in evaluating the effectiveness of board audit committees.

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Prior research has used natural log of employees, assets, or sales as proxies for firm size. We performed a factor analysis on these three variables, and derived a composite score using the factor loading of their standardized values. The formula was: Firm size = 0.345*ln(employees) + 0.366*ln(sales) + 0.354*ln(assets).

Prior research has used ROA, ROE, or ROS as proxies for firm performance. Again, we performed a factor analysis on these three variables, and derived a composite score using the factor loadings of their standardized scores. The formula was: Firm performance = 0.439*ROA + 0.339*ROE + 0.409*ROS.

The log likelihood test statistic is 2 × (− 83.71 − (− 89.99)) = 12.56, and it is significant at 0.01 level.

The log likelihood test statistic is 2 × (− 69.14 − (− 83.71)) = 29.14, and it is significant at 0.001 level.

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Titel: Audit committee diversity and financial restatements
verfasst von: Seemantini Pathak
Codou Samba
Mengge Li
Publikationsdatum: 17.11.2020
Verlag: Springer US
Erschienen in: Journal of Management and Governance / Ausgabe 3/2021
Print ISSN: 1385-3457
Elektronische ISSN: 1572-963X
DOI: https://doi.org/10.1007/s10997-020-09548-4

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