The purpose of this study is to examine the association between family firms and audit fees in an emerging economy setting As family firms either face Type 1 or Type 2 agency problem, it seeks to gain a better understanding on family firms in an emerging economy such as Malaysia Additionally, this study introduces political connections to investigate whether it can moderate the association between family firms and audit fees Political connection is chosen as an important institutional feature because of its many and well-documented politically connected firms and pervasive political patronage system in Malaysia,Based on a dataset of 750 firms or 7,848 firm-year observations from 2002 till 2015, panel regression analysis is used to investigate the research questions As a robustness test, Heckman’s self-selection model is used to deal with the self-selection problem,The results reveal that family firms are associated with higher audit fees, indicating that Type 2 dominates Type 1 agency problems in Malaysia This positive relationship is stronger in family firms which are older and have higher family controlling shareholding Further, the association is exacerbated if it is also connected to the ruling elite,This study contributes to the literature by showing that institutional feature such as family firms and political connections can produce different firm outcomes between emerging and advanced economy, particularly in auditing This study responds to calls for more research on auditing in family firms, particularly in emerging economy

Family firms, political connections and audit fees: evidence from Malaysian firms

The measurement methods used in financial accounting affect our perception of the value and performance of businesses by determining the amount of reported profit or loss and the resources of the business. Thus, measurement affects shareholders and other stakeholders in the business. It has even been suggested that the world financial crisis of 2007–2010 was partly due to the mis-measurement of financial instruments. In this book, Geoffrey Whittington provides a unique survey of the theory and practice of measurement in financial accounts. It seeks to define and illustrate alternative methods, using simple numerical examples, and to analyse their theoretical properties. Also, it summarises extensive empirical evidence and the historical development of ideas and practice. It is essential reading for advanced undergraduate and postgraduate students studying financial accounting, as well as practitioners and policy-makers concerned with accounting standards.

Value and Profit: An Introduction to Measurement in Financial Reporting

Price-Level Reporting and its Value to Investors

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Price-Level Reporting and its Value to Investors