Zoals in ieder onderzoek zijn ook in dit onderzoek een aantal beperkingen. Een van deze beperkingen is de kleine populatie waarmee de regressieanalyses is uitgevoerd. Deze bestond uit slechts 68 ondernemingen. Een grotere populatie zorgt over het algemeen ervoor dat eerder significante verbanden worden gevonden. Voor dit onderzoek kon de populatie helaas niet worden vergroot, omdat specifiek is gericht op ondernemingen die aan de Nederlandse beurs zijn genoteerd. Een aanbeveling voor toekomstig onderzoek is daarom ook het vergroten van de populatie door ook niet-beursgenoteerde ondernemingen in het onderzoek mee te nemen.
Een andere beperking van dit onderzoek is het feit dat voornamelijk gebruik is gemaakt van het jaarverslag en de website van de onderneming. Door tevens gebruik te maken van niet-openbare informatie kunnen variabelen beter worden gedefinieerd waardoor deze een sterker verband met de hoogte van de audit en non-audit fee kunnen vertonen. Ook kunnen bepalingen worden meegenomen die belangrijk zijn voor de kwaliteit van corporate governance maar niet openbaar zijn. Hierbij kan bijvoorbeeld worden gedacht aan bepaalde beschermingsconstructies voor aandeelhouders (Cheung et al., 2010).
Een aspect wat zowel als een zwak als sterk punt kan worden beschouwd is de corporate governance index die in dit onderzoek is opgesteld en toegepast om de kwaliteit van corporate governance te bepalen. Zoals Gompers et al. (2003) in hun onderzoek aangegeven geeft een corporate governance index een samenvattend beeld van de kwaliteit van corporate governance binnen een onderneming. Echter bestaat geen eenduidige wijze waarmee de aspecten die in de index worden meegenomen worden bepaald. Dit betekent dat in ieder onderzoek de kwaliteit van corporate governance op een andere manier wordt bepaald, waardoor een grote mate van subjectiviteit is in de bepaling van deze indices. De ene onderzoeker vindt bepaalde aspecten belangrijker dan de andere, of kan alleen over bepaalde informatie beschikken. Hierdoor wordt in ieder onderzoek corporate governance op een andere wijze gedefinieerd wat de vergelijkbaarheid van de verschillende onderzoeken niet ten goede komt. Een aanbeveling voor toekomstig onderzoek is daarom om vast te stellen welke bepalingen zorgen voor een goede kwaliteit van corporate governance zodat deze in een corporate governance index kunnen worden opgenomen om deze kwaliteit te meten. Hierdoor kunnen de uitkomsten van onderzoeken beter met elkaar worden vergeleken.
Een ander zwak punt is het feit dat alleen ondernemingen zijn meegenomen die aan de Nederlandse beurs zijn genoteerd. Door ook ondernemingen in de populatie op te nemen die aan buitenlandse beurzen staan genoteerd kan worden gekeken of andere corporate governance codes een andere invloed hebben op de hoogte van de audit en non-audit fee. Toekomstig onderzoek zou zich op dit punt kunnen richten.
Ook de wijze waarop in de verschillende jaarverslagen de audit en non-audit fee wordt vermeld is een zwak punt van dit onderzoek. De toelichting die ondernemingen opnemen met betrekking tot de audit en non-audit fee verschilt per ondermening. De meeste ondernemingen houden het schema aan welke het Nivra heeft opgesteld (zie figuur 1), echter zijn er een aantal ondernemingen die de verdeling in de vier categorieën die het Nivra voorstelt niet aanhouden. Ook Langendijk (2011) en Van Offeren et al. (2010) geven aan dat het niet altijd helder is op welke wijze de overige accountantskosten worden bepaald en of kosten ook werkelijk betrekking
46 Corporate Governance, Audit en Non-Audit Fees
hebben op de controle van de jaarrekening. Een duidelijke definiëring door de onderneming van de verschillende soorten kosten zou de kwaliteit van toekomstig onderzoek kunnen verhogen.
47 Corporate Governance, Audit en Non-Audit Fees
11 Referenties
Abbott, L.J., Peters, G.F. & Raghunandan, K., (2003), ‘An Empirical Investigation of Audit Fees, Non-Audit Fees, and Audit Committees’, Contemporary Accounting Research, Vol. 20, No. 2, p215-234.
Abdel-khalik, A.R., (1990), ‘The Jointness of audit fees and demand for MAS: A Self-Selection Analysis’, Contemporary Accounting Research, Vol. 7, p295-322.
Aguilera, R. & Cuervo-Cazurra, A., (2009), ‘Codes of good governance’, Corporate governance: an international review, Vol. 17, p376–387.
Almazan, A. & Suarez, J., (2003), ‘Entrenchment and severance pay in optimal governance structures’, Journal of Finance, Vol. 58, p519–547.
Ananchotikul, N., (2007), ‘Does Foreign Direct Investment Really Improve Corporate Governance, working paper, verkrijgbaar via:
http://www.bot.or.th/Thai/EconomicConditions/Semina/MonthlyWorkshop/MonthlyWorkshop/J une51_CGpaperNasha.pdf .
Ashbaugh, H., (2004), ‘Ethical Issues related to te provision of audit and non-audit services: evidence from academic research’, Journal of Business Ethics, Vol. 52, p143-148.
Ashbaugh, H., LaFond R. & Mayhew B., (2003), ‘Do non-audit services compromise auditor independence? Further evidence’, The Accounting Review, Vol. 78, p611-639. Antle, R., Gordon E.A., Narayanamoorthy, G. & Zhou, L., (2006), ‘The joint determination of audit fees, non-audit fees and abnormal accruals’, Review of Quantitative Finance and Accounting, Vol. 27, p235-266.
Baber, W.R., Kang, S., Liang, L., & Zhu, Z., ‘Shareholder rights, corporate governance and accounting restatement’, Working paper, verkrijgbaar via SSRN:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=760324.
Beasley, M.S., (1996), “An empirical analysis of the relation between the board of director composition and financial statement fraud”, Accounting Review, Vol. 71 (October) p443-465. Bebchuk, L., Cohen, A., & Ferrell, A., (2009), ‘What matters in corporate governance?’, The Review of Financial Studies, Vol.22, p783–827.
Beck, P., Frecka, T. & Solomon, I., (1988), 'An Empirical Analysis of the Relationship between MAS Involvement and Auditor Tenure: Implications for Auditor Independence', Journal of Accounting Literature¸ Vol. 7, p65-84.
Bedard, J. & Paquette, S.M., (2008), ‘Perception of Auditor Independence, Audit Committee Characteristics, and Auditor Provision of Tax Services, SSRN Working Paper (Verkrijgbaar via SSRN: http://ssrn.com/abstract=1084099.
48 Corporate Governance, Audit en Non-Audit Fees
Beiner, S., Drobetz, W., Schmid, M. & Zimmerman H., (2006), ‘An integrated framework of corporate governance and firm valuation’, European Financial Management, Vol. 12, No.2, p249-283.
Bethel, J., Liebeskind J. & Opler T., (1998), “Block share purchases and corporate Performance,” Journal of Finance, Vol. 53, p605-634.
Bezemer, P.J., Maassen, G.F., van den Bosch, F. & Volberda, A.J., (2007), ‘Investigating the development of the internal and external service tasks of nonexecutive directors: the case of the Netherlands, 1997–2005’, Corporate governance: an international review, Vol. 15, p1119-1129. Bhagat, S., Bolton, B. & Romano, R., (2008), ‘The Promise and Peril of Corporate Governance Indices’, Columbia Law Review, Vol. 109, p803-1882.
Black, B., Jang, H. & Kim, W., (2006), ‘Does Corporate Governance predict firm’s market values? Evidence from Korea’, The Journal of Law, Economics and Organization, Vol. 22, No.2, p366-413.
Blumberg, B., Cooper, D.R. & Schindler, P.S., (2008), Business Research Methods, Berkshire: McGraw-Hill Higher Education.
Breij, E., (2009), ‘Accountantshonoraria in de Jaarrekening’, de Accountant, oktober 2009, p30-33.
Brickley, J.A., Lease, R.C., Clifford, W. & Smith, J., (1988), “Ownership structure and voting on antitakeover amendments”, Journal of Financial Economics, Vol. 20, p267-291.
Byard, D., Li, Y & Weintrop, J., (2006), ‘Corporate Governance and the Quality of Financial Analysts Information,’ Journal of Accounting and Public Policy, Vol. 25, No. 5, p609-625. Cadbury committee (1992). Financial aspects of corporate governance.
Carcello, J., Hermanson, D., Neal, T. & Riley Jr., R., (2002), ‘Board Characteristics and Audit Fees’, Contemporary Accounting Research, Vol. 9, No. 3 (Fall), p365-384.
Causholli, M., De Martinis, M., Hay, D. & Knechel, W.R., (2010), ‘Audit Markets, Fees and Production: Towards an Integrated View of Empirical Audit Research’, Journal of Accounting Literature, Vol. 29, p167-215.
Cheung, Y.L., Stouraitis, A. & Tan, W., (2010), ‘Does the quality of Corporate Governance affect firm valuation and risk? Evidence from a Corporate Governance Scorecard in Hong Kong’, International Review of Finance, Vol. 10, No.4, p403-432.
Choi, J.H., Kim, J.B., Liu, X. & Simunic, D.A., (2008), ‘Audit Pricing, Legal Liability Regimes, and Big 4 Premiums: Theory and Cross-country Evidence’, Contemporary Accounting Research, Vol. 25, No. 1, p55-99.
49 Corporate Governance, Audit en Non-Audit Fees
Cohen, J. & Hanno, D., (2000), ‘Auditors’ consideration of corporate governance and management control philosophy in preplanning and planning judgments’, Auditing: A Journal of Practice and Theory, (Fall), p133-146.
Commissie Peters, (1997), ‘Aanbevelingen Corporate Governance in Nederland;aanbevelingen voor goed bestuur, adequaat toezicht en het afleggen van verantwoording’, beschikbaar via
http://www.commissiecorporategovernance.nl/Commissie%20Peters.
Cyert, R., Kang, S., & Kumar, P., (2002), ‘Corporate governance, takeovers, and top management compensation: Theory and evidence’, Management Science, Vol. 49, p453–469. Dalton, D.R., Hitt, M.A., Certo, S.T. & Dalton, C.M., (2007) 'Chapter 1: The Fundamental Agency Problem and Its Mitigation', The Academy of Management Annals, Vol. 1, No. 1, p1-64. Davidson, W., Xie, N. & Xu, W., (2004), ‘Market Reaction to Voluntary Announcements of Audit Committee appointments: The Effect of Financial Expertise’, Journal of Accounting and Public Policy, Vol. 23, p279-293.
Dechow, P.M., Sloan R.G. & Sweeney A.P., (1996), ‘Causes and consequences of eamings manipulation: An analysis of firms subject to enforcement actions by the SEC’, Contemporary Accounting Research, Vol. 13 (1), p1-36.
DeAngelo, L., (1981), ‘Auditor independence, "low balling" and disclosure regulation’, Journal of Accounting and Economics, Vol. 3 (2), p113-127.
DeFond, M, Raghunandan, K. & Subramanyam, K.R., (2002), ‘Do Non-audit Service Fee simpair Auditor Independence? Evidence from going concern audit opinions’, Journal of Accounting Research, Vol. 40, p1247-1274.
De Jong, A. & Roosenboom, P.G.J. (2002). ‘Inventarisatie corporate governance bij Nederlandse beursondernemingen’, In Corporate governance in Nederland 2002: De stand van zaken. Nederlandse Corporate Governance Stichting.
Dennis D. & McConnell, J.J., (2003), “International Corporate Governance”, European Corporate Governance Institute.
European Corporate Governance Forum (ECGF), 2006, Statement on the comply-or-explain principle. Brussels: ECGF.
Eichenseher, J.W. & Shields, D., (1985), ‘Corporate director liability and monitoring references’, Journal of Accounting and Public Policy, Vol. 4, p13–31.
Eisenhardt, K., (1986), ‘Agency Theory: an Assesment and Review’, Academy of Management Review, Vol. 14, No. 1, p57-74.
Fama, E.F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, Vol. 88, p288-307.
50 Corporate Governance, Audit en Non-Audit Fees
Fama, E.F., Jensen, M.C., (1983a) ‘Separation of Ownership and Control’, Journal of Law and Economics, Jun83, Vol. 26 Issue 2, p301-326.
Fama, E.F., & Jensen, M.C. (1983b). Agency problems and residual claims. Journal of Law and Economics, Vol. 26, p327-349.
Francis, J., (1984), "The Effect of Audit Firm Size on Audit Prices: A Study of the Australian Market," Journal of Accounting and Economics Vol. 6 (2), p133-151. Gaynor, L.M., McDaniel, M.L.S. & Neal, T.L. (2006), ‘The Effects of Joint Provision and Disclosures of Non-Audit Services on Audit Committee Members’ Decisions and Investors’ Preferences’, The Accounting Review, Vol. 81, No. 4, p873-896.
Gillan, S.L., (2006), ‘Recent developments in corporate governance: An overview’, Journal of Corporate Finance, Vol. 12, p381–402.
Gist, W., (1994), ‘Empirical Evidence on the Effect of Audit Structure on Audit Pricing’ Auditing: A Journal of Practice & Theory, Vol. 13 (Fall): p25-40.
Gompers, P.A., Ishii, J.L. & Metrick, A., (2003), ‘Corporate governance and equity prices’, Quarterly Journal of Economics, Vol. 118, p107–155.
Goodwin-Stewart, J. & Kent, P,. (2006), ‘The relation between external audit fees, audit committee characteristics and internal audit’, Accounting and Finance, Vol. 46, p387–404.
Groenen, M. & Langendijk, H. (2004). ‘De determinanten van de hoogte van controlekosten in Nederland’, Maandblad voor Accountancy en Bedrijfseconomie, 4, p132-140.
Hackenbrack, K.E., & Knechel W.R., (1997), ‘Resource allocation decisions in audit Engagements’, Contemporary Accounting Research, Vol. 14 (3), p481-500.
Haxhi, I. & van Ees, H., (2010), ‘Explaining Diversity in the Worldwide Diffusion of Codes of Good Governance’, Journal of International Business Studies, Vol. 41, p710-726.
Hay, D., Knechel, W.R., & Wong, N., (2006a), ‘Audit Fees: A Meta-Analysis of the Effects of Supply and Demand Attributes’, Contemporary Accounting Research, Vol. 23, No. 1, p141-191. Hay, D., Knechel, W.R. & Li, V., (2006b), ‘Non-Audit Services and Auditor Independence New Zealand Evidence’, Journal of Business, Finance & Accounting, Vol. 33, Nos. 5 & 6, p715-734. Hay, D., Knechel, W.R. & Ling, H., (2008), ‘Evidence on the Impact of Internal Control and Corporate Governance on Audit Fees’, International Journal of Auditing , Vol. 12, p9–24.
Hillison, W. & Kenneley M., (1988), ‘The Economics of Non-audit Services’, Accounting Horizons, Vol. 2, p32-40.
51 Corporate Governance, Audit en Non-Audit Fees
Hooghiemstra, R., (2012), ‘What determines the informativeness of firms’ explanations for deviations from the Dutch corporate governance code?’, Accounting and Business Research, Vol. 42, No. 1, p1-27.
Hooghiemstra, R. & Van Manen, J., (2004), ‘Non-executive directors in the Netherlands: another expectations gap? Accounting and business research’, Vol. 34, p25–41.
Interview FD, 14-04-2012: http://fd.nl/economie-politiek/720930-1204/er-was-zelfs-bij-banken-draagvlak-voor-een-radicale-aanpak.-dat-is-snel-verdwenen.
Jensen, M. & Meckling, W., (1976). ‘Theory of the firm: managerial behavior, agency costs and ownership structure’, Journal of Financial Economics. Vol. 3, p305–360.
Jensen, M., & Ruback, R. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, Vol. 11,p 5-50.
King, T. & Carver, M., (1984), "CPA Advertising: How Successful Has It Been?" Financial Executive September, p 34-42.
Klapper, L. & Love, L., (2004), ‘Corporate Governance, investor protection and performance in ermerging markets’, Journal of Corporate Finance, Vol. 10, p703-728.
Knechel, W.R. & Willekens, M., (2006), ‘The Role of Risk Management and Governance in Determining Audit Demand’, Journal of Business Finance and Accounting, Vol. 33, p 1344-1367.
Krishnan, G., (2003), ‘Audit quality and the pricing of discretionary accruals’, Auditing: A Journal of Practice and Theory, Vol. 22, p109-126.
Krishnan, G.V. & Visvanathan, G., (2010), ‘Is there an association between Earnings Management and Auditor-Provided Tax Services?’, Journal of the American Taxation Association, Fall 2011, p111-136.
Krishnan, G.V. & Yu, W., (2011), ‘Further Evidence on Knowledge Spillover and the Joint Determination of Audit en Non-audit Fees’, Managerial Auditing Journal, Vol. 26, Issue 3, p230-247.
Langendijk, H., (1997), ‘The market for audit services in the Netherlands’, European Accounting Review, Vol 6, p 253-264.
Larcker, D., Richardson, S. & Tuna, I., (2004), ‘Does corporate governance really matter?’ Working paper, The Wharton School.
Majoor, B. & Kollenburg, J., (2011), Grondslagen van Auditing en Assurance, Groningen: Noordhoff Uitgevers.
52 Corporate Governance, Audit en Non-Audit Fees
Mande, V., Park, Y. & Son, M., (2012), ‘Equity or Debt Financing: Does Good Corporate Governance Matter’, Corporate Governance: An International Review, Vol. 20, p195-211.
Monitoring Commissie Corporate Governance Code (2008). De Nederlandse Corporate Governance code beschikbaar via http://www.commissiecorporategovernance.nl/.
NIVRA-wijzer 1, ‘Vermelding accountantshonorarium in de jaarrekening’, 13 februari 2009. Palmrose, Z.V. (1986a), ‘Audit fees and auditor size: Further evidence’, Journal of Accounting Research, Vol. 24 (4): p97-110.
Palmrose, Z.V., (1986b), ‘The Effect of Nonaudit Services on the Pricing of Audit Services, Journal of Accounting Research, Vol. 24, p405-411.
Parkinson, J.E., (1994), Corporate Power and Responsibility: Issues in th theory of company law, Clarendon Press.
Patel, A., Varma V.S. & Prasad, P., (2009), ‘Provision of Non-Audit Services, Low-Balling, Audit Tenure and Auditor Type’, ICFAI Journal of Audit Practice, Vol. 6, Issue 1, p62-70. Pearson, T. & Trompeter, G., (1994), ‘Competition in the market for audit services: The
effect of supplier concentration on audit fees’, Contemporary Accounting Research, Vol. 11, (1), p91-114.
Position Paper Eumedion, (2011), ‘Position Paper over de Invoering van de One-Tier Board Structuur’.
Quick, R. & Wiemann, D., (2011), ‘The Quality of Corporate Governance Reporting: Empirical Evidence from Germany’, Advances in Management, Vol. 4, Issue 8, p29-42.
Reid, G.C. (1999) The application of principal – agent methods to investor – investee relations in the UK venture capital industry, Venture Capital, 1(4), pp. 285 – 302.
Sachse, H., Ramanna, A., (2004), ‘Sweeping Changes to Dutch Corporate Governance’, International Financial Review, Guide to Corporate Governance, p51-53.
Seidl, D., (2006), ‘Regulating organisations through codes of corporate governance’, Working Paper No. 338, Centre for Business Research, University of Cambridge.
Simon, D.T, &. Francis, J.R. (1988), ‘The effects of auditor change on audit fees: Tests of price cutting and price recovery’, The Accounting Review, Vol. 63 (2): p255-269.
Simunic, D.A., (1980), ‘The Pricing of Audit Services: Theory and Evidence’, Journal of Accounting Research, Vol. 18, No. 1 (Spring), p161-189.
Simunic, D.A., (1984), ‘Auditing, Consulting and Auditor Independence’, Journal of Accounting Research, Vol. 22, p679-702.
53 Corporate Governance, Audit en Non-Audit Fees
Simunic, D. & Stein, M.T. (1996), ‘The impact of litigation risk on audit pricing: a review of the economics and the evidence’, Auditing: A Journal of Practice & Theory, Vol. 15 No. 2,
p145-149.
Smith, A. (1776), An Inquiry into the Nature and Causes of the Wealth of Nations, ed. by R. H. Campbell and A. S. Skinner, Oxford: Oxford University Press; Indianapolis: Liberty Fund, 1981. Stice, J.D., (1991), ‘Using financial and market information to identify pre-engagement factors associated with lawsuits against auditors, The Accounting Review, Vol. 66, p516-533.
Tabachnick, B. & Fidell L., (2001), Using Multivariate Statistics, Pearson Education (US)
Teoh, S., & Wong, T.J., (1984) ‘Perceived auditor quality and the earnings response coefficient’, The Accounting Review, Vol. 68, p346-366.
Tsui, J., Jaggi, B., & Gul, F., (2001), ‘CEO Determination, Growth Opportunities, and Their Impact on Audit Fees’, Journal of Accounting, Auditing and Finance, Vol. 16, p189-208.
Turley, S. & Zaman, M., (2004), ‘The Corporate Governance Effects of Audit Committees’, Journal of Management and Governance, Vol. 8, p305–332.
Van Ees, H., Postma, T.J.B.M. & Sterken, E. (2003), ’Board characteristics and corporate performance in The Netherlands’, Eastern Economic Journal, Vol. 29(1), p41-58.
Van Praag, C.M. & Cools K., (2007). ‘The Value Relevance of Top Executive Departures: Evidence from the Netherlands’, Journal of Corporate Finance, Vol.13, (5), p721-742.
Wahab, E., Zain, M, & James, K., (2011), ‘Political connections, corporate governance and audit fees in Malaysia’, Managerial Auditing Journal, Vol. 26, Issue 5, p393-418.
Wallace, W.A., (1984), ‘Internal auditors can cut outside CPA costs’, Harvard Business Review, Vol. 62, p16–20.
Watts R., & Zimmerman J., Positive Accounting Theory. Englewood Cliffs, NJ: Prentice Hall, 1986.
Werder, A. von, Talaulicar, T. & Kolat, G.L. (2005), ‘Compliance with the German Corporate Governance Code: An empirical analysis of the compliance statements by German listed companies’, Corporate Governance: An International Review, Vol. 13, p178–187.
Yatim, P., Kent, P., & Clarkson, P., (2006), ‘Governance structures, ethnicity, and audit fees of Malaysian listed firms’, Managerial Auditing Journal, Vol. 21, No. 7, p757-782.
Yu, F. (2008), ‘Analyst coverage and earnings management’, Journal of Financial Economics, Vol. 88, p245-271.
54 Corporate Governance, Audit en Non-Audit Fees
Zaman, M., Hudaib, M, Haniffa, R., (2011), ‘Corporate Governance Qaulity, Audit Fees and Non-Audit Services Fees’, Journal of Business Finance & Accounting, Vol. 38, p165-197.
Zattoni, A. & Cuomo, F., (2008), ‘Why adopt codes of good governance? A comparison of institutional and efficiency perspectives’, Corporate governance: an international review, Vol. 16, p1-15.