Numerous capital market studies have investigated the stock market's reaction to firms switching to and from brand name auditors (Big 8/6/5/4 auditors). However, audit firm brand name is only one possible indication of the quality of an auditor. This study contributes to the existing literature on auditor switching, by examining how the market reacts to auditor switches to or from audit firms that are considered to be industry specialists. Consistent with our hypotheses, we find that firms switching between Big 4 auditors experience significant positive abnormal returns when the successor auditor is an industry specialist, and they experience significant negative abnormal returns when the successor auditor is not a specialist. We also find that these market reactions are more likely to be due to changes in perceived audit quality rather than differential costs of using specialist auditors. In supplemental analysis of switches involving non-Big 4 auditors, we find that firms that switch from a specialist Big 4 auditor to a non-Big 4 auditor suffer the largest negative market reaction. Surprisingly, we also observe that the market reacts most positively when a company switches from a non-Big 4 auditor to a Big 4 auditor who is not a specialist. These results suggest that the market does perceive audit quality differences based on industry specialization to be relevant to the valuation of a company's market value.
PurposeThis paper aims to contribute to the growing body of empirical evaluations of subjective wellbeing by assessing the impact of basic cultural values and beliefs on job satisfaction across 20 countries in Eastern and Western Europe.Design/methodology/approachBasic cultural values and beliefs are defined by reference to traditional vs secular values and survival vs self‐expression values, respectively. Data derived from the European Values Study 1999/2000 are utilised, which provide detailed information not only on job satisfaction and socio‐demographic characteristics, but also on individuals' subjective views on religion, family values, work, child‐parent ties, political engagement, tolerance and interpersonal trust. Ordered probit regressions are performed to determine the significance of these characteristics, values and beliefs on job satisfaction.FindingsThe study highlights the strong influence of a society's broad cultural heritage on individuals' wellbeing at work. This raises questions about the impetus for numerous motivational interventions by managers and consultants. Traditional cultural values exhibit a strong influence on workers' job satisfaction in Western Europe. Interpersonal trust serves as a particularly strong predictor of job satisfaction for both Eastern and Western Europe, and for both male and female workers. The main difference between Eastern and Western Europe is driven primarily by the importance of family and religion.Originality/valueIn previous studies, job satisfaction has been strongly associated with measures of organisational culture. In contrast, the broad cultural heritage of a society as measured by its basic value and belief system has not figured prominently in this literature. This paper adds value by contributing to this fledgling field of empirical research.
ObjectivesTo assess and compare patient perceived quality of osteoarthritis (OA) management in primary healthcare in Denmark, Norway, Portugal and the UK.MethodsParticipants consulting with clinical signs and symptoms of knee OA were identified in 30 general practices and invited to complete a cross-sectional survey including quality indicators (QI) for OA care. A QI was considered as eligible if the participant had checked ‘Yes’ or ‘No’, and as achieved if the participant had checked ‘Yes’ to the indicator. The median percentage (with IQR and range) of eligible QIs achieved by country was determined and compared in negative binominal regression analysis. Achievement of individual QIs by country was determined and compared using logistic regression analyses.ResultsA total of 354 participants self-reported QI achievement. The median percentage of eligible QIs achieved (checked ‘Yes’) was 48% (IQR 28%, 64%; range 0–100%) for the total sample with relatively similar medians across three of four countries. Achievement rates on individual QIs showed a large variation ranging from 11% (referral to services for losing weight) to 67% (information about the importance of exercise) with significant differences in achievement rates between the countries.ConclusionsThe results indicated a potential for improvement in OA care in all four countries, but for somewhat different aspects of OA care. By exploring these differences and comparing healthcare services, ideas may be generated on how the quality might be improved across nations. Larger studies are needed to confirm and further explore the findings.
Purpose – The purpose of this paper is to empirically examine the role of perceived ability to participate in decision making in the workplace, with respect to job satisfaction. Design/methodology/approach – Data from the fourth wave of the European Value Survey, is utilised, and a bivariate probit model is employed to account for unobserved heterogeneity. Findings – Empirical analysis comparing univariate and bivariate probit models reveals that the results from the former are negatively biased; potentially indicating that prior research may have underestimated the impact of participative decision making (PDM) on job satisfaction. Additionally, it appears clear that the magnitude of the marginal effects for both socio-demographic and work characteristics do not differ when comparing workers with above and below average participation. More importantly, the authors find a substantial negative marginal effect of below average participation on job satisfaction (close to three times the magnitude of the next largest marginal effect estimated in the model), indicating how crucial it is for employers to actively pursue programmes that enhance PDM. Originality/value – This study contributes to the growing literature aimed at understanding drivers of satisfaction in the workplace. Adding to the scant empirical investigation of the influence of PDM on job satisfaction, the authors find strong evidence of a direct and positive impact, which is further amplified after controlling for unobserved heterogeneity.
If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services. AbstractPurpose -The purpose of this paper is to model the link between political participation and life satisfaction whilst correcting for the endogenous nature of the relationship; explore the impact of different strengths of political participation and aim to uncover if the relationship displays different patterns by gender. Design/methodology/approach -The data originate from the 2006/2007 European Social Survey. The analysis spanned across a pooled data set for 20 European countries. Three alternative empirical frameworks were trialled: an ordered probit regression, a linear regression model and a two-step, simultaneous treatment effect model to address endogeneity concerns. Findings -Following the correction for endogeneity via two-step, simultaneous treatment regressions, political participation -and specifically strong political engagement -displays a robust, statistically significant, strong and positive impact on life satisfaction. It was deduced that actual political participation, and not merely the right to participate in the political process, is a source of procedural utility.Research limitations/implications -The cross-sectional nature of the data imposes design limitations to examining trends and changes over time. It follows that the analysis cannot rely on fixed-effect estimations to control for time-invariant factors. Originality/value -Once the results are corrected for endogeneity, the empirical results reveal that the effect of actual political participation on life satisfaction not only matters, but also as the strength of political engagement grows it matters even more. Findings hold true even when a multitude of socio-demographic characteristics are controlled for. These are important results for researchers and policy makers who are concerned about the happiness of people in democratic societies.
There is significant research demonstrating the labour market disadvantage experienced by the disabled community. Yet, relationships between wider ill-health concepts and employment are poorly investigated. This article presents an empirical investigation into the impacts of poor mental and physical health on the propensity to be employed. The results indicate that activitylimiting physical health and accomplishment-limiting mental health issues significantly affect the propensity to be employed. Further investigations reveal the significance of an interacted variable that captures the multiplicative effect of both physical and mental health, illustrating that the combined effect of both health domains can be more influential than separate pathways. Additional empirical analysis highlights gender and ethnicity divides. It is also found that mental health is mostly exogenous to employment propensity. This research provides evidence that mental and physical health related issues can lead to economic exclusion.
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