Regulatory requirements to adopt IFRS and to disclose audit fees make it possible to examine association between audit fees and proportion of fair-valued assets among firms in Taiwan. A voluntary choice of adding audit committee in the firm for monitoring purpose also helps to examine the association further. Empirical results indicate that lower audit fees is related to higher proportion of (Level 2) fair-valued assets, a finding consistent to Goncharov et al.'s (2014) suggestion that firms pay lower audit fees with fair-value model than with cost model. Insignificant association is found for proportion of Level 3 fair-valued assets, which is similar to Glover et al. 's (2014) suggestion that firm's reluctant attitude in adopting Level 3 assets. Last of all, when audit committee is added, firm's audit fees is negatively associated with Level 1 and 2 fair-valued assets, implying audit committee's role of monitoring and further reducing audit risk and audit fees among Taiwanese firms.
The government in emerging economies often moves firstly in issuing regulations to push the firms follow some social commitments. Natural resource-based firms in Indonesia are the first movers to be required for mandatory CSR disclosure. This study explores how the efficiency of those firms was affected under such the regulations. The sample includes Indonesian firms listed on the Indonesia stock exchange in 2009–2019, and the data is analysed by data envelopment analysis and difference-in-differences method with 506 treatment and 2,536 control firm-year observations. The results express the positive impact of mandatory CSR disclosure on firm efficiency. This study also suggests the policy makers to provide clear standards in regulations, and consider expanding the applicable objects. Managers should utilize this regulation as an effective tool to develop and manage the companies’ annual plan, and improve firm performance.
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