The aim of this paper is to examine the impact of legal creation of audit committees on financial firm performance. Precisely, we examine the impact of the establishment of audit committee, following the enactment of Ordinance No. 2008-1278, on financial firm market performance. Moreover, we investigate whether the audit committee characteristics such as independence of the members of the audit committees, the size; the accounting and financial expertise of the committee members as well as the frequency of audit committee meetings determine financial performance.We choose two measures for performance namely ROE and ROA. We conduct a panel study for a sample of 100 French companies listed on the Paris Stock Exchange from 2007 to 2015.The results show that the appearance of a legal text pushes the establishment of the committee but has no significant effect on the company's performance. This can be explained by the strong voluntary adoption of the audit committee following the publication of the Vié not Reports (Saada, 1998).
This paper investigates the impact of directors' political experience, acquired on the financial performance of listed companies, after the Tunisian revolution of 2011. We also emphasize the directors' strategic experience, and the board of directors' demographic and structural characteristics. Our data are based on a sample of 22 Tunisian companies listed on the Tunisian stock exchange during the period 2012 to 2018. This period is characterized by a high corruption. We use two different regression models to examine the impact of the directors' political experience on the firm's performance. Especially, two measures of the financial performance, namely the ROE and the Tobin's Q are considered. The results show that political experience is insignificant when considering the ROE while it has a negative impact on performance when it is measured by the Tobin's Q. Nevertheless, strategic experience, the presence of women and the frequency of meetings moderate this negative impact and increase performance.
L’objectif de la présente étude est d’analyser l’implication des auditeurs internes dans le processus de management des risques. Pour ce, une étude exploratoire comparative inspirée de la théorie ancrée a été mise en évidence en se basant sur vingt entretiens semi-directifs adressés à des auditeurs internes Tunisiens et Français opérant dans des sociétés cotées. Les résultats montrent que l’implication de l’auditeur interne dans la gestion des risques dépend de la structure de gouvernance, de la culture organisationnelle des auditeurs et de l’évolution de la profession d’audit dans chaque pays. L’intérêt de ce papier est donc d’explorer l’intervention de l’audit interne dans les risques, dans un contexte émergent d’un côté et dans un contexte plus développé d’un autre, afin de dresser une typologie des interventions.
The purpose of this study was to investigate the effect of cultural and environmental factors on the decision of adoption of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in MENA countries. Precisely, we empirically diagnosed the impact of culture, the origin of the legal system, economic growth, the presence of National Shariah Council and the political freedom on the adoption of AAOIFI. Data from 44 countries belonging to the MENA region was used and compared between 26 countries adopting the standards of AAOIFI and 18 not adopting during the period 2007-2017. The paper used a Logit regression analysis to model the binary decision to adopt the AAOIFI or not. Additionally, neural networks were performed to test the robustness of the results of the logistic regression. We found that all macroeconomic factors affected the decision of adoption. Furthermore, the neuronal model showed that the level of education and the political freedom were the most important factors influencing the adoption of AAOIFI. Keywords: AAOIFI standards, culture, legal origins of law, political freedom, economic growth, logistic regression, neuronal networks.
The global independence of the external auditor is decomposed into real and perceived independence. The aim of this article is to analyze the factors enhancing the global independence of the Tunisian auditor by classifying them as factors related to the auditor, the auditing firm and the audited company. In one hand, our results shows that training, sector specialization and the audit committee reinforce real and perceived auditor’s independence. In fact, the auditor with a higher degree of education is enables to issue an unbiased audit report. The sector specialization guarantees the auditor's ability to be rigorous and independent during the audit assignment. The audit committee which has a legitimate and informative power limits any pressure on auditor’s independence. In addition, the audit tenure has a negative effect on the perceived independence and the voluntary rotation decreases the real independence because managerial pressures can force the auditor to give a favorable opinion on the financial statements and the rotation can affects the auditor's perception of his future fees. We can therefore conclude that achieving a global independence of the auditor is a difficult task because of the ambiguity of the assessment of the real independence of the Tunisian auditor.
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