How to cite this paper
Munisi, G. (2023). Ownership structure and audit fees: Evidence from Sub-Saharan Africa.Accounting, 9(1), 55-66.
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Adelopo I, Jallow K & Scott P (2012). Multiple large ownership structure, audit committee activity and audit fees: Evidence from the UK. Journal Applied Accounting Research, 13(2), 100-121. doi:10.1108/09675421211254821
Al-Janadi Y, Abdul Rahman R & Alazzani A (2016). Does government ownership affect corporate governance and corporate disclosure? Evidence from Saudi Arabia. Managerial Auditing Journal, 31(8/9), 871-890. doi:10.1108/MAJ-12-2015-1287
Barroso R, Ben Ali C & Lesage C (2018). Blockholders’ Ownership and Audit Fees: The Impact of the Corporate Governance Model. European Accounting Review, 27(1),149-172. doi:10.1080/09638180.2016.1243483
Bertrand M & Mullainathan S (2003). Enjoying the Quiet Life? Corporate Governance and Managerial Preferences. Journal of Political Economy, 111(5), 1043-1075. doi:10.1086/376950
Bozec R & Dia M (2017). Monitoring function of the board and audit fees: contingent upon ownership concentration. International Journal of Accounting & Information Management, 25(1), 70-90. doi:10.1108/IJAIM-05-2016-0054
Chow CW (1982). The Demand for External Auditing: Size, Debt and Ownership Influences. Accounting Review, 57(2), 272-291.
Connelly BL, Hoskisson RE, Tihanyi L & Certo, ST (2010). Ownership as a Form of Corporate Governance. Journal Management Studies, 47(8), 1561-1589. doi:https://doi.org/10.1111/j.1467-6486.2010.00929.x
Cormier D, Houle S & Ledoux MJ (2013). The incidence of earnings management on information asymmetry in an uncertain environment: Some Canadian evidence. Journal of International Accounting, Auditing and Taxation, 22(1), 26-38. doi:https://doi.org/10.1016/j.intaccaudtax.2013.02.002
Datta S, Jha A & Kulchania M (2020). On accounting’s twenty-first century challenge: evidence on the relation between intangible assets and audit fees. Review of Quantitative Finance and Accounting, 55(1), 123-162. doi:10.1007/s11156-019-00839-y
Fang Y, Hasan I, Leung WS & Wang Q (2019). Foreign ownership, bank information environments, and the international mobility of corporate governance. Journal of International Business Studies, 50(9), 1566-1593. doi:10.1057/s41267-019-00240-w
Gul FA, Chen CJP & Tsui JSL (2003). Discretionary Accounting Accruals, Managers' Incentives, and Audit Fees. Contemporary Accounting Research, 20(3), 441-464. doi:10.1506/686e-nf2j-73x6-g540
Gul FA, Lynn SG & Tsui JSL (2002). Audit Quality, Management Ownership, and the Informativeness of Accounting Earnings. Journal of Accounting, Auditing & Finance, 17(1), 25-49. doi:10.1177/0148558x0201700102
Hall CM, Hoffman BW & Liu Z (2020). Ownership structure and auditor selection. Managerial Auditing Journal, 35(8), 1121-1142. doi:10.1108/MAJ-07-2019-236
Hay D (2013). Further Evidence from Meta-Analysis of Audit Fee Research. International Journal of Auditing, 17(2), 162-176. doi:10.1111/j.1099-1123.2012.00462.x
Hay D, Knechel WR & Ling H (2008). Evidence on the Impact of Internal Control and Corporate Governance on Audit Fees. International Journal of Auditing, 12(1), 9-24. doi:https://doi.org/10.1111/j.1099-1123.2008.00367.x
He X, Rui O, Zheng L & Zhu H (2014). Foreign ownership and auditor choice. Journal of Accounting and Public Policy, 33(4), 401-418. doi:https://doi.org/10.1016/j.jaccpubpol.2014.04.002
IFAC (2014a). International Auditing and Assurance Standards Board-Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements International Standard on Auditing 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing. International Federation of Accountants, New York, 74-102
IFAC (2014b). International Auditing and Assurance Standards Board-Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements International Standard on Auditing 700 Forming an Opinion and Reporting on Financial Statements. International Federation of Accountants, New York, 680-708
Jensen MC (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48(3), 831-880. doi:https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
Jensen MC & Meckling WH (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. doi:https://doi.org/10.1016/0304-405X(76)90026-X
Johanson J & Vahlne JE (2009). The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of International Business Studies, 40(9), 1411-1431. doi:10.1057/jibs.2009.24
Kaufmann D, Kraay A & Mastruzzi M (2011). The Worldwide Governance Indicators: Methodology and Analytical Issues. Hague Journal on the Rule of Law, 3(2), 220-246. doi:10.1017/S1876404511200046
Khan AR, Hossain DM & Siddiqui J (2011). Corporate ownership concentration and audit fees: The case of an emerging economy. Advances in Accounting, 27(1), 125-131. doi:https://doi.org/10.1016/j.adiac.2011.04.007
Liang S, Qi X, Xin F & Zhan J (2020). Pyramidal Ownership Structure and Firms’ Audit Fees. Emerging Markets Finance and Trade, 1-31. doi:10.1080/1540496X.2019.1706479
Lin ZJ & Liu M (2013). The Effects of Managerial Shareholding on Audit Fees: Evidence from Hong Kong. International Journal of Auditing, 17(3), 227-245. doi:https://doi.org/10.1111/ijau.12000
Lobanova O, Mishra S, Raghunandan K & Aidov A (2020). Dual–class ownership structure and audit fees. International Journal of Auditing, 24(1), 163-176. doi:10.1111/ijau.12185
Mitra S, Hossain M & Deis DR. (2007). The empirical relationship between ownership characteristics and audit fees. Review of Quantitative Finance and Accounting, 28(3), 257-285.
Munisi G, Hermes N & Randøy T (2014). Corporate boards and ownership structure: Evidence from Sub-Saharan Africa. International Business Review, 23(4), 785-796.
Munisi G & Randøy T (2013). Corporate governance and company performance across Sub-Saharan African countries. Journal of Economics and Business, 70, 92-110. doi:https://doi.org/10.1016/j.jeconbus.2013.08.003
Nelson SP & Mohamed-Rusdi NF (2015). Ownership structures influence on audit fee. Journal of Accounting in Emerging Economies, 5(4), 457-478. doi:10.1108/JAEE-05-2013-0027
Nikkinen J & Sahlström P (2004). Does Agency Theory Provide a General Framework for Audit Pricing? International Journal of Auditing, 8(3), 253-262. doi:10.1111/j.1099-1123.2004.00094.x
Shailer G & Wang K (2015). Government ownership and the cost of debt for Chinese listed corporations. Emerging Markets Review, 22, 1-17. doi:https://doi.org/10.1016/j.ememar.2014.11.002
Shan YG (2013). Can Internal Governance Mechanisms Prevent Asset Appropriation? Examination of Type I Tunneling in China. Corporate Governance: An International Review, 21(3), 225-241. doi:https://doi.org/10.1111/corg.12022
Shan YG, Troshani I & Tarca A (2019). Managerial ownership, audit firm size, and audit fees: Australian evidence. Journal of International Accounting, Auditing and Taxation, 35, 18-36. doi:https://doi.org/10.1016/j.intaccaudtax.2019.05.002
Shleifer A & Vishny RW (1986). Large Shareholders and Corporate Control. Journal of Political Economy, 94(3, Part 1), 461-488. doi:10.1086/261385
Shleifer A & Vishny RW (1997). A Survey of Corporate Governance. The Journal of Finance, 52(2), 737-783. doi:https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Stevens CE & Makarius EE (2015). Overcoming Information Asymmetry in Foreign Entry Strategy: The Impact of Reputation. Global Strategy Journal, 5(3), 256-272. doi:https://doi.org/10.1002/gsj.1099
Tinaikar S (2014). Voluntary disclosure and ownership structure: an analysis of dual class firms. Journal of Management & Governance, 18(2), 373-417. doi:10.1007/s10997-012-9229-2
Tinaikar S (2017). Executive compensation disclosure and private control benefits: A comparison of U.S. and Canadian dual class firms. Journal of International Accounting, Auditing and Taxation, 29, 32-51. doi:https://doi.org/10.1016/j.intaccaudtax.2017.03.001
Tran QT (2020). Foreign ownership and investment efficiency: new evidence from an emerging market. International Journal of Emerging Markets, 15(6), 1185-1199. doi:10.1108/IJOEM-07-2019-0573
Waweru, N. (2020). Business ethics disclosure and corporate governance in Sub-Saharan Africa (SSA). International Journal of Accounting & Information Management, 28(2), 363-387.
Walsh JP & Seward JK (1990). On the Efficiency of Internal and External Corporate Control Mechanisms. Academy of Management Review, 15(3), 421-458. doi:10.5465/amr.1990.4308826
Widmann M, Follert F & Wolz M (2020). What is it going to cost? Empirical evidence from a systematic literature review of audit fee determinants. Management Review Quarterly. doi:10.1007/s11301-020-00190-w
Xu LC, Zhu T & Lin YM (2005). Politician control, agency problems and ownership reform. Economics of Transition and Institutional Change, 13(1), 1-24. doi:https://doi.org/10.1111/j.1468-0351.2005.00205.x
Young MN, Peng MW, Ahlstrom D, Bruton GD & Jiang Y. (2008). Corporate Governance in Emerging Economies: A Review of the Principal–Principal Perspective. Journal of Management Studies, 45(1), 196-220. doi:https://doi.org/10.1111/j.1467-6486.2007.00752.x
Al-Janadi Y, Abdul Rahman R & Alazzani A (2016). Does government ownership affect corporate governance and corporate disclosure? Evidence from Saudi Arabia. Managerial Auditing Journal, 31(8/9), 871-890. doi:10.1108/MAJ-12-2015-1287
Barroso R, Ben Ali C & Lesage C (2018). Blockholders’ Ownership and Audit Fees: The Impact of the Corporate Governance Model. European Accounting Review, 27(1),149-172. doi:10.1080/09638180.2016.1243483
Bertrand M & Mullainathan S (2003). Enjoying the Quiet Life? Corporate Governance and Managerial Preferences. Journal of Political Economy, 111(5), 1043-1075. doi:10.1086/376950
Bozec R & Dia M (2017). Monitoring function of the board and audit fees: contingent upon ownership concentration. International Journal of Accounting & Information Management, 25(1), 70-90. doi:10.1108/IJAIM-05-2016-0054
Chow CW (1982). The Demand for External Auditing: Size, Debt and Ownership Influences. Accounting Review, 57(2), 272-291.
Connelly BL, Hoskisson RE, Tihanyi L & Certo, ST (2010). Ownership as a Form of Corporate Governance. Journal Management Studies, 47(8), 1561-1589. doi:https://doi.org/10.1111/j.1467-6486.2010.00929.x
Cormier D, Houle S & Ledoux MJ (2013). The incidence of earnings management on information asymmetry in an uncertain environment: Some Canadian evidence. Journal of International Accounting, Auditing and Taxation, 22(1), 26-38. doi:https://doi.org/10.1016/j.intaccaudtax.2013.02.002
Datta S, Jha A & Kulchania M (2020). On accounting’s twenty-first century challenge: evidence on the relation between intangible assets and audit fees. Review of Quantitative Finance and Accounting, 55(1), 123-162. doi:10.1007/s11156-019-00839-y
Fang Y, Hasan I, Leung WS & Wang Q (2019). Foreign ownership, bank information environments, and the international mobility of corporate governance. Journal of International Business Studies, 50(9), 1566-1593. doi:10.1057/s41267-019-00240-w
Gul FA, Chen CJP & Tsui JSL (2003). Discretionary Accounting Accruals, Managers' Incentives, and Audit Fees. Contemporary Accounting Research, 20(3), 441-464. doi:10.1506/686e-nf2j-73x6-g540
Gul FA, Lynn SG & Tsui JSL (2002). Audit Quality, Management Ownership, and the Informativeness of Accounting Earnings. Journal of Accounting, Auditing & Finance, 17(1), 25-49. doi:10.1177/0148558x0201700102
Hall CM, Hoffman BW & Liu Z (2020). Ownership structure and auditor selection. Managerial Auditing Journal, 35(8), 1121-1142. doi:10.1108/MAJ-07-2019-236
Hay D (2013). Further Evidence from Meta-Analysis of Audit Fee Research. International Journal of Auditing, 17(2), 162-176. doi:10.1111/j.1099-1123.2012.00462.x
Hay D, Knechel WR & Ling H (2008). Evidence on the Impact of Internal Control and Corporate Governance on Audit Fees. International Journal of Auditing, 12(1), 9-24. doi:https://doi.org/10.1111/j.1099-1123.2008.00367.x
He X, Rui O, Zheng L & Zhu H (2014). Foreign ownership and auditor choice. Journal of Accounting and Public Policy, 33(4), 401-418. doi:https://doi.org/10.1016/j.jaccpubpol.2014.04.002
IFAC (2014a). International Auditing and Assurance Standards Board-Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements International Standard on Auditing 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing. International Federation of Accountants, New York, 74-102
IFAC (2014b). International Auditing and Assurance Standards Board-Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements International Standard on Auditing 700 Forming an Opinion and Reporting on Financial Statements. International Federation of Accountants, New York, 680-708
Jensen MC (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48(3), 831-880. doi:https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
Jensen MC & Meckling WH (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. doi:https://doi.org/10.1016/0304-405X(76)90026-X
Johanson J & Vahlne JE (2009). The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of International Business Studies, 40(9), 1411-1431. doi:10.1057/jibs.2009.24
Kaufmann D, Kraay A & Mastruzzi M (2011). The Worldwide Governance Indicators: Methodology and Analytical Issues. Hague Journal on the Rule of Law, 3(2), 220-246. doi:10.1017/S1876404511200046
Khan AR, Hossain DM & Siddiqui J (2011). Corporate ownership concentration and audit fees: The case of an emerging economy. Advances in Accounting, 27(1), 125-131. doi:https://doi.org/10.1016/j.adiac.2011.04.007
Liang S, Qi X, Xin F & Zhan J (2020). Pyramidal Ownership Structure and Firms’ Audit Fees. Emerging Markets Finance and Trade, 1-31. doi:10.1080/1540496X.2019.1706479
Lin ZJ & Liu M (2013). The Effects of Managerial Shareholding on Audit Fees: Evidence from Hong Kong. International Journal of Auditing, 17(3), 227-245. doi:https://doi.org/10.1111/ijau.12000
Lobanova O, Mishra S, Raghunandan K & Aidov A (2020). Dual–class ownership structure and audit fees. International Journal of Auditing, 24(1), 163-176. doi:10.1111/ijau.12185
Mitra S, Hossain M & Deis DR. (2007). The empirical relationship between ownership characteristics and audit fees. Review of Quantitative Finance and Accounting, 28(3), 257-285.
Munisi G, Hermes N & Randøy T (2014). Corporate boards and ownership structure: Evidence from Sub-Saharan Africa. International Business Review, 23(4), 785-796.
Munisi G & Randøy T (2013). Corporate governance and company performance across Sub-Saharan African countries. Journal of Economics and Business, 70, 92-110. doi:https://doi.org/10.1016/j.jeconbus.2013.08.003
Nelson SP & Mohamed-Rusdi NF (2015). Ownership structures influence on audit fee. Journal of Accounting in Emerging Economies, 5(4), 457-478. doi:10.1108/JAEE-05-2013-0027
Nikkinen J & Sahlström P (2004). Does Agency Theory Provide a General Framework for Audit Pricing? International Journal of Auditing, 8(3), 253-262. doi:10.1111/j.1099-1123.2004.00094.x
Shailer G & Wang K (2015). Government ownership and the cost of debt for Chinese listed corporations. Emerging Markets Review, 22, 1-17. doi:https://doi.org/10.1016/j.ememar.2014.11.002
Shan YG (2013). Can Internal Governance Mechanisms Prevent Asset Appropriation? Examination of Type I Tunneling in China. Corporate Governance: An International Review, 21(3), 225-241. doi:https://doi.org/10.1111/corg.12022
Shan YG, Troshani I & Tarca A (2019). Managerial ownership, audit firm size, and audit fees: Australian evidence. Journal of International Accounting, Auditing and Taxation, 35, 18-36. doi:https://doi.org/10.1016/j.intaccaudtax.2019.05.002
Shleifer A & Vishny RW (1986). Large Shareholders and Corporate Control. Journal of Political Economy, 94(3, Part 1), 461-488. doi:10.1086/261385
Shleifer A & Vishny RW (1997). A Survey of Corporate Governance. The Journal of Finance, 52(2), 737-783. doi:https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Stevens CE & Makarius EE (2015). Overcoming Information Asymmetry in Foreign Entry Strategy: The Impact of Reputation. Global Strategy Journal, 5(3), 256-272. doi:https://doi.org/10.1002/gsj.1099
Tinaikar S (2014). Voluntary disclosure and ownership structure: an analysis of dual class firms. Journal of Management & Governance, 18(2), 373-417. doi:10.1007/s10997-012-9229-2
Tinaikar S (2017). Executive compensation disclosure and private control benefits: A comparison of U.S. and Canadian dual class firms. Journal of International Accounting, Auditing and Taxation, 29, 32-51. doi:https://doi.org/10.1016/j.intaccaudtax.2017.03.001
Tran QT (2020). Foreign ownership and investment efficiency: new evidence from an emerging market. International Journal of Emerging Markets, 15(6), 1185-1199. doi:10.1108/IJOEM-07-2019-0573
Waweru, N. (2020). Business ethics disclosure and corporate governance in Sub-Saharan Africa (SSA). International Journal of Accounting & Information Management, 28(2), 363-387.
Walsh JP & Seward JK (1990). On the Efficiency of Internal and External Corporate Control Mechanisms. Academy of Management Review, 15(3), 421-458. doi:10.5465/amr.1990.4308826
Widmann M, Follert F & Wolz M (2020). What is it going to cost? Empirical evidence from a systematic literature review of audit fee determinants. Management Review Quarterly. doi:10.1007/s11301-020-00190-w
Xu LC, Zhu T & Lin YM (2005). Politician control, agency problems and ownership reform. Economics of Transition and Institutional Change, 13(1), 1-24. doi:https://doi.org/10.1111/j.1468-0351.2005.00205.x
Young MN, Peng MW, Ahlstrom D, Bruton GD & Jiang Y. (2008). Corporate Governance in Emerging Economies: A Review of the Principal–Principal Perspective. Journal of Management Studies, 45(1), 196-220. doi:https://doi.org/10.1111/j.1467-6486.2007.00752.x