The Voluntary Choice of an Auditor of Any Level of Quality

By D. Hay, D. Davis. 2004

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The impact of corporate governance on auditor choice: Evidence from China (2009, background): “Several prior studies documented that firms with high agency costs are inclined to choose a high-quality auditor to improve their corporate governance and alleviate the potential agency problems (Fan & Wong, 2005; Hay & Davis, 2004).”
Non-audit Services and Audit Quality: Evidence from Private Firms (2013, background): “Studies have found that a firm’s choice of voluntary auditing is positively associated with the proportion of debt (Chow, 1982; Carey et al., 2000; Senkow et al., 2001; Hay and Davis, 2004), and that audited firms receive lower interest rates than unaudited firms (Blackwell et al., 1998).”
Determinants of Auditor Choice: Evidence from a Small Client Market (2008, unknown): “examination of a specific small-client market, Hay and Davis (2004) were able to find”
Audit Markets, Fees and Production: Towards an Integrated View of Empirical Audit Research (2011, unknown): “[2004] using a narrative approach and by Hay et al. [2006a] using meta analysis.”
The Demand for Audit in Private Firms: Recent Large-Sample Evidence from the UK (2014, unknown): “The Companies Act of 1967 therefore abolished the category of exempt private companies, allowing some sizebased disclosure exemptions (Dedman and Lennox, 2009), but returning to the requirement that all limited liability companies annually submit financial accounts which had been audited by an…”