Audit Committee Independence and Disclosure: Choice for Financially Distressed Firms

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Audit committee characteristics and firm performance during the global financial crisis (2012, unknown): “…firm performance during the GFC. Consistent with prior research, we estimate a logit model to indentify the AC characteristics that discriminate between low and high firm performance after the exogenous shock of the GFC (Abbott et al. 2004; Beasley 1996; Carcello and Neal 2003a; Klein 2002b).”
Audit Committees and Financial Reporting Quality in Singapore (2015, background): “Carcello and Neal (2003) examine disclosure practice of a sample of 138 publicly held manufacturing companies experiencing financial distress during 1994 in the US.”
Disclosure on Corporate Governance in the European Union (2008, background): “…(Klein, 2002b; Peasnell, Pope and Young, 2005), restatements (Abbott, Parker and Peters, 2004), disclosure (Carcello, Hermanson and Neal, 2003; Carcello and Neal, 2003b; Ajinkya, Bhojraj and Sengupta, 2005), auditor reporting (Carcello and Neal, 2000), auditor changes (Carcello and Neal,…”
The Impact of Audit Committee Financial Expertise on Management Discussion and Analysis (MD&A) Tone (2019, background): “Carcello and Neal (2003) find that audit committee independence constrains financially distressed firms from providing optimistic disclosures in the MD&A section. Keinath and Walo (2008) document that the proportion of audit committees that review and discuss the MD&A section increased from 8% to 50”