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Theimportance of disclsure standards and auditor discipline教程.pdf

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J. Account. Public Policy 30 (2011) 395–430 Contents lists available at ScienceDirect J. Account. Public Policy journal homepage: /locate/jaccpubpol The choice between private and public capital markets: The importance of disclosure standards and auditor discipline to countries divesting state-owned enterprises Omrane Guedhami a,⇑, Jeffrey A. Pittman b a University of South Carolina, Columbia, SC 29208, USA b Memorial University of Newfoundland, St. John’s, NL, Canada A1B 3X5 a b s t r a c t For a sample of 1866 privatizations from 37 countries, we estimate the impact of disclosure standards and legal institutions that disci- pline auditors on the method chosen to divest state-owned enter- prises. The agency conﬂict between minority and controlling shareholders can impede a government from privatizing by selling its stake to diffuse investors in the public capital market with a share-issue privatization (SIP) that typically generates important spillover economic beneﬁts, rather than an asset sale to a small group of buyers. However, prior research implies that accounting transparency plays a natural role in preventing controlling share-