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Factores determinantes de la independencia de la comisión de auditoría
Estíbaliz Biedma López and Emiliano Ruiz Barbadillo and Félix J. López Iturriaga and Mauricio Jara Bertín |
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The Law of Reform of the Spanish Financial System (Ley de Medidas de Reforma del Sistema Financiero) in 2002 forced the quoted firms to create an auditing committee from the board of directors. This committee had not been mandatory up to then. Consequently, Spain is an interesting framework to study the reasons for the voluntary creation of auditing committees and the independence of the committee. We analyse the factors determining the independence of the committee and we study to which extent the auditing committee works as a complementary vs. substitutive mechanism of corporate governance. Our results show that the size of the board, the independence of the board and the duality of CEO and president of the board are positively related to the independence of the committee. On the contrary, the managerial ownership affects negatively the independence of the committee. Taken together our results suggest that the auditing committee works simultaneously as a complementary and substitute mechanism.
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