Concentration without differentiation: A new look at the determinants of audit market concentration

Rajib Doogar · Robert F. Easley

73 citations0/0 files storedJournal of Accounting and Economics

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Auditing, Earnings Management, Governance Merger and Competition Analysis Corporate Governance and Financial Management

Abstract

We show that a model of undifferentiated price competition closely predicts US audit market concentration. Contracting practices, client size distributions and differences in auditor productivity jointly determine audit firms' market shares. In contrast to prior literature, neither quality differences nor economies of scale for larger firms are necessary in our model to explain audit market concentration.

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References

1981Auditor size and audit quality 1980The Pricing of Audit Services: Theory and Evidence 1995Auditor brand name reputations and industry specializations 1984The effect of audit firm size on audit prices 1994The Production of Audit Services: Evidence from a Major Public Accounting Firm 1986The Effect of Nonaudit Services on the Pricing of Audit Services: Further Evidence 1993Audit effort, audit fees, and the provision of nonaudit services to audit clients 1990Determinants of Fee Cutting on Initial Audit Engagements

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2006Transnational regulation of professional services: Governance dynamics of field level organizational change 2019Regulatory Spillovers in Common Audit Markets 2013Competition in the Audit Market: Policy Implications 2011The Impact of the Big 4 Consolidation on Audit Market Share Equality 2018Labor Market Effects of Spatial Licensing Requirements: Evidence From CPA Mobility 2007

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