Phản ứng của thị trường trước báo cáo kiểm toán có điều chỉnh: Bằng chứng thực nghiệm tại Việt Nam
DOI:
https://doi.org/10.24311/jabes/2017.28.6.910Keywords:
Audit reports, Modified audit opinions, Emphasis of matter paragraph, Abnormal return, Event study methodologyAbstract
The purpose of this research, which adopts the theory of the efficient capital market and event study methodology, is to examine investors’ reaction to modified audit reports among Vietnamese listed companies in HOSE and HNX during the period of 2012–2015. Investors' reaction is measured by abnormal return along with the employment of t-test. The results point out a lack of statistically significant impact of modified audit reports on abnormal return during seven days of the test period. However, one day after the announcement of the auditors' report there exists a negative association between modified audit reports and abnormal return, which indicates the inefficiency of the Vietnam’s capital market. It is, therefore, necessary to make financial statement users understand the true meaning of the modified audit report as significant supplementary information to their subsequent decisions.
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