Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/23714
Title: Are non-audit services associated with firm value? Evidence from financial information system-related services
Authors: Lai, KW 
Krishnan, GV
Keywords: Big Five auditors
Capital markets
Financial information system
Non-audit services, Economic bond
Issue Date: 2009
Publisher: Wiley-Blackwell
Source: Accounting and finance, 2009, v. 49, no. 3, p. 599-617 How to cite?
Journal: Accounting and finance 
Abstract: The purchase of non-audit services from incumbent auditors has generated considerable attention. Surprisingly, limited empirical evidence exists on the association of non-audit services with firm value. Focusing on services related to financial information system (FIS), we find that the market value of equity is greater for firms that purchase FIS-related services from their incumbent auditors relative to firms that do not. The levels of FIS fees are also positively related to firm value after controlling for total other fees, or total other non-audit fees. Hence, despite the negative perception associated with non-audit services, investors regard FIS-related services as value-adding activities.
URI: http://hdl.handle.net/10397/23714
ISSN: 0810-5391
EISSN: 1467-629X
DOI: 10.1111/j.1467-629X.2009.00297.x
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