淡江大學機構典藏:Item 987654321/109410
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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/109410


    Title: Competition Conditions in Taiwan's Public Accounting Industry
    Authors: Bao-Guang Chang, Tai-Hsin Huang, Hsiu-Mei Wang
    Keywords: Public accounting industry;Degrees of competition;H statistic;Panzar-Rosse model;Long-run equilibrium;Censored stochastic frontier mode
    Date: 2017-02
    Issue Date: 2017-02-14 02:10:26 (UTC+8)
    Publisher: Sciedu Press
    Abstract: This paper investigates the degree of market competition in the public accounting industry of Taiwan over the period 1994-2008, using the ‘H statistic’ proposed by Panzar & Rosse (1987). Differing from previous works, this paper applies a newly developed model, i.e., the censored stochastic frontier (CSF) model, to test whether the audit market has achieved its long-run equilibrium. The model is superior to the conventional model that requires researchers adding a unity to the dependent variable of returns on assets (ROA) for all observations, forcing the transformed dependent variable to be non-negative. One can then take the natural logarithm of this dependent variable. Evidence shows that Taiwan’s accounting industry is characterized as monopolistic competition with a trend towards perfect competition. The result will help to build up the empirical model for public accounting industry. The CSF model confirms that this industry is already in a long-run equilibrium in the second half of the sample, which validates the use of the Panzar-Rosse model. Conversely, the employment of the conventional approach leads to a rejection of the long-run equilibrium over the entire sample period.
    Relation: Accounting and Finance Research 6(1), pp.43-56
    DOI: 10.5430/afr.v6n1p
    Appears in Collections:[Graduate Institute & Department of Accounting] Journal Article

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