ABSTRACTThis study investigates the value of auditor industry specialization. In the first step, we use a discrete choice model to derive the first-order demand for auditor industry specialization. Our results reveal that clients have a general preference for auditor industry specialization, relating to both audit firm and audit office specialization. We observe that specializations at the audit firm and audit office level are substitutes. We also find that larger, more complex clients have a stronger demand for industry specialization at the audit office level. In the second step, we use the results from the discrete choice model to quantify the value of auditor industry specialists for clients. We find the overall value of industry specialization aggregated across all clients is 5.2 million USD (0.36 percent of audit fees) and that industry specialization at the firm (office) level is decisive for auditor choice in 4 percent (6 percent) of all cases.JEL Classifications: M42; M48; L11; L84.

中文翻译：

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审计行业专业化的价值：来自结构模型的证据


摘要本研究调查了审计师行业专业化的价值。第一步，我们使用离散选择模型来推导审计师行业专业化的一阶需求。我们的结果显示，客户普遍偏好审计师行业专业化，涉及审计公司和审计办公室的专业化。我们发现审计公司和审计办公室层面的专业是相互替代的。我们还发现，规模更大、更复杂的客户对审计办公室层面的行业专业化有更强烈的需求。第二步，我们使用离散选择模型的结果来量化审计行业专家对客户的价值。我们发现所有客户的行业专业化总价值为 520 万美元（占审计费用的 0.36%），在所有案例中，公司（办事处）层面的行业专业化对于审计师的选择具有决定性作用，占 4%（6%）。 JEL 分类：M42； M48； L11； L84。