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Title:	Competition Conditions in Taiwan`s Public Accounting Industry
Authors:	黃台心 Chang, Bao-Guang;Huang, Tai-Hsin;Wang, Hsiu-Mei
Contributors:	金融學系
Keywords:	Accounting
Date:	2017-02
Issue Date:	2018-01-11 15:50:36 (UTC+8)
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), 43
Data Type:	article
DOI 連結:	https://doi.org/10.5430/afr.v6n1p43
DOI:	10.5430/afr.v6n1p43
Appears in Collections:	[金融學系] 期刊論文

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