In this study, we examine how China’s localization policy reshaped the leadership of the Big 4 audit firms by requiring a greater share of locally qualified partners. We find that the Big 4 primarily responded by promoting local talent internally while maintaining audit quality overall. At the same time, the policy increased competition in the audit market, reducing both the Big 4’s market share and their audit fee premium.
A New Wave of Talent: Big 4 Response to New Partner Qualification Requirements in China
Bianchi, Pietro A.
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In corso di stampa
Abstract
In this study, we examine how China’s localization policy reshaped the leadership of the Big 4 audit firms by requiring a greater share of locally qualified partners. We find that the Big 4 primarily responded by promoting local talent internally while maintaining audit quality overall. At the same time, the policy increased competition in the audit market, reducing both the Big 4’s market share and their audit fee premium.
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