Corporate Financialization,ESG Ratings and Audit Fees
Based on data from listed companies of China from 2012 to 2022,this paper constructs fixed-effects and moderation-effects models to analyze the correlation and impact mechanism between corporate financialization,ESG ratings,and audit fees.The study finds that corporate financialization has a positive impact on audit fees,while ESG ratings mitigate this positive effect,particularly with the moderation effects of the S(social)and G(corporate governance)components of ESG being more pronounced.Furthermore,the impact of corporate financialization on audit fees is more significant in state-owned enterprises and within the secondary and tertiary industries.Additionally,in manufacturing,information transmission,software,and information technology services,as well as mining,corporate financialization also significantly increases audit fees.These findings provide new insights into understanding the relationship between corporate financialization and audit fees.
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