감사보수의 하방 경직적 특성이 감사품질에 미치는 영향

초록

This study investigates the asymmetric response of audit fees to changes in audit effort, specifically the downward stickiness where fees fall less for effort reductions than they rise for effort increases. Extending the cost stickiness literature to the audit market, we analyze how auditor incentives and institutional changes affect fee-setting mechanisms using data from Korean listed firms (2013–2024). We find significant downward stickiness in audit fees, driven by auditor change signals, information asymmetry, and transaction costs. However, this stickiness was mitigated following the 2019 New Act on External Audit of Stock Companies. Reforms like the standard audit hour system strengthened the fee-hour linkage, promoting a more flexible fee structure. Crucially, we find that downward fee stickiness is associated with higher audit quality, evidenced by suppressed earnings management. This suggests a sticky fee structure provides an economic foundation supporting auditor independence. This positive effect is notably confined to the post-reform period, indicating that fee stickiness enhances quality only when supported by a robust institutional environment. Our findings empirically confirm that downward fee stickiness can function as a defense for audit quality in a strengthened regulatory landscape, not just as rent-seeking. This implies that fee stickiness can be an economic basis for auditor independence, offering key policy insights for designing incentive structures that ensure fair audit compensation and improve audit quality.

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