Audit Fees in Malaysia: Does Corporate Governance Matter?
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This study examines the relationship between corporate governance and audit fees duringthe period before and after the enactment of the Malaysian Code of CorporateGovernance (MCCG). Our panel analysis of 379 firms during the 1999–2002 periodreveals a significant and positive relationship between corporate governance and auditfees. However, the relationship becomes weaker after 2001, suggesting that the MCCGreduced firms' control and inherent risk, thus ultimately contributing to reduced auditeffort in Malaysia. Our findings remain viable after we control for political connectionsunique to Malaysia's capital market.
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