Using random effect and GMM system model on Pakistani listed companies from 2006 to 2016, this study found that concentrated ownership in Pakistani listed firms has a negative effect on conservatism with and without moderation of audit quality. We divided concentrated ownership into three categories such as family, foreign and state ownership. Our results indicated that concentrated family ownership has a positive relation with accrual-based conservatism and asymmetric timeliness (AT) but a negative relationship with market-based conservatism. However, moderation of audit quality leads to a positive effect on market-based conservatism in these firms. Moreover, we also found a negative influence of concentrated foreign ownership on accrual-based conservatism and asymmetric timeliness and positive relation with market-based conservatism before moderation. The positive influence of audit quality caused higher AT and thus, higher conservatism in these firms after moderation. Concentrated state ownership firms were found to have a positive effect on accrual-based conservatism and market-based conservatism but negative relation with asymmetric timeliness without moderation but after interaction with audit quality that relationship turns into positive as well. Our findings suggest that audit quality has an overall positive influence on the relationship between concentrated ownership and accounting conservatism in Pakistani listed firms.
Ownership Concentration, Audit Quality, Accounting Conservatism
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