Using the original information from the identification cards of CEOs and signing auditors to hand-collect the data on CEO–auditor dialect connectedness (_CADC_), we examine the effect of _CADC_ on audit opinion shopping (_AOS_), and further investigate the moderating effect of auditor reputation. Using a sample of Chinese listed firms during the period of 2007–2019, our findings reveal that the likelihood of _AOS_ is significantly higher for firms with _CADC_ than for their counterparts. This finding suggests that _CADC_ impairs auditor independence (...) and triggers _AOS_. Moreover, the effect of _CADC_ on _AOS_ is less pronounced for _BIG10_-audited firms than for non-_BIG10_-audited firms, implying that auditor reputation attenuates the relation between _CADC_ and _AOS_. Furthermore, the above findings are robust to alternative proxies for _CADC_ and _AOS_, and our conclusions are still valid after using the Heckman two-stage regressions, the propensity score matching approach, the change model method and the regression discontinuity design to control for the endogeneity issue. Lastly, the impact of _CADC_ on _AOS_ stands only for engagement auditors, but not for review auditors. Overall, our study enriches the existing literature on _AOS_ and auditor independence. (shrink)

Using data from China, where the identity of engagement auditors is disclosed, we find significant relationships between engagement auditors’ negative experiences and the costs of corporate bonds. Further tests differentiate field and review auditors’ experiences, and we find that both field and review auditors’ negative experiences are significantly related to higher costs of corporate bonds. In addition, we find that the above results are significant only when the engagement auditors are affiliated with non-Big10 audit firms. Using path analysis, we find (...) that credit rating is a possible channel through which information on engagement auditors’ negative experiences can transfer to bond investors. Regarding non-price terms, we conclude that engagement auditors with negative experiences are associated with smaller bond sizes, shorter bond maturities, a higher likelihood of requiring collateral, and more restrictive covenants. Further analyses also show that the effects of engagement auditors’ negative experiences on the costs of corporate bonds are less pronounced for well-governed firms. To show that our results obtained from China’s corporate bond market are relevant to loan markets, we replicate the above tests using a Chinese sample, and the results from the loan market are consistent with those from the corporate bond market. Overall, our empirical results suggest that investors are indeed concerned with engagement auditors’ negative experiences. (shrink)

Sports tourism involves traveling to either observe or engage in a sports event while being away from tourists' usual environment. The rapid growth of the Ice and Snow (I&S) tourism sector in the current duration has encouraged the sustainable improvement of the relationship between motivational factors and consumption behaviour. Tourism stakeholders could acquire significant insights by understanding the causes of consumer behaviour, particularly in light of the increasing popularity of winter sports and tourism. The tourism business has witnessed the emergence (...) of I&S sports tourism as a significant sector, illustrating millions of tourists to winter each destination. The study combines the data gathered from visitors to various winter sports industries with information gathered from industry experts' focus groups and interviews. This study investigates the relationships between sports tourism motivation, involvement, place attachment, and consumption behaviour following the theoretical hypothesis formulation. It explores the impact of different motivational features on tourists' expenditure models and activity preferences in winter sports environments using Structural Equation Modelling (SEM). The study emphasizes the value of smart marketing and customized experiences in raising visitor engagement and retention. Strong relationships between the variables under study are shown by demographic and correlation studies, which assess the concepts validity and reliability. The study also emphasizes how customized experiences and marketing tactics are crucial for raising visitor engagement and retention rates. Accordingly, using a variety of hypotheses, including consumer behaviour theory, this article aims to examine the link between the motivation behind I&S sports tourism and consumer behaviour. (shrink)