Journal Screenshot

International Journal of Academic Research in Accounting, Finance and Management Sciences

Open Access Journal

ISSN: 2225-8329

Audit Committee Characteristics and Firm Performance with the Moderating Role of Political Connections

Salameh Jamil Salameh Alkhazaleh, Haslindar Ibrahim, Anees Janee Ali

http://dx.doi.org/10.6007/IJARAFMS/v14-i1/20227

Open access

This study introduces a theoretical framework that examines how a company's performance is influenced by the audit committee, and how this relationship is influenced by political connections. The research sample will comprise 75 non-financial public companies that were listed on the Amman Stock Exchange from 2017 to 2022. This study anticipates a favorable impact of the audit committee on the performance of the company. Moreover, it is expected that the presence of political links will enhance the relationship between the audit committee and corporate performance. This study aims to examine the moderating impact of political connections on relationships. The findings of this study can be partially extrapolated to the circumstances of other emerging economies owing to the shared characteristics of the commercial landscape. This study is the inaugural research undertaken in Jordan after the modification of corporate governance rules in 2017, which featured specific mandates for audit committees.

Abad, C., & Bravo, F. (2018). Audit committee accounting expertise and forward-looking disclosures: A study of the US companies. Management Research Review, 41(2), 166–185.
Abbadi, S. S., Hijazi, Q. F., & Al-Rahahleh, A. S. (2016). Corporate governance quality and earnings management: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 10(2), 54–75.
Abbott, L. J., Daugherty, B., Parker, S., & Peters, G. F. (2016). Internal audit quality and financial reporting quality: The joint importance of independence and competence. Journal of Accounting Research, 54(1), 3–40.
Abbott, L. J., Parker, S., & Peters, G. F. (2004). Audit committee characteristics and restatements. Auditing: A Journal of Practice & Theory, 23(1), 69–87.
Abdullahi, L. B., & Ibrahim, S. O. (2017). An Evaluation of Factors Determining Earnings Management in Nigeria. Amity Global Business Review, 12.
Agrawal, A., & Knoeber, C. R. (2001). Do some outside directors play a political role? The Journal of Law and Economics, 44(1), 179–198.
Haji, A. (2015). The role of audit committee attributes in intellectual capital disclosures: Evidence from Malaysia. Managerial Auditing Journal, 30(8/9), 756–784.
Akbar, S., Poletti-Hughes, J., El-Faitouri, R., & Shah, S. Z. A. (2016). More on the relationship between corporate governance and firm performance in the UK: Evidence from the application of generalized method of moments estimation. Research in International Business and Finance, 38, 417–429.
Al-ahdal, W. M., Alsamhi, M. H., Tabash, M. I., & Farhan, N. H. S. (2020). The impact of corporate governance on financial performance of Indian and GCC listed firms: An empirical investigation. Research in International Business and Finance, 51, 101083.
Al-Dhamari, R., Almagdoub, A., & Al-Gamrh, B. (2018). Are audit committee characteristics important to the internal audit budget in Malaysian firms? Contaduría y Administración, 63(SPE2), 947–969.
Al-Matari, Y. A., Al-Swidi, A. K., FADZ?L, F. H. B. H., & Al-Matari, E. M. (2012). Board of directors, audit committee characteristics and the performance of Saudi Arabia listed companies. International Review of Management and Marketing, 2(4), 241–251.
Aldamen, H., Duncan, K., Kelly, S., McNamara, R., & Nagel, S. (2012). Audit committee characteristics and firm performance during the global financial crisis. Accounting & Finance, 52(4), 971–1000.
Alhababsah, S., & Yekini, S. (2021). Audit committee and audit quality: An empirical analysis considering industry expertise, legal expertise and gender diversity. Journal of International Accounting, Auditing and Taxation, 42, 100377.
Almajid, F. A. (2017). The Role and Impact of Corporate Governance on Narrowing the Expectations Gap between the External Auditor and the Financial Community (A Practical Study of a Sample of External Audit Offices and Companies Invested in Iraq)(Case Study in Iraq). American Scientific Research Journal for Engineering, Technology, and Sciences(ASRJETS), 33(1), 305–327.
Alodat, A. Y., Salleh, Z., Hashim, H. A., & Sulong, F. (2021). Corporate governance and firm performance: empirical evidence from Jordan. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-12-2020-0361
Alzeban, A. (2020). The relationship between the audit committee, internal audit and firm performance. Journal of Applied Accounting Research, 21(3), 437–454.
Alzeban, A., & Sawan, N. (2015). The impact of audit committee characteristics on the implementation of internal audit recommendations. Journal of International Accounting, Auditing and Taxation, 24, 61–71.
Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics, 37(3), 315–342.
Arora, A., & Sharma, C. (2016). Corporate governance and firm performance in developing countries: evidence from India. Corporate Governance.
Ashraf, M., Michas, P. N., & Russomanno, D. (2020). The impact of audit committee information technology expertise on the reliability and timeliness of financial reporting. The Accounting Review, 95(5), 23–56.
Azeez, A. A. (2015). Corporate governance and firm performance: evidence from Sri Lanka. Journal of Finance, 3(1), 180–189.
Baek, H. Y., Johnson, D. R., & Kim, J. W. (2009). Managerial ownership, corporate governance, and voluntary disclosure. Journal of Business and Economic Studies, 15(2), 44.
Balsam, S., Krishnan, J., & Yang, J. S. (2003). Auditor industry specialization and earnings quality. Auditing: A Journal of Practice & Theory, 22(2), 71–97.
Bamahros, H. M., & Bhasin, M. L. (2016). Audit committee characteristics and unexpected accruals: an empirical study of Malaysia. Wulfenia, 23, 181–199.
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173.
Bashir, U., Fatima, U., Sohail, S., Rasul, F., & Mehboob, R. (2018). Internal corporate governance and financial performance nexus: A case of banks of Pakistan. Journal of Finance and Accounting, 6(1), 11.
Be´ dard, J., Chtourou, S. M., & Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A Journal of Practice & Theory, 23(2), 13–35.
Beasley, M. S. (1996). An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting Review, 443–465.
Beasley, M. S., Carcello, J. V, Hermanson, D. R., & Neal, T. L. (2009). The audit committee oversight process. Contemporary Accounting Research, 26(1), 65–122.
Bhagat, S., & Bolton, B. (2019). Corporate governance and firm performance: The sequel. Journal of Corporate Finance, 58, 142–168.
Bhatt, P. R., & Bhatt, R. R. (2017). Corporate governance and firm performance in Malaysia. Corporate Governance: The International Journal of Business in Society.
Boonyanet, W., & Promsen, W. (2020). The mediating effects of audit quality on the relationship between corporate governance and cash dividends. Chulalongkorn Business Review, 42(2), 30–53.
Boubakri, N., Cosset, J., & Saffar, W. (2012). THE IMPACT OF POLITICAL CONNECTIONS ON FIRMS’OPERATING PERFORMANCE AND FINANCING DECISIONS. Journal of Financial Research, 35(3), 397–423.
Bratten, B., Causholli, M., & Sulcaj, V. (2022). Overseeing the external audit function: Evidence from audit committees’ reported activities. Auditing: A Journal of Practice & Theory, 41(4), 1–31.
Carcello, J. V, & Neal, T. L. (2003). Audit committee characteristics and auditor dismissals following “new” going?concern reports. The Accounting Review, 78(1), 95–117.
Chaney, P. K., Faccio, M., & Parsley, D. (2011). The quality of accounting information in politically connected firms. Journal of Accounting and Economics, 51(1–2), 58–76.
Charbel, S., Elie, B., & Georges, S. (2013). Impact of family involvement in ownership management and direction on financial performance of the Lebanese firms. International Strategic Management Review, 1(1–2), 30–41.
Chen, C. J. P., Ding, Y., & Kim, C. (2010). High-level politically connected firms, corruption, and analyst forecast accuracy around the world. Journal of International Business Studies, 41, 1505–1524.
CIFR. (2008). Final Report of the advisory committee on improvements to financial reporting to the U.S. (CIFR). Securities and Exchange Commission (August) (1) (2008). https://www.sec.gov/about/offices/oca/acifr/acifr-finalreport.pdf
Collier, P., & Gregory, A. (1999). Audit committee activity and agency costs. Journal of Accounting and Public Policy, 18(4–5), 311–332.
Cuomo, F., Mallin, C., & Zattoni, A. (2016). Corporate governance codes: A review and research agenda. Corporate Governance: An International Review, 24(3), 222–241.
Daily, C. M., Dalton, D. R., & Cannella Jr, A. A. (2003). Corporate governance: Decades of dialogue and data. Academy of Management Review, 28(3), 371–382.
Dakhlallh, M. M., Rashid, N., Abdullah, W. A. W., & Al Shehab, H. J. (2020). Audit committee and Tobin’s Q as a measure of firm performance among Jordanian companies. Jour of Adv Research in Dynamical & Control Systems, 12(1), 28–41.
DeFond, M. L., Francis, J. R., & Wong, T. J. (2000). Auditor industry specialization and market segmentation: Evidence from Hong Kong. Auditing: A Journal of Practice & Theory, 19(1), 49–66.
DeFond, M. L., Hann, R. N., & Hu, X. (2005). Does the market value financial expertise on audit committees of boards of directors? Journal of Accounting Research, 43(2), 153–193.
Dey, A. (2008). Corporate governance and agency conflicts. Journal of Accounting Research, 46(5), 1143–1181.
DeZoort, F. T. (1998). An analysis of experience effects on audit committee members’ oversight judgments. Accounting, Organizations and Society, 23(1), 1–21.
DeZoort, F. T., Hermanson, D. R., Archambeault, D. S., & Reed, S. A. (2002). Audit committee effectiveness: A synthesis of the empirical audit committee literature. Audit Committee Effectiveness: A Synthesis of the Empirical Audit Committee Literature, 21, 38.
Ding, S., Jia, C., Wu, Z., & Zhang, X. (2014). Executive political connections and firm performance: Comparative evidence from privately-controlled and state-owned enterprises. International Review of Financial Analysis, 36, 153–167.
Faccio, M., & Lang, L. H. P. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65(3), 365–395.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301–325.
FASB. (2009). FASB codification project. 2009. https://asc.fasb.org/Login
Fera, P., Pizzo, M., Vinciguerra, R., & Ricciardi, G. (2022). Sustainable corporate governance and new auditing issues: a preliminary empirical evidence on key audit matters. Corporate Governance: The International Journal of Business in Society, 22(1), 194–211.
Filatotchev, I., Jackson, G., & Nakajima, C. (2013). Corporate governance and national institutions: A review and emerging research agenda. Asia Pacific Journal of Management, 30, 965–986.
Ghabayen, M. A. M. (2012). Board characteristics and firm performance: Case of Saudi Arabia. Universiti Utara Malaysia.
Guedhami, O., Pittman, J. A., & Saffar, W. (2014). Auditor choice in politically connected firms. Journal of Accounting Research, 52(1), 107–162.
Gupta, P. K., & Gupta, S. (2015). Corporate frauds in India–perceptions and emerging issues. Journal of Financial Crime.
Habbash, M., & Alagla, S. (2016). Audit committee effectiveness and audit quality: Evidence from Saudi Arabia. Journal Of Administrative And Economics Science, 8(2).
Haddad, A., El Ammari, A., & Bouri, A. (2022). The effect of audit committee quality on the conventional and Islamic banks’ financial performance between subprime and Corona crises. Asian Journal of Accounting Research, 7(3), 230–251.
Hamid, A., & Aziz, R. (2012). Impact of the amendments of Malaysian code of corporate governance (2007) on governance of GLCs and performance. International Journal of Economics and Management Engineering, 6(11), 3181–3186.
Hashim, H. A., & Amrah, M. (2016). Corporate governance mechanisms and cost of debt: Evidence of family and non-family firms in Oman. Managerial Auditing Journal, 31(3), 314–336.
Hassan, M. K., & Halbouni, S. S. (2013). Corporate governance, economic turbulence and financial performance of UAE listed firms. Studies in Economics and Finance, 30(2), 118–138.
Helmy, D. S. W. (2018). Effect of internal auditor independence, audit committee and institutional ownership to the internal control disclosure: a Case study Case of manufacturing IDX company during period of 2014-2016. Russian Journal of Agricultural and Socio-Economic Sciences, 80(8), 309–316.
Hermuningsih, S., Kusuma, H., & Cahyarifida, R. A. (2020). Corporate governance and firm performance: An empirical study from Indonesian manufacturing firms. The Journal of Asian Finance, Economics and Business, 7(11), 827–834.
Hidayah, R., Darmawan, W., Suryarini, T., Suryandari, D., & Rahayu, R. (2021). The Effect of the Size of Public Accounting Firms (KAP) and Specialist Auditors on Audit Quality with the Audit Committee as a Moderating Variable. ICE-BEES 2020: Proceedings of the 3rd International Conference on Economics, Business and Economic Education Science, ICE-BEES 2020, 22-23 July 2020, Semarang, Indonesia, 181.
Hillman, A. J. (2005). Politicians on the board of directors: Do connections affect the bottom line? Journal of Management, 31(3), 464–481.
Hutchinson, M., & Zain, M. (2009). Internal audit quality, audit committee independence, growth opportunities and firm performance. Corporate Ownership & Control, 7(2), 50–65.
Ioana, A. (2014). STUDY REGARDING THE IMPACT OF THE AUDIT COMMITTEE CHARACTERISTICS ON COMPANY PERFORMANCE. Studies in Business & Economics, 9(2).
Issaa, G., & Siam, Y. A. (2020). Audit Committee characteristics, family ownership, and firm performance: Evidence from Jordan. International Journal of Innovation, Creativity and Change, 14(4).
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate Governance (pp. 77–132). Gower.
Jiang, F., & Kim, K. A. (2020). Corporate governance in China: A survey. Review of Finance, 24(4), 733–772.
Jiraporn, P., Miller, G. A., Yoon, S. S., & Kim, Y. S. (2008). Is earnings management opportunistic or beneficial? An agency theory perspective. International Review of Financial Analysis, 17(3), 622–634.
Johnson, S., & Mitton, T. (2003). Cronyism and capital controls: evidence from Malaysia. Journal of Financial Economics, 67(2), 351–382.
Kakanda, M., Salim, B., & Chandren, S. (2016). Review of the relationship between board attributes and firm performance. Asian Journal of Finance & Accounting, 8(1).
Kao, M.-F., Hodgkinson, L., & Jaafar, A. (2019). Ownership structure, board of directors and firm performance: evidence from Taiwan. Corporate Governance: The International Journal of Business in Society, 19(1), 189–216.
Kazemian, S., & Sanusi, Z. M. (2015). Earnings management and ownership structure. Procedia Economics and Finance, 31, 618–624.
Khanchel El Mehdi, I. (2007). Empirical evidence on corporate governance and corporate performance in Tunisia. Corporate Governance: An International Review, 15(6), 1429–1441.
Khwaja, A. I., & Mian, A. (2005). Do lenders favor politically connected firms? Rent provision in an emerging financial market. The Quarterly Journal of Economics, 120(4), 1371–1411.
Koutoupis, A., Pazarskis, M., & Drogalas, G. (2018). Auditing corporate governance statements in Greece–the role of internal auditors. Corporate Governance: The International Journal of Business in Society, 18(5), 1007–1020.
Krishnan, J. (2005). Audit committee quality and internal control: An empirical analysis. The Accounting Review, 80(2), 649–675.
Krishnan, G. V, & Visvanathan, G. (2007). Does the SOX definition of an accounting expert matter? The association between audit committee directors’ accounting expertise and accounting conservatism. Available at SSRN 866884.
Kusumawardani, A., Yudaruddin, R., & Yudaruddin, Y. A. (2021). Corporate Governance’s Policy on the Impact of Cash Holding in Indonesia. Universal Journal of Accounting and Finance, 9(4), 594–603.
Kyereboah-Coleman, A. (2008). Corporate governance and firm performance in Africa: A dynamic panel data analysis. Studies in Economics and Econometrics, 32(2), 1–24.
Li, J., Mangena, M., & Pike, R. (2012). The effect of audit committee characteristics on intellectual capital disclosure. The British Accounting Review, 44(2), 98–110.
Liao, L., Luo, L., & Tang, Q. (2015). Gender diversity, board independence, environmental committee and greenhouse gas disclosure. The British Accounting Review, 47(4), 409–424.
Lin, Z. J., Xiao, J. Z., & Tang, Q. (2008). The roles, responsibilities and characteristics of audit committee in China. Accounting, Auditing & Accountability Journal, 21(5), 721–751.
Makhlouf, M. H., Laili, N. H. B., & Basah, M. Y. A. (2008). Board of directors characteristics and firms performance among Jordanian firms, proposing conceptual framework. Development (OECD), 1.
Makhlouf, M. H., Laili, N. H., Ramli, N. A., Al-Sufy, F., & Basah, M. Y. (2018). Board of directors, firm performance and the moderating role of family control in Jordan. Academy of Accounting and Financial Studies Journal, 22(5), 1–15.
Mansour, M., Al Amosh, H., Alodat, A. Y., Khatib, S. F. A., & Saleh, M. W. A. (2022). The Relationship between Corporate Governance Quality and Firm Performance: The Moderating Role of Capital Structure. Sustainability, 14(17), 10525.
Martin, G. P., Wiseman, R. M., & Gomez-Mejia, L. R. (2020). The ethical dimension of equity incentives: A behavioral agency examination of executive compensation and pension funding. Journal of Business Ethics, 166, 595–610.
McDaniel, L., Martin, R. D., & Maines, L. A. (2002). Evaluating financial reporting quality: The effects of financial expertise vs. financial literacy. The Accounting Review, 77(s-1), 139–167.
McMullen, D. A. (1996). Audit committee performance: An investigation of the consequences associated with audit committees. Auditing, 15(1), 87.
Mersni, H., & Ben Othman, H. (2016). The impact of corporate governance mechanisms on earnings management in Islamic banks in the Middle East region. Journal of Islamic Accounting and Business Research, 7(4), 318–348.
Moroney, R. (2007). Does industry expertise improve the efficiency of audit judgment? Auditing: A Journal of Practice & Theory, 26(2), 69–94.
Naciti, V., Cesaroni, F., & Pulejo, L. (2022). Corporate governance and sustainability: A review of the existing literature. Journal of Management and Governance, 26(1), 55–74.
Nuryanah, S., Islam, S., & Armstrong, A. (2011). Corporate Governance in an Emerging Market: Issues, Practices, Regulations, Compliance and Company Performance. Lambert Academic Publishing.
Nyberg, A. J., Fulmer, I. S., Gerhart, B., & Carpenter, M. A. (2010). Agency theory revisited: CEO return and shareholder interest alignment. Academy of Management Journal, 53(5), 1029–1049.
Oh, W. Y., Chang, Y. K., & Martynov, A. (2011). The effect of ownership structure on corporate social responsibility: Empirical evidence from Korea. Journal of Business Ethics, 104, 283–297.
Onyabe, J. M. (2022). Audit committee and integrated reporting. European Research Studies Journal, 25(4), 305–318.
Owhoso, V. E., Messier William F, J., & Lynch John G, J. (2002). Error detection by industry?specialized teams during sequential audit review. Journal of Accounting Research, 40(3), 883–900.
Poltak, H., Sudarma, M., & Purwanti, L. (2020). THE EFFECT BETWEEN COORDINATION AND COOPERATION IN INTER-NAL AUDITOR WITH EXTERNAL AUDITORS TO AN EFFECTIVENESS OF IN-TERNAL AUDIT: CASE STUDY ON A ROLE MANAGEMENT SUPPORT.
Prasad, V. H., Nandan, R., & Sharma, N. L. (2022). Implications of internal audit effectiveness on corporate governance: Research agenda. Corporate Ownership & Control, 19(3), 182–194.
Rafiee, V., & Sarabdeen, J. (2012). The cultural influence in the practice of corporate governance in emerging markets.
Raghavan, K. (2022). ESG Reporting Impact on Accounting, Finance. Journal of Global Awareness, 3(1), 9.
Raghunandan, K., & Rama, D. V. (2007). Determinants of audit committee diligence. Accounting Horizons, 21(3), 265–279.
Ramdani, D., & Witteloostuijn, A. van. (2010). The impact of board independence and CEO duality on firm performance: A quantile regression analysis for Indonesia, Malaysia, South Korea and Thailand. British Journal of Management, 21(3), 607–627.
Reichelt, K. J., & Wang, D. (2010). National and office?specific measures of auditor industry expertise and effects on audit quality. Journal of Accounting Research, 48(3), 647–686.
Romanus, R. N., Maher, J. J., & Fleming, D. M. (2008). Auditor industry specialization, auditor changes, and accounting restatements. Accounting Horizons, 22(4), 389–413.
Samaha, K., Khlif, H., & Hussainey, K. (2015). The impact of board and audit committee characteristics on voluntary disclosure: A meta-analysis. Journal of International Accounting, Auditing and Taxation, 24, 13–28.
Sardari, R., Setayesh, M., Kordlouie, H., & Banimahd, B. (2021). Studying the Moderating Role of Audit Committee Independence in the Relationship between CEO Narcissism and Real Earnings Management. Iranian Journal of Finance, 5(3), 58–77.
Shankaraiah, K., & Amiri, S. M. S. (2017). Audit committee quality and financial reporting quality: A study of selected Indian companies. Jurnal Dinamika Akuntansi Dan Bisnis, 4(1), 1–18.
Shen, C.-H., Lin, C.-Y., & Wang, Y.-C. (2015). Do strong corporate governance firms still require political connection, and vice versa? International Review of Economics & Finance, 39, 107–120.
Sil Kang, W., Kilgore, A., & Wright, S. (2011). The effectiveness of audit committees for low?and mid?cap firms. Managerial Auditing Journal, 26(7), 623–650.
Sule, S., Yusof, N. Z. M., & Bahador, K. M. K. (2019). Users’ perceptions on auditors’ responsibilities for fraud prevention, detection and audit expectation GAP in Nigeria. Asian Journal of Economics, Business and Accounting, 10(1), 1–10.
Sultana, N., & Van der Zahn, M. J. (2015). Earnings conservatism and audit committee financial expertise. Accounting & Finance, 55(1), 279–310.
Talab, H. R., Abdul Manaf, K. B., & Abdul Malak, S. S. D. (2017). Corporate Governance Mechanisms and Firm Performance in Iraq: A Conceptual Framework. Account and Financial Management Journal, 2(11), 1132–1146.
Thiruvadi, S., & Huang, H. (2011). Audit committee gender differences and earnings management. Gender in Management: An International Journal, 26(7), 483–498.
Tikos Sitanggang, T. S. (n.d.). The role of the audit committee to increase the influence of audit quality and internal control on earnings management.
Ugwoke, R. O. (2013). Duality role of chief executive officer (CEO) in corporate governance and performance of quoted companies in the Nigerian stock exchange: An appraisal of the perception of managers and accountants. Global Journal of Management and Business Research, 13(D5), 1–8.
Voeller, D., Bremert, M., & Zein, N. (2013). Interdependencies between auditing and corporate governance—Evidence from Germany. Schmalenbach Business Review, 65, 198–226.
Watts, R. L., & Zimmerman, J. L. (1983). Agency problems, auditing, and the theory of the firm: Some evidence. The Journal of Law and Economics, 26(3), 613–633.
Wu, W., Wu, C., Zhou, C., & Wu, J. (2012). Political connections, tax benefits and firm performance: Evidence from China. Journal of Accounting and Public Policy, 31(3), 277–300.
Yasser, Q. R., Entebang, H. A., & Mansor, S. A. (2011). Corporate governance and firm performance in Pakistan: The case of Karachi Stock Exchange (KSE)-30. Journal of Economics and International Finance, 3(8), 482–491.
Yatim, P., Kent, P., & Clarkson, P. (2006). Governance structures, ethnicity, and audit fees of Malaysian listed firms. Managerial Auditing Journal, 21(7), 757–782.
Yeh, Y.-H., Shu, P.-G., & Chiu, S.-B. (2013). Political connections, corporate governance and preferential bank loans. Pacific-Basin Finance Journal, 21(1), 1079–1101.
Zajac, E. J., & Westphal, J. D. (2004). The social construction of market value: Institutionalization and learning perspectives on stock market reactions. American Sociological Review, 69(3), 433–457.
Zhou, H., Owusu-Ansah, S., & Maggina, A. (2018). Board of directors, audit committee, and firm performance: Evidence from Greece. Journal of International Accounting, Auditing and Taxation, 31, 20–36.
Zoh, M. (2022). South Korea’s ‘Unfriendly’corporate governance disclosure to foreign investors. Asian Journal of Political Science, 30(3), 245–259.
Zraiq, M., & Fadzil, F. (2018). The impact of audit committee characteristics on firm performance: Evidence from Jordan. Scholar Journal of Applied Sciences and Research, 1(5), 39–42.

(Alkhazaleh et al., 2024)
Alkhazaleh, S. J. S., Ibrahim, H., & Ali, A. J. (2024). Audit Committee Characteristics and Firm Performance with the Moderating Role of Political Connections. International Journal of Academic Research in Accounting Finance and Management Sciences, 14(1), 115–132.