Managerial ownership, audit committees and non-audit services

Yuan George Shan, Indrit Troshani, Janice Loftus

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


We extend prior research on corporate governance and non-audit services (NAS) by distinguishing between the management entrenchment region of management ownership and regions in which the interests of management and shareholders converge. Management entrenchment and convergence-of-interests regions were estimated for our sample of 5,198 Australian firm-years. NAS is negatively (positively) associated with management ownership in the convergence-of-interests (entrenchment) regions. However, using a sub-sample based on firms that have audit committees, we find the association between NAS and management ownership is confined to the entrenchment region, while audit committee strength is negatively associated with NAS fees across all management ownership regions.
Original languageEnglish
Pages (from-to)409-436
Number of pages28
JournalAustralian Journal of Management
Issue number3
Early online date17 Aug 2020
Publication statusPublished - Aug 2021


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