本研究探討高階管理層種族多元性與審計公費之關聯。依據高階梯隊理論，高階管理層成員之背景特徵可能影響企業決策、內部治理與風險特性，進而反映於會計師之審計風險評估與審計公費定價。本文以2004年至2019年美國S&P500公司為研究對象，檢驗高階管理層種族多元性是否與審計公費相關。實證結果顯示，高階管理層種族多元性與審計公費呈顯著正向關係，表示會計師可能將高階管理層種族多元性所隱含之決策複雜性、溝通協調成本或潛在風險納入審計定價考量。進一步分析顯示，此正向關係主要存在於產業競爭程度較低及由四大會計師事務所查核之企業。惟在穩健性測試中，當改採較粗略之種族分類方式衡量高階管理層種族多元性時，主要結果未達統計顯著，顯示研究結論可能受到種族多元性衡量方式影響。整體而言，本研究補充高階管理層種族多元性與審計定價相關文獻，並指出高階管理層組成特徵可能為會計師評估審計風險與訂定審計公費時之考量因素之一。

This study examines the association between top management team ethnic diversity and audit fees. Based on Upper Echelons Theory, the background characteristics of top management team members may affect corporate decision-making, internal governance, and firm risk, which may be reflected in auditors’ risk assessments and audit pricing. Using U.S. S&P 500 firms from 2004 to 2019, this study finds a significantly positive relationship between top management team ethnic diversity and audit fees. This result suggests that auditors may consider the decision-making complexity, communication and coordination costs, and potential risks associated with ethnic diversity when determining audit fees. Further analyses show that this positive relationship mainly exists among firms in less competitive industries and firms audited by Big Four accounting firms. Overall, this study suggests that top management team composition may be an important factor in audit risk assessment and audit pricing.

Arun Upadhyay &Hongchao Zeng. (2014). Gender and ethnic diversity on boards and corporate information environment, Journal of Business Research, 67, 2456-2463.
Aobdia, D. (2015). Proprietary information spillovers and supplier choice: evidence from auditors, Rev. Acc. Stud., 20 (4), 1504–1539.
Arash Ghorbani, Fakhroddin MohammadRezaei, &Naser Makarem. (2025). Brexit Trade Policy Uncertainty and Audit Pricing, Unpublished Doctoral Dissertation, Bojnourd Branch, Islamic Azad University.
Be´dard, J. C., & K. M. Johnstone. (2004). Earnings manipulation risk, corporate governance risk, and auditors’ planning and pricing decisions, The Accounting Review, 79, 277–304.
B. Anthony Billings, Xinghua Gao, & Yonghong Jia. (2014). CEO and CFO Equity Incentives and the Pricing of Audit Services, Auditing: A Journal of Practice & Theory American Accounting Association, 33 (2), 1–25.
Bursztyn, L., & Yang, D.. (2022). Misperceptions about others, Annual Review of Economics, 14, 425-452.
C. Chet Miller, Linda M. Burke, & William H. Glick. (1998). Cognitive Diversity among Upper‐echelon Executives Implications for Strategic Decision Processes, Strategic Management Journal, 19, 39-58.
Carmichael, D.R. (2004). The PCAOB and the social responsibility of the independent auditor, Acc. Horiz., 8 (2), 127–133.
Charles, S. L., S. M. Glover, & N. Y. Sharp. (2010). The association between financial reporting risk and audit fees before and after the historic events surrounding SOX, Auditing: A Journal of Practice & Theory, 29, 15–39.
Christopher S. Hines, Adi Masli, Elaine G. Mauldin & Gary F. Peters. (2015). Board Risk Committees and Audit Pricing, Auditing: A Journal of Practice & Theory, 34(4), 59–84.
DeFond, M. &Zhang, J. (2014). A review of archival auditing research, J. Acc. Econ., 58, 275–326.
De George, E.T., Ferguson,C.B., & Spear,N.A. (2013). How much does IFRS cost ? IFRS adoption and auditfees, The Accounting Review, 88, 429–462.
Dhaliwal, D.S., Lamoreaux, P.T., Litov, L.P., &Neyland, J.B. (2016). Shared auditors in mergers and acquisitions, J. Acc.. Econ., 61(1), 49–76.
Du, Q., Yu, F., & Yu, X.. (2017). Cultural proximity and the processing of financial information., Journal of Financial and Quantitative Analysis, 52, 2703-2726.
Elke U. Weber & Christopher K. Hsee. (2000). Culture and Individual Judgment and Decision Making, Journal of Applied Psychology, 49, 32-61.
Ellahie, A., Tahoun, A., & Tuna, I.. (2017). Do Common Inherited Beliefs and Values Influence CEO Pay?, Journal of Accounting and Economics, 64, 346-367.
Foley, C., & Kerr, W.. (2013). Ethnic Innovation and US Multinational Firm Activity, Management Science, 59, 1529-1544.
Gramling, A. A., J. W. Schatzberg, A. D. Bailey, Jr., & Z. Hao. (1998). The impact of legal liability regimes and differential client risk on client acceptance, audit pricing, and audit effort decisions, Journal of Accounting, Auditing and Finance, 13, 437–460.
Gul, F. A., C. J. P. Chen, & J. S. L. Tsui. (2003). Discretionary accounting accruals, managers’ incentives, and audit fees, Contemporary Accounting Research, 20,441–464.
Ghasan A. Baghdadi, Edward J. Podolski, & Madhu Veeraraghavan. (2026) , Ethnically Distinct CEOs and Corporate Decision-Making, Unpublished Doctoral Dissertation, La Trobe Business School, La Trobe University.
Hambrick, D. & Mason, P. (1984). Upper echelons: the organization as a reflection of its top managers. Acad. Manage. Rev., 9 (2), 193–206.
Hambrick, D. (2007). Upper echelons theory: an update. Acad. Manag. Rev, 32 (2), 334–343.
Hogan, C. E., &M. S. Wilkins. (2008). Evidence on the audit risk model: Do auditors increase audit fees in the presence of internal control deficiencies? Contemporary Accounting Research, 25, 219–242.
Hribar, P., Kravet, T., &Wilson, R. (2014). A new measure of accounting quality, Rev. Acc. Stud., 19 (1), 506–538.
Hegde, D. & J. Tumlinson. (2014). Does social proximity enhance business partnerships? Theory and evidence from ethnicity’s role in U.S. venture capital. Management Science, 60 (9), 2355–2380.
Johnstone, K. M. (2000). Client-acceptance decisions: Simultaneous effects of client business risk, audit risk, auditor business risk, and risk adaptation, Auditing: A Journal of Practice & Theory, 19 (1), 1–25.
Jengfang Chen, Rong-Ruey Duh, Cheng-Ta Wu, &Lin-Hui Yu. (2019). Macroeconomic Uncertainty and Audit Pricing, ACCOUNTING HORIZONS, 33 (2), 75–97.
John L. Abernathy, Thomas R. Kubick, & Adi N.S. Masli. (2019). The effect of general counsel prominence on the pricing of audit services, J. Account. Public Policy, 38, 1–14.
Kanter, R. M. (1977). Some effects of proportions on group life: Skewed sex ratios and responses to token women, American Journal of Sociology, 82 (5), 965–990.
Kim, J. B., X. Liu, & L. Zheng. (2012). The impact of mandatory IFRS adoption on audit fees: Theory and evidence, The Accounting Review, 87, 2061–2094.
Karel Hrazdil, Dan A. Simunic, Stephen Spector, &Nattavut Suwanyangyuan. (2023). Top executive gender diversity and financial reporting quality, Journal of Contemporary Accounting and Economics, 19, 100-363.
Langfred, C. W. (2004). Too much of a good thing? Negative effects of high trust and individual autonomy in teams. Academy of Management Journal, 47 (3), 385–399.
Maretno Harjoto, Indrarini Laksmana, &Robert Lee. (2015). Board Diversity and Corporate Social Responsibility, Journal of Business Ethics, 132, 641–660.
Maretno A. Harjoto, Indrarini Laksmana, &Ya-wen Yang. (2018). Board diversity and corporate investment oversight, Journal of Business Research, 90, 40-47.
Maretno A. Harjoto, Indrarini Laksmana, &Ya-wen Yang. (2018). Board Diversity and Corporate Risk Taking, Unpublished Doctoral Dissertation, Graziadio Business School Pepperdine University.
Mariassunta Giannetti & Mengxin Zhao. (2019). Board ancestral diversity and firm-performance volatility, JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 54 (3), 1117–1155.
McKinsey & Company (2020) .Diversity Wins: How Inclusion Matters?
Ozgur Ozdemir & Ezgi Erkmen. (2022).Top management team gender diversity and firm risk-taking in the hospitality industry, International Journal of Contemporary Hospitality Management, 34 (5), 1739-1767.
Nathan, M.. (2015). Same difference? Minority ethnic inventors, diversity and innovation in the UK, Journal of Economic Geography, 15, 129-168.
Pratt, J., & J. D. Stice.(1994). The effects of client characteristics on auditor litigation risk judgments, required audit evidence, and recommended audit fees, The Accounting Review, 69, 639–656.
Petersen, J., Longley, P., Gibin, M., Mateos, P., & Atkinson, P.. (2011). Names-based classification of accident and emergency department users, Health & Place, 17, 1162-1169
Pan, Y., Siegel, S., & Yue Wang, T.. (2020). The Cultural Origin of CEOs’ Attitudes Toward Uncertainty: Evidence from Corporate Acquisitions, The Review of Financial Studies, 33, 2977-3030.
Qunfeng Liao, Bo Ouyang, & Yi Tang . (2022).The Impact of Executive Ethnic Diversity on Real Earnings Management, Unpublished Doctoral Dissertation, School of Business Administration Oakland University.
Rachana Kalelkar &Sarfraz Khan. (2016). CEO Financial Background and Audit Pricing, Accounting Horizons, 30 (3), 325–339.
Schumpeter, J. (1912). The Theory of Economic Development, Journal of Accounting & Economics, 33, 91–115.
Shannon, C. E. (1948). A mathematical theory of communication. Bell System Technical Journal, 27 (3), 379–423 & 623–656.
Simunic, D. A.(1980). The pricing of audit services: Theory and evidence. Journal of Accounting Research, 18 (1), 161–190.
Simunic, D. A., & M. T. Stein. (1996). The impact of litigation risk on audit pricing: A review of the economics and the evidence, Auditing: A Journal of Practice & Theory, 15, 119–134.
Schmidt, K. (1997). Managerial incentives and product market competition, Review of Economic Studies, 64, 191–213.
Sikka, P. (2009). Financial crisis and the silence of auditors, Acc,,Org. Soc., 34 (6–7), 868–873.
Stephen Bear, Noushi Rahman, &Corinne Post. (2010). The Impact of Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation, Journal of Business Ethics, 97, 207–221.
Stanley, J.D. (2011). Is the audit fee disclosure a leading indicator of clients’ business risk?, Audit.: J. Pract. Theor., 30 (3), 157–179.
Santanu Mitra, Hakjoon Song, Sang Mook Lee, & Shin Hyoung Kwon. (2020). CEO Tenure and Audit Pricing, Review of Quantitative Finance and Accounting, 55, 427–459.
Sekou Bermiss, Jeremiah Green, &John R. M. Hand. (2023). Does Greater Diversity in Executive Race/Ethnicity Reliably Predict Better Future Firm Financial Performance?, Journal of Economics, Race, and Policy, 7, 45–60.
Turner, M. E., A. R. Pratkanis, P. Probasco, & C. Leve. (1992). Threat, cohesion, and group effectiveness: Testing a social identity maintenance perspective on groupthink. Journal of Personality and Social Psychology, 63 (5), 781–796.
Toyah Miller & María del Carmen Triana. (2009). Demographic Diversity in the Boardroom: Mediators of the Board Diversity–Firm Performance Relationship, Journal of Management Studies, 46 (5), 22-2380.
Tien-Shih Hsieh , Jeong-Bon Kim , Ray R. Wang , & Zhihong Wang. (2020). Seeing is believing Executives' facial trustworthiness, auditor tenure, and audit fees, Journal of Accounting and Economics, 69 (1), 101-260.
Winnie Qian Peng, &K.C. John Wei. (2007).Women Executives and Corporate Investment Evidence from the S&P 1500, Unpublished Doctoral Dissertation, Hong Kong University of Science and Technology.
Yuequan Wang & Andy C. W. Chui. (2015). Product Market Competition and Audit Fees, Auditing: A Journal of Practice & Theory, 34 (4), 139–156.
Yangyang Chen, Ferdinand A. Gul, &Madhu Veeraraghavan. (2015). Executive Equity Risk-Taking Incentives and Audit Pricing,The Accounting Review, 90 (6), 2205–2234.
Zhiming Ma, Rencheng Wang, & Kaitang Zho. (2021). Generalist CEOs and audit pricing, A JOURNAL OF PRACTICE & THEORY, 40 (4), 123–147.