Do auditors' opinions, industry factors and macroeco(3)

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Do auditors' opinions, industry factor, and macroeconomic factors

signal financial distress? Evidence from Taiwan

1. Introduction

In U.S. economy, the number and the magnitude of bankruptcy filing have been soaring in recent years, which have caused serious wealth loss of investors and creditors. Along with the economy globalization, similar phenomenon is often observed overseas. This calls for developing bankruptcy prediction models based upon not only U.S. data but also foreign data. This study responds to the call by attempting to develop bankruptcy prediction models using Taiwan data. Bankruptcy prediction study in Taiwan economy is interesting and important because Taiwan, in addition to its strong economy, has great success in electronics industry as one of the world's largest supplier of computer monitors and a leading PC manufacturer. Through developing bankruptcy prediction models using Taiwan data, this study particularly focuses on examining the usefulness of auditors’ opinions, macroeconomic factors, and industry factor in bankruptcy prediction.

U.S literature on bankruptcy prediction has been well developed since Altman (1968). Various factors have been studied for their usefulness in bankruptcy prediction, including financial accounting information, stock market information, bond rating, etc. Among these bankruptcy predictors, auditors’ opinions and macroeconomic/industry factors deserve more investigation due to the following reasons. Although prior literature has examined the usefulness of auditors’ opinions in bankruptcy prediction, their empirical conclusions are divergent, i.e., some studies

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