The purpose of the study is to investigate the value-relevance of the accounting information of the affiliated business groups and how the concept of “main auditing auditors” moderates the above value-relevance. Empirical results of data obtained from Taiwan indicate that the value-relevance of book value is significantly higher for the non-affiliated business groups, but the earnings information of the affiliated business groups obtains more trust and approval from investors. As for the external monitoring mechanism, when the affiliated business groups are audited by the same auditors, the value-relevance of accounting information is higher and the same effect would take place when the affiliated business groups are audited by the Big 4 auditors.
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