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We examine the effect of auditing on dividends in small private firms. Wehypothesize that auditing can constrain dividends by way of promotingaccounting conservatism. We use register data on private Norwegian firms andrandom variation induced by the introduction of a policy allowing small privatefirms to forgo the use of an auditor to estimate the effect of auditing ondividend payout. Identification is obtained by a regression discontinuityaround the arbitrary thresholds for the policy. Propensity score matching isused to create a balanced synthetic control. We consistently find that forgoingauditing led to a significant increase in dividends in small private firms.

Adults in the room? The auditor and dividends in small firms: Evidence from a natural experiment