{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,11]],"date-time":"2025-10-11T01:02:10Z","timestamp":1760144530492,"version":"build-2065373602"},"reference-count":51,"publisher":"MDPI AG","issue":"5","license":[{"start":{"date-parts":[[2024,4,30]],"date-time":"2024-04-30T00:00:00Z","timestamp":1714435200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100012456","name":"National Social Science Foundation of China","doi-asserted-by":"publisher","award":["21ASH003","2023-SKJJ-C-080"],"award-info":[{"award-number":["21ASH003","2023-SKJJ-C-080"]}],"id":[{"id":"10.13039\/501100012456","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100012456","name":"National Social Science Fund youth project of China","doi-asserted-by":"publisher","award":["21ASH003","2023-SKJJ-C-080"],"award-info":[{"award-number":["21ASH003","2023-SKJJ-C-080"]}],"id":[{"id":"10.13039\/501100012456","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>Underwriters play a pivotal role in the IPO process. Information entropy, a tool for measuring the uncertainty and complexity of information, has been widely applied to various issues in complex networks. Information entropy can quantify the uncertainty and complexity of nodes in the network, providing a unique analytical perspective and methodological support for this study. This paper employs a bipartite network analysis method to construct the relationship network between underwriters and accounting firms, using the centrality of underwriters in the network as a measure of their influence to explore the impact of underwriters\u2019 influence on the distribution of interests and audit outcomes. The findings indicate that a more pronounced influence of underwriters significantly increases the ratio of underwriting fees to audit fees. Higher influence often accompanies an increase in abnormal underwriting fees. Further research reveals that companies underwritten by more influential underwriters experience a decline in audit quality. Finally, the study reveals that a well-structured audit committee governance and the rationalization of market sentiments can mitigate the negative impacts of underwriters\u2019 influence. The innovation of this paper is that it enriches the content related to underwriters by constructing the relationship network between underwriters and accounting firms for the first time using a bipartite network through the lens of information entropy. This conclusion provides new directions for thinking about the motives and possibilities behind financial institutions\u2019 cooperation, offering insights for market regulation and policy formulation.<\/jats:p>","DOI":"10.3390\/e26050393","type":"journal-article","created":{"date-parts":[[2024,5,3]],"date-time":"2024-05-03T08:02:22Z","timestamp":1714723342000},"page":"393","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Underwriter Discourse, IPO Profit Distribution, and Audit Quality: An Entropy Study from the Perspective of an Underwriter\u2013Auditor Network"],"prefix":"10.3390","volume":"26","author":[{"given":"Songling","family":"Yang","sequence":"first","affiliation":[{"name":"School of Economics and Management, Beijing University of Technology, Beijing 100124, China"}]},{"given":"Yafei","family":"Tai","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Beijing University of Technology, Beijing 100124, China"}]},{"given":"Yu","family":"Cao","sequence":"additional","affiliation":[{"name":"School of Public Policy and Management, Tsinghua University, Beijing 100084, China"}]},{"given":"Yunzhu","family":"Chen","sequence":"additional","affiliation":[{"name":"School of Public Policy and Management, Tsinghua University, Beijing 100084, China"}]},{"given":"Qiuyue","family":"Zhang","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Beijing University of Technology, Beijing 100124, China"}]}],"member":"1968","published-online":{"date-parts":[[2024,4,30]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"1547","DOI":"10.1016\/j.iref.2023.07.075","article-title":"Corporate social network, ownership structure, and corporate financing constraints: Evidence from China","volume":"88","author":"Zhao","year":"2023","journal-title":"Int. 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