The sarbanes-Oxley act and firms' going-private decisions

被引：233

作者：

Engel, Ellen ^{[1
]}

Hayes, Rachel M.

Wang, Xue

机构：

[1] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

[2] Univ Utah, David Eccles Sch Business, Salt Lake City, UT 84112 USA

[3] Emory Univ, Goizueta Business Sch, Atlanta, GA 30322 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2007年 / 44卷 / 1-2期

关键词：

Sarbanes-Oxley act; going private; corporate governance reform; compliance costs;

D O I：

10.1016/j.jacceco.2006.07.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate going-private decisions in response to the passage of the Sarbancs-Oxley Act of 2002 (SOX). We study firms that go private from 1998 to May 2005 and find: (1) the quarterly frequency of going-private transactions has increased after the passage of SOX,, and (2) abnormal returns surrounding both the passage of SOX and the going-private announcement are significantly related to proxies for the costs and benefits of SOX and the net benefits of being a public firm. Our empirical evidence is broadly consistent with the notion that SOX has affected firms' going-private decisions. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：116 / 145

页数：30

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