The Unintended Effects of the Sarbanes-Oxley Act

被引：9

作者：

Chhaochharia, Vidhi ^{[2
]}

Otto, Clemens A. ^{[1
]}

Vig, Vikrant ^{[1
]}

机构：

[1] London Business Sch, London NW1 4SA, England

[2] Univ Miami, Dept Finance, Sch Business, Miami, FL 33131 USA

来源：

JOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT | 2011年 / 167卷 / 01期

关键词：

CAPITAL STRUCTURE; MARKET;

D O I：

10.1628/093245611794656435

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The Sarbanes-Oxley Act (SOX) was passed in the wake of several scandals that rocked corporate America in 2001 and 2002. The objective behind SOX was to improve corporate governance by improving accounting disclosures. Compliance with Section 404 is considered by many to be the most costly requirement of SOX and has been argued to be a disproportionate burden for small firms. Consequently, firms with a public float below $75 million were granted several exemptions from compliance. We document an unintended effect of these exemptions: a weakening of corporate governance through a weakening of the market for corporate control. (JEL: 034, 038)

引用

页码：149 / 164

页数：16

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