Sarbanes-Oxley and corporate risk-taking

被引：326

作者：

Bargeron, Leonce L. ^{[1
]}

Lehn, Kenneth M. ^{[1
]}

Zutter, Chad J. ^{[1
]}

机构：

[1] Univ Pittsburgh, Katz Grad Sch Business, Pittsburgh, PA 15260 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2010年 / 49卷 / 1-2期

关键词：

Sarbanes-Oxley; Legislative policy; Corporate risk-taking; Investment policy; INTERNAL CONTROL; DETERMINANTS; BOARDS;

D O I：

10.1016/j.jacceco.2009.05.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We empirically examine whether risk-taking by publicly traded US companies declined significantly after adoption of the Sarbanes-Oxley Act of 2002 (SOX). Several provisions of SOX are likely to discourage risk-taking, including an expanded role for independent directors, an increase in director and officer liability, and rules related to internal controls. We find several Measures of risk-taking decline significantly for US versus non-US firms after SOX. The magnitudes of the declines are related to several firm characteristics, including pre-SOX board structure, firm size, and R&D expenditures. The evidence is consistent with the proposition that SOX discourages risk-taking by public US companies. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：34 / 52

页数：19

共 23 条

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