Firm Characteristics And Stock Price Reaction To Sox 404 Compliance
Publish place: 10th Iranian Academic Accounting conference
Publish Year: 1391
نوع سند: مقاله کنفرانسی
زبان: English
View: 1,393
This Paper With 47 Page And PDF Format Ready To Download
- Certificate
- من نویسنده این مقاله هستم
استخراج به نرم افزارهای پژوهشی:
شناسه ملی سند علمی:
IAAC10_102
تاریخ نمایه سازی: 4 اسفند 1391
Abstract:
This study examines the stock price reaction to the internal control reporting as required under Section 404 of the Sarbanes-Oxley Act of 2002 for threedistinct groups of firms. After controlling for the general stock price movements, we find that stock returns are mos t negative for firms that delay filing of theirinternal control reports, continue to be negative for firms with ineffective internal controls, and are positive for firms with effective internal controls. The decreasein stock prices of the first two groups is more pronounced for thos e with a lower return on assets, higher growth rate in sales, and no prior disclosure of theirinternal controls weaknesses. Our results indicate that market participants value the reliability of financial information resulted from Section 404 compliance irrespective of firm size and debt proportion, cons istent with the SEC recent release of Section 404 compliance for smaller public companies
Keywords:
Authors
Zabihollah Rezaee
The University of Memphis, Professor of Accountancy
Reza Espahbodi
Professor of Accounting, Indiana University South Bend
Pouran Espahbodi
Professors of Accountancy, Western Illinois University
Hassan Espahbodi
Professors of Accountancy, Western Illinois University
مراجع و منابع این Paper:
لیست زیر مراجع و منابع استفاده شده در این Paper را نمایش می دهد. این مراجع به صورت کاملا ماشینی و بر اساس هوش مصنوعی استخراج شده اند و لذا ممکن است دارای اشکالاتی باشند که به مرور زمان دقت استخراج این محتوا افزایش می یابد. مراجعی که مقالات مربوط به آنها در سیویلیکا نمایه شده و پیدا شده اند، به خود Paper لینک شده اند :