The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
A Lobbying Approach to Evaluating the Sarbanes‐Oxley Act of 2002
Abstract
We evaluate the impact of the Sarbanes‐Oxley Act (SOX) on shareholders by studying the lobbying behavior of investors and corporate insiders in order to affect the final implemented rules under SOX. Investors lobbied overwhelmingly in favor of strict implementation of SOX, while corporate insiders and business groups lobbied against strict implementation. We identify firms most affected by the law as those whose insiders lobbied against strict implementation. Such firms appear to be characterized by agency problems, rather than motivated by concerns over compliance costs. Cumulative stock returns during the five and a half months leading up to SOX passage were approximately 7% higher for corporations whose insiders lobbied against SOX disclosure‐related provisions than for similar non‐lobbying firms, consistent with an expectation that SOX would reduce agency problems. Analysis of returns in the post‐passage implementation period suggests that investors' positive expectations with regards to the effects of these provisions were warranted.
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Cites
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
Disclosure, Liquidity, and the Cost of Capital
DIAMOND, D. W., & VERRECCHIA, R. E. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb04620.x · Cited by 3,836
Measuring and Explaining Management Practices Across Firms and Countries
Bloom, N., & Van Reenen, J. (2007) · The Quarterly Journal of Economics · doi:10.1162/qjec.2007.122.4.1351 · Cited by 2,373
Cited by
A review of archival auditing research
DeFond, M., & Zhang, J. (2014) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2014.09.002 · Cited by 3,188
The financial reporting environment: Review of the recent literature
Beyer, A., Cohen, D. A., Lys, T. Z., & Walther, B. R. (2010) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2010.10.003 · Cited by 2,609
LEUZ, C., & WYSOCKI, P. D. (2016) · Journal of Accounting Research · doi:10.1111/1475-679x.12115 · Cited by 1,760
Nagar, V., Schoenfeld, J., & Wellman, L. (2019) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2018.08.011 · Cited by 674
Advancing the Empirical Research on Lobbying
de Figueiredo, J. M., & Richter, B. K. (2014) · Annual Review of Political Science · doi:10.1146/annurev-polisci-100711-135308 · Cited by 367
Metadata
- Authors
- HOCHBERG, Y. V., SAPIENZA, P., & VISSING‐JØRGENSEN, A.
- Venue
- Journal of Accounting Research
- Publisher
- Wiley
- Published
- 2009-03-11
- Volume
- 47
- Issue
- 2
- Pages
- 519-583
- ISSN
- 0021-8456 (ISSN-L)
- 1475-679X
- OpenAlex
- W1606260859
- Cited by
- 242
- References
- 3
- FWCI
- 59.82
- Type
- journal article
- Language
- en
- Open access
- closed
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- HOCHBERG, Y. V., SAPIENZA, P., & VISSING‐JØRGENSEN, A. (2009). A Lobbying Approach to Evaluating the Sarbanes‐Oxley Act of 2002. Journal of Accounting Research. https://doi.org/10.1111/j.1475-679x.2009.00321.x
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