{"title":"萨班斯-奥克斯利法案第404条阻碍了企业投资吗?来自自然实验的新证据","authors":"Ana M. Albuquerque, J. Zhu","doi":"10.2139/ssrn.3049232","DOIUrl":null,"url":null,"abstract":"Prior studies conclude that one of the unintended consequences of complying with Section 404 of the Sarbanes-Oxley Act (SOX404) is a lower level of corporate risk-taking activities. However, some argue that firms complying with SOX404 benefitted from more reliable financial statements, greater transparency, and lower cost of capital, resulting in more risk-taking investments. We use the discontinuity requirement introduced by SOX404 to construct a natural experiment that isolates its effects. We find evidence that corporate investment and liquidity increased, while cost of debt decreased, for firms that had to comply with SOX404.","PeriodicalId":171289,"journal":{"name":"Corporate Law: Corporate Governance Law eJournal","volume":"91 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2018-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"25","resultStr":"{\"title\":\"Has Section 404 of the Sarbanes-Oxley Act Discouraged Corporate Investment? New Evidence from a Natural Experiment\",\"authors\":\"Ana M. Albuquerque, J. Zhu\",\"doi\":\"10.2139/ssrn.3049232\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Prior studies conclude that one of the unintended consequences of complying with Section 404 of the Sarbanes-Oxley Act (SOX404) is a lower level of corporate risk-taking activities. However, some argue that firms complying with SOX404 benefitted from more reliable financial statements, greater transparency, and lower cost of capital, resulting in more risk-taking investments. We use the discontinuity requirement introduced by SOX404 to construct a natural experiment that isolates its effects. We find evidence that corporate investment and liquidity increased, while cost of debt decreased, for firms that had to comply with SOX404.\",\"PeriodicalId\":171289,\"journal\":{\"name\":\"Corporate Law: Corporate Governance Law eJournal\",\"volume\":\"91 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2018-03-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"25\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Law: Corporate Governance Law eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3049232\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Law: Corporate Governance Law eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3049232","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Has Section 404 of the Sarbanes-Oxley Act Discouraged Corporate Investment? New Evidence from a Natural Experiment
Prior studies conclude that one of the unintended consequences of complying with Section 404 of the Sarbanes-Oxley Act (SOX404) is a lower level of corporate risk-taking activities. However, some argue that firms complying with SOX404 benefitted from more reliable financial statements, greater transparency, and lower cost of capital, resulting in more risk-taking investments. We use the discontinuity requirement introduced by SOX404 to construct a natural experiment that isolates its effects. We find evidence that corporate investment and liquidity increased, while cost of debt decreased, for firms that had to comply with SOX404.