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

Ana M. Albuquerque, J. Zhu
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引用次数: 25

摘要

先前的研究得出结论,遵守《萨班斯-奥克斯利法案》第404条(SOX404)的一个意想不到的后果是降低企业的冒险活动水平。然而,一些人认为,遵守SOX404的公司受益于更可靠的财务报表、更大的透明度和更低的资本成本,从而导致更多的冒险投资。我们使用SOX404引入的不连续性要求来构建一个分离其影响的自然实验。我们发现,有证据表明,企业投资和流动性增加,而债务成本下降,为企业必须遵守SOX404。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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.
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