联邦司法系统对公共执法的影响：美国证券交易委员会执法行动的证据

IF 4.9 2区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting Research Pub Date : 2024-08-23 DOI:10.1111/1475-679x.12571

YANRONG JIA

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引用次数: 0

摘要

本研究探讨了联邦地区法院的效率是否会影响证券交易委员会执法的可能性。结果表明，在效率较低的联邦地区法院中，美国证券交易委员会对公司采取强制执行行动的可能性较小。此外，本研究还探讨了法院效率对公司财务报告质量（FRQ）的影响。证据表明，居住在效率较高的联邦地区的公司具有较高的财务报告质量，而在私人执法制度薄弱的子样本中，这种影响更为强烈。对诉讼地点选择的其他分析表明，美国证券交易委员会向华盛顿特区地方法院提起诉讼的决定不受当地法院效率的影响。总之，本研究强调了高效的联邦司法体系对公共执法的重要性。

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The Effect of the Federal Judicial System on Public Enforcement: Evidence from SEC Enforcement Actions

This study examines whether the efficiency of federal district courts affects the likelihood of SEC enforcement. The results indicate that the SEC is less likely to initiate enforcement actions against firms in less efficient federal district courts. In addition, the study examines the implications of court efficiency for firms’ financial reporting quality (FRQ). The evidence suggests that firms residing in more efficient federal districts have higher FRQ and the effect is stronger in subsamples with weak private enforcement regimes. Additional analysis of the choice of venue suggests that the SEC's decision to file in the District Court for D.C. is not affected by local court efficiency. Collectively, this study highlights the importance of an efficient federal judicial system for public enforcement.

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来源期刊

Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

7.80

自引率

6.80%

发文量

期刊介绍： The Journal of Accounting Research is a general-interest accounting journal. It publishes original research in all areas of accounting and related fields that utilizes tools from basic disciplines such as economics, statistics, psychology, and sociology. This research typically uses analytical, empirical archival, experimental, and field study methods and addresses economic questions, external and internal, in accounting, auditing, disclosure, financial reporting, taxation, and information as well as related fields such as corporate finance, investments, capital markets, law, contracting, and information economics.