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Corporate Governance, Sarbanes-Oxley, and Small-Cap Firm Performance
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The recent debate on the onerous costs of compliance with the Sarbanes-Oxley Act has primarily focused on small firms. We study the effects of Sarbanes-Oxley compliance on small firms by comparing the performance of small-cap firms that are subject to Sarbanes-Oxley provisions with those that are not, while: a) taking into account firms' internal and external governance mechanisms, including the market for corporate control, and b) accounting for the simultaneous interactions between alternative governance mechanisms and firm performance. The implied Sarbanes-Oxley monitoring premium that is found ranges from 15.7% to 31.5% depending on the measure of board independence used in the estimation. Some sub-optimal deployment of the endogenous governance mechanisms is observed, while the market for corporate control serves as a positive disciplining factor. Please enter abstract text here.
Title: Corporate Governance, Sarbanes-Oxley, and Small-Cap Firm Performance
Description:
The recent debate on the onerous costs of compliance with the Sarbanes-Oxley Act has primarily focused on small firms.
We study the effects of Sarbanes-Oxley compliance on small firms by comparing the performance of small-cap firms that are subject to Sarbanes-Oxley provisions with those that are not, while: a) taking into account firms' internal and external governance mechanisms, including the market for corporate control, and b) accounting for the simultaneous interactions between alternative governance mechanisms and firm performance.
The implied Sarbanes-Oxley monitoring premium that is found ranges from 15.
7% to 31.
5% depending on the measure of board independence used in the estimation.
Some sub-optimal deployment of the endogenous governance mechanisms is observed, while the market for corporate control serves as a positive disciplining factor.
Please enter abstract text here.
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