Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting?

被引：533

作者：

Cheng, Mei ^{[1
]}

Dhaliwal, Dan ^{[1
,2
]}

Zhang, Yuan ^{[3
]}

机构：

[1] Univ Arizona, Tucson, AZ 85721 USA

[2] Korea Univ, Sch Business, Seoul 136701, South Korea

[3] Univ Texas Dallas, Richardson, TX 75080 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2013年 / 56卷 / 01期

关键词：

Effectiveness of internal control over financial reporting; Investment efficiency; Disclosure; SARBANES-OXLEY ACT; CORPORATE GOVERNANCE; CONTROL DEFICIENCIES; AGENCY COSTS; QUALITY; FIRM; INFORMATION; EARNINGS; EQUITY; DETERMINANTS;

D O I：

10.1016/j.jacceco.2013.03.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We provide more direct evidence on the causal relation between the quality of financial reporting and investment efficiency. We examine the investment behavior of a sample of firms that disclosed internal control weaknesses under the Sarbanes-Oxley Act. We find that prior to the disclosure, these firms under-invest (over-invest) when they are financially constrained (unconstrained). More importantly, we find that after the disclosure, these firms' investment efficiency improves significantly. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：1 / 18

页数：18

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