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The Cost Of Being A Public Company In Light Of Sarbanes Oxley And The Federalization Of Corporate Governance
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Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Securities, and Investment Publisher : ISBN 13 : Total Pages :0 pages Book Rating :4.:/5 (21 download)
Book Synopsis The Cost of Being a Public Company in Light of Sarbanes-oxley and the Federalization of Corporate Governance by : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Securities, and Investment
Download or read book The Cost of Being a Public Company in Light of Sarbanes-oxley and the Federalization of Corporate Governance written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Securities, and Investment and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Securities, and Investment Publisher : ISBN 13 : Total Pages :182 pages Book Rating :4.:/5 (21 download)
Book Synopsis The Cost of Being a Public Company in Light of Sarbanes-oxley and Federalization of Corporate Governance by : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Securities, and Investment
Download or read book The Cost of Being a Public Company in Light of Sarbanes-oxley and Federalization of Corporate Governance written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Securities, and Investment and published by . This book was released on 2018 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Company Deskbook by : John T. Bostelman
Download or read book Public Company Deskbook written by John T. Bostelman and published by . This book was released on 2010 with total page 968 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Cost of Being Public in the Era of Sarbanes-Oxley by :
Download or read book The Cost of Being Public in the Era of Sarbanes-Oxley written by and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on data received from Foley & Lardner's 2003 and 2004 studies, the average cost of being public for a company with an annual revenue under $1 billion in the wake of corporate governance reform has increased $1.6 million (130%) from the inception of Sarbanes-Oxley through FY 2003, including an increase of $736,000 during FY 2003.
Book Synopsis The Sarbanes-Oxley Act by : Michael F. Holt
Download or read book The Sarbanes-Oxley Act written by Michael F. Holt and published by Butterworth-Heinemann. This book was released on 2008 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Sarbannes-Oxley Act (SOX) is a mandatory requirement for all listed corporations in the US, whether foreign or not. Compliance is not an option. Other countries are developing similar legislation so the books value is international in scope. SOX is a hot topic and the effects are just beginning to be felt world-wide. This new book goes beyond the implementation phase of SOX and looks at the reaction to the Act in terms of costs, benefits and business impacts. This book is for Senior Managers in the Business and Financial/Accounting Communities who want/need to know what the reaction of business and government is to the SOX legislation, what it is costing and how the effects are penetrating through the business environment. Mike Holt presents a comprehensive review of the impact that Sarbanes-Oxley legislation has had on business, the financial community, governments and the public since its inception in 2002. The Sarbanes-Oxley Act has been somewhat successful, but not completely and the cost (well over a trillion dollars) might be considered too high a price to pay for the gains. This book takes a hard look at the costs, benefits and other impacts as well as at what influential and prominent financial, government and business leaders think about it now. * International in scope and content and including interviews with prominent business leaders, CEOs and CFOs of large and small corporations. * Compliance with The Sarbanes-Oxley Act is now mandatory for every listed US corporation and overseas corporations listed on US stock markets. * Covers the reaction of business and government to this legislation, what it is costing and how the effects are penetrating through the business environment.
Book Synopsis The Federalization of Corporate Governance by : Marc I. Steinberg
Download or read book The Federalization of Corporate Governance written by Marc I. Steinberg and published by Oxford University Press. This book was released on 2018-02-23 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the federalization of corporate governance in the United States from both historical and contemporary perspectives. Although the states traditionally have regulated the sphere of corporate governance - encompassing the relations among and between the subject corporation, its directors, its officers, its stockholders, and other stakeholders - federal law today impacts the governance of publicly-traded companies to a greater degree than ever before in U.S. history. This book discusses the evolution and development of corporate governance from a federal law perspective from the commencement of the twentieth century to the present. It examines the tension between state company law and federal law, analyzes the federal historical developments, explains the ramifications of the federal legislation enacted during the past two decades, and recommends corrective measures that should be implemented. The book accordingly provides an original, historical, and contemporary analysis of the federalization of corporate governance - a subject that impacts this country's economic well-being in a very fundamental way.
Book Synopsis RAMIFICATIONS OF SARBANES-OXLEY CORPORATE GOVERNANCE LEGISLATION ON INITIAL PUBLIC OFFERINGS OF RESEARCH-INTENSIVE FIRMS by : Janine Noelle Black
Download or read book RAMIFICATIONS OF SARBANES-OXLEY CORPORATE GOVERNANCE LEGISLATION ON INITIAL PUBLIC OFFERINGS OF RESEARCH-INTENSIVE FIRMS written by Janine Noelle Black and published by . This book was released on 2013 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Sarbanes-Oxley (SOX) Act of July 2002 was created to address the financial malfeasance revealed during the investigations of several large firms by the Securities and Exchange Commission (SEC). The Act required public companies traded on U.S. exchanges to provide increased transparency in financial statements. Key portions of the legislation required firms to create internal financial controls and placed personal accountability with top executives. SOX mandated and standardized a greater degree of self-regulation. In the years following SOX, firms experienced significantly higher compliance costs, but they also benefited from the reduction of statement errors and fraud, increased accuracy in reporting, and greater investor confidence. After the Sarbanes-Oxley (SOX) Act of 2002, anecdotal evidence suggested that SOX impeded small, research intensive firms. We looked at research intensive firms going public before and after SOX to determine if there was a change in volume and quality of research intensive firms post-SOX. We found that firms that went public after SOX were fewer and had lower patenting activity. In the case of small and medium size firms, the cost of SOX compliance is likely to divert funds from research investments. We speculate that highly research intensive firms are more likely post-SOX to divert their IPO to non-U.S. exchanges, delay going public, or dismiss the idea of going public, as proposed in a "3Ds" model. The 2002 SOX US Congressional Act levied millions of dollars in new compliance costs on each foreign or domestic firm that went public on U.S. exchanges. Funding for regulatory expenditures must come from somewhere. We proposed that one likely candidate was research budgets, as research efforts have a more distant, less immediately visible, long term effect on firm performance. We suggested that large firms more easily absorbed the additional costs of SOX with a reduced effect on research and development budgets, while small firms were less able to maintain research budgets after SOX. In the aftermath of SOX, research spending did go down, most visibly in Biotech and Electronics. As the total number of IPO firms decreased dramatically after SOX, these two research intensive industries, plus Computer Software, were the only industries with a large enough sample size to evaluate. We saw that research intensive firms diminished dramatically, along with many non-research intensive firms, from IPO events after SOX. Where we had sufficient sample size, in computer software, biotechnology, electronics, and "other", we noted that research-intensive firms generally resisted the temptation to raid research budgets, finding funding for compliance elsewhere within the company or from the additional cash flow at time of IPO. Where firms did appear to greatly reduce research budgets was in the non-research intensive industries, where research budgets might be more of a discretionary expense. Firm size was not a factor in whether research intensive firms could better absorb the costs of SOX, although smaller firms tended to spend proportionally more on research in an effort to grow faster. After the enactment of SOX, we observed an indication that the markets valued research intensity even more than prior to SOX, perhaps understanding the vulnerability of research budgets being diverted to compliance costs. Overall, the data suggested that the effect of SOX was underestimated in this study, as the firms that were deterred from going public on U.S. exchanges were not in the sample evaluated. We only analyzed those firms prepared to accept the higher costs of SOX. The data set consisted of survivors, selected firms still willing to pay for SOX compliance as well as for research programs.
Book Synopsis The Benefits of Sarbanes-Oxley and Corporate Governance Measured Against the Costs by : Salim Motala
Download or read book The Benefits of Sarbanes-Oxley and Corporate Governance Measured Against the Costs written by Salim Motala and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Sarbanes-Oxley Act of 2002 (SOX) is the only legislated corporate governance structure, and is aimed at increasing investor confidence in public companies by forcing them to be transparent in their financial affairs. In order for companies to comply with the legislation, significant costs need to be incurred without any guarantee that the benefits will accrue to the investors or the company. The legislation will be regarded as being successful if a) the benefits and costs can be identified and b) the benefits exceed the costs. This study reviews the SOX legislation elements using documentary and secondary interview research, and reveals a convergence between the two. While the purpose of the regulation is to prevent fraud and restore investor confidence, there was no empirical evidence suggesting that investor confidence has increased after complying with the legislation. The benefits of complying with the legislation appear to be access to capital markets in the United States, and awareness of the controls environment by all employees. The costs incurred are listed as initial implementation costs and ongoing sustainable costs, and the overall costs are greater than benefits obtained. In the long term, benefits should exceed the costs, as the sustainable costs are low compared to implementation costs.
Book Synopsis Congressional Record by : United States. Congress
Download or read book Congressional Record written by United States. Congress and published by . This book was released on 2017-07-18 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Going Public and the Public Corporation by : Harold S. Bloomenthal
Download or read book Going Public and the Public Corporation written by Harold S. Bloomenthal and published by West Group Publishing. This book was released on 1986 with total page 1510 pages. Available in PDF, EPUB and Kindle. Book excerpt: This looseleaf volume covers public financing from the initiation of the underwriting process through the closing, with a discussion of compliance with federal and state securities regulations. The reporting and continuous disclosure requirements of public company are presented in detail.
Book Synopsis The Irrelevance of State Corporate Law in the Governance of Public Companies by : J. Robert Brown
Download or read book The Irrelevance of State Corporate Law in the Governance of Public Companies written by J. Robert Brown and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Weak state regulation of corporate governance process and the race to the bottom resulted in federal intervention in the 1930s and the adoption of the securities laws. The laws largely ousted the states from the corporate disclosure and proxy process. The duties of directors, however, remained subject to state regulation. The race to the bottom, therefore, continued. One example was the adoption of waiver of liability provisions. It took less than two decades after Delaware adopted the first such provision in the aftermath of Van Gorkom for all 50 states to have something similar in place. Likewise, fiduciary obligations gradually weakened, with Delaware all but eliminating the duty of loyalty, replacing substantive fairness with ineffective procedural requirements. The predicable scandals and excesses followed. Congress responded with the adoption of Sarbanes-Oxley and federalizing some portions of the duties of officers and directors. SOX, however, did not do so in a systematic way. As a result, neither the states nor the federal government adequately regulate the behavior of corporate managers. Said another way, the dynamics that resulted in the scandals of the millennium largely remain in place.
Book Synopsis Public Companies and the Role of Shareholders by : Sabrina Bruno
Download or read book Public Companies and the Role of Shareholders written by Sabrina Bruno and published by Kluwer Law International B.V.. This book was released on 2011-01-01 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a book that will be warmly welcomed by everyone engaged in the important debate under way on corporate responsibility and governance.
Book Synopsis The Sarbanes-Oxley Act and Firms' Going-Private Decisions by : Ellen Engel
Download or read book The Sarbanes-Oxley Act and Firms' Going-Private Decisions written by Ellen Engel and published by . This book was released on 2004 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate firms' going-private decisions in response to the passage of the Sarbanes-Oxley Act of 2002 (SOX). The Act has the potential to bring both benefits, in terms of more transparent disclosure and improvements in corporate governance, and costs, in terms of complying with the new regulation. We argue that firms go private in response to SOX only if the SOX-imposed costs to the firm exceed the SOX-induced benefits to shareholders, and this difference swamps the net benefit of being a public firm prior to the passage of SOX. By examining a sample of all going-private firms from 1998 to 2004, we find: (1) the quarterly frequency of going private has modestly increased after the passage of SOX; (2) the abnormal returns associated with the passage of SOX were positively related to firm size and share turnover; (3) smaller firms and firms with greater inside ownership have experienced higher going-private announcement returns in the post-SOX period compared to the pre-SOX period. Our empirical evidence is broadly consistent with the notion that SOX has affected firms' going-private decisions.
Book Synopsis The Sarbanes-Oxley Act of 2002 and its impact on the Corporate Governance of German Public Companies listed in the U.S. Capital Market by : Katharina Bleck
Download or read book The Sarbanes-Oxley Act of 2002 and its impact on the Corporate Governance of German Public Companies listed in the U.S. Capital Market written by Katharina Bleck and published by . This book was released on 2004 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Increased Financial and Non-financial Cost of Staying Public by :
Download or read book The Increased Financial and Non-financial Cost of Staying Public written by and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first-of-its-kind study quantifies the actual costs of being public, as well as the increased costs associated with corporate governance compliance. Key findings of the study include confirmation of double-digit increases in many specific costs in the last year, anticipated further significant cost increases in such areas as audit and director compensation, and the disproportionate impact the increased cost of being public will have on middle market companies.
Book Synopsis Publicly Traded Corporations by : Brent A. Olson
Download or read book Publicly Traded Corporations written by Brent A. Olson and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Sarbanes-Oxley Act and the Making of Quack Corporate Governance by : Roberta Romano
Download or read book The Sarbanes-Oxley Act and the Making of Quack Corporate Governance written by Roberta Romano and published by . This book was released on 2018 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an evaluation of the substantive corporate governance mandates of the Sarbanes-Oxley Act of 2002 that is informed by the relevant empirical accounting and finance literature and the political dynamics that produced the mandates. The empirical literature provides a metric for evaluating the mandates' effectiveness, by facilitating identification of whether specific provisions can be most accurately characterized as efficacious reforms or as quack corporate governance. The learning of the literature, which was available when Congress was legislating, is that SOX's corporate governance provisions were ill-conceived. The political environment explains why Congress would enact legislation with such mismatched means and ends. SOX was enacted as emergency legislation amidst a free-falling stock market and media frenzy over corporate scandals shortly before the midterm congressional elections. The governance provisions, included toward the end of the legislative process in the Senate, were not a focus of any considered attention. Their inclusion stemmed from the interaction between election year politics and the Senate banking committee chairman's response to suggestions of policy entrepreneurs. The scholarly literature at odds with those individuals' recommendations was ignored, while the interest groups whose position was more consistent with the literature - the business community and accounting profession - had lost their credibility and become politically radioactive. The paper's conclusion is that SOX's corporate governance provisions should be stripped of their mandatory force and rendered optional. Other nations, such as the members of the European Union who have been revising their corporation codes, would be well advised to avoid Congress' policy blunder.
