English, Article edition: Sarbanes-Oxley Act, perceived earnings quality and cost of capital Hsihui Chang; Guy D. Fernando; Woody Liao

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Sarbanes-Oxley Act, perceived earnings quality and cost of capital
Author
  • Hsihui Chang
  • Guy D. Fernando
  • Woody Liao
Physical Description
  • article
Notes
  • Purpose – The purpose of this paper is to investigate the impact of the Sarbanes-Oxley Act (SOX) on market-based measures of earnings quality and cost of capital. Design/​methodology/​approach – The paper uses empirical data to determine measures for the market's perception of earnings quality and the ex-ante cost of capital. The measures for 2001 (pre-SOX) are compared to the measures for 2003 (post-SOX). Findings – The results indicate that in the post-SOX period, the market's perception of earnings quality has improved, while the firms' cost of equity capital has decreased. Research limitations/​implications – At a time when debate is raging as to the overall impact of SOX on the US economy, this study provides some evidence as to its beneficial nature. A limitation is that the method of computing restricts the sample, potentially creating biases. Originality/​value – This is the first study to investigate the impact of SOX on the market's perception of earnings quality and the firms' cost of equity capital.
  • Cost of capital, Earnings, Legislation, United States of America
  • RePEc:eme:rafpps:v:8:y:2009:i:3:p:216-231
Language
  • English
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