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Corporate Governance Post-Sarbanes-Oxley

Corporate Governance Post-Sarbanes-Oxley
Author: Zabihollah Rezaee
Publisher: John Wiley & Sons
Total Pages: 562
Release: 2007-10-05
Genre: Business & Economics
ISBN: 0470107448

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Corporate Governance Post Sarbanes-Oxley introduces a corporate governance structure consisting of seven interrelated mechanisms of oversight: managerial, compliance, audit, advisory, assurance, and monitoring. The book begins with a discussion of the new requirements for corporate governance and financial reporting brought about by Sarbanes-Oxley and then shows how a well-balanced functioning of the seven mechanisms produces a responsible corporate governance structure that ensures quality financial reporting and credible audit services. Each chapter includes checklists, real-world case studies, and best practice tips.


International Corporate Governance After Sarbanes-Oxley

International Corporate Governance After Sarbanes-Oxley
Author: Paul Ali
Publisher: John Wiley & Sons
Total Pages: 405
Release: 2011-07-28
Genre: Business & Economics
ISBN: 1118161122

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"The Sabanes-Oxley Act has been one of the most significant developments in corporate and securities regulation since the New Deal. This collection of important articles would be a valuable resource for anyone seeking to understand Sabanes-Oxley's far-reaching effects on corporate governance in the United States and elsewhere." —Jesse Fried, coauthor of Pay Without Performance: The Unfulfilled Promise of Executive Compensation and Professor of Law at the University of California, Berkeley "The editors have assembled the latest cutting-edge research on international corporate governance by respected academics in this field. In this handbook, the editors deal with all aspects of the significant legislative changes to corporate governance regulation. It introduces the reader to the new rules that will certainly improve the reliability and the accuracy of disclosures made by corporations. The book comes at the right moment with the recent scandals such as Enron, which will educate all readers especially shareholders of corporate stock." —Komlan Sedzro, Professor of Finance, University of Quebec at Montreal "Today, corporate governance is a topic at the center of public policy debate in most industrialized countries. The range of concerns; the variety of approaches; and their tendency to converge in some areas or diverge in others (not always in the right directions) are emphatically demonstrated by these essays. There is material here of enormous interest for scholars of comparative law and economic regulation. And significantly, the presentation of essays from legal, financial, and regulatory viewpoints demonstrates the growing practical as well as theoretical utility of interdisciplinary work in this area. Professors Ali and Gregoriou are to be warmly congratulated for their skill and initiative in assembling an important publication, as well as for their own contributions to interdisciplinary scholarship." —R. P. Austin, BA, LLM (Sydney), DPhil (Oxon), Supreme Court of New South Wales "This very international collection emphasizes the economic line of descent, while including legal and socio-legal contributions. It fills a very important gap in our empirical knowledge of corporate governance. It is accessible and comprehensive and will greatly assist readers from all relevant disciplines, who are trying to discern the shape of corporate governance as a mature field." —Dimity Kingsford Smith, Professor of Law, University of New South Wales


The Role of Independent Directors After Sarbanes-Oxley

The Role of Independent Directors After Sarbanes-Oxley
Author: Bruce F. Dravis
Publisher: American Bar Association
Total Pages: 206
Release: 2007
Genre: Business & Economics
ISBN: 9781590316610

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This book is intended to provide independent directors and their advisors with an understanding of the primary legal and governance issues that have evolved in the corporate governance environment since the passage of the Sarbanes-Oxley Act in 2002. The text on the accompanying CD-ROM sourcebook offers hypertext linked footnotes to direct lawyers (or interested non-lawyers) to legal source material.


Sarbanes-Oxley and the Board of Directors

Sarbanes-Oxley and the Board of Directors
Author: Scott Green
Publisher: John Wiley & Sons
Total Pages: 333
Release: 2005-08-19
Genre: Business & Economics
ISBN: 047175174X

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Sarbanes-Oxley and the Board of Directors is a practical, down-to-earth guide for board members. It covers everything from board basics to compliance with regulations, corporate culture and values to assessing and reacting to hostile shareholder activities. Complete with real-world examples, vignettes, case studies, and other information, this guide helps board members, CEOs, CFOs, and others understand their responsibilities and potential liabilities and implement effective corporate governance. It covers building a strong framework for effective governance, ways to protect board members, specific guidance for effective corporate oversight and communications, and more. Sarbanes-Oxley and the Board of Directors gives directors the knowledge, techniques, and tools to serve the company and its stockholders well.


International Corporate Governance After Sarbanes-Oxley

International Corporate Governance After Sarbanes-Oxley
Author: Paul A. U. Ali
Publisher:
Total Pages: 583
Release: 2006
Genre: Corporate governance
ISBN: 9781119201885

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"The Sabanes-Oxley Act has been one of the most significant developments in corporate and securities regulation since the New Deal. This collection of important articles would be a valuable resource for anyone seeking to understand Sabanes-Oxley's far-reaching effects on corporate governance in the United States and elsewhere." 8212;Jesse Fried, coauthor of Pay Without Performance: The Unfulfilled Promise of Executive Compensation and Professor of Law at the University of California, Berkeley "The editors have assembled the latest cutting-edge research on international corporate governance by respected academics in this field. In this handbook, the editors deal with all aspects of the significant legislative changes to corporate governance regulation. It introduces the reader to the new rules that will certainly improve the reliability and the accuracy of disclosures made by corporations.


Reporting Internal Control Deficiencies in the Post-Sarbanes-Oxley Era

Reporting Internal Control Deficiencies in the Post-Sarbanes-Oxley Era
Author: Gopal V. Krishnan
Publisher:
Total Pages: 37
Release: 2005
Genre:
ISBN:

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This study addresses the role of audit committees and auditors in the reporting of internal control deficiencies after the passage of the Sarbanes Oxley Act (SOX). We find that a higher number of meetings of the audit committee, lesser proportion of quot;financial expertsquot; in the audit committee, and more auditor changes characterize firms that report weaknesses in their internal controls compared to firms with no weaknesses. Prior restatements of financial statements are also higher for firms not reporting such weaknesses. The results are robust to controlling for a variety of firm characteristics such as complexity of operations, profitability, and growth. Our results underscore the importance of governance characteristics beyond general firm characteristics in examining the reporting of internal control weaknesses.


Corporate Governance Triangle in the Post Sarbanes-Oxley Period

Corporate Governance Triangle in the Post Sarbanes-Oxley Period
Author: Rahul Bedi
Publisher: LAP Lambert Academic Publishing
Total Pages: 368
Release: 2009-11
Genre:
ISBN: 9783838309514

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Dr. Bedi presents valuable research into the wielding of corporate power by industry s most powerful corporate stakeholder - public pension funds. He provides an historical look at the growing recognition of pension funds as institutions capable of influencing corporate actions, and then survey s the receptiveness of CEO s to that influence on a number of "hot button" issues. Dr. Bedi s research presents data that helps to inform the debate over the role of independent directors and the board leadership role they are increasingly being asked to take on. His work helps us to better understand the nature of the relationship between companies and their major stakeholders and provides a strong insight into what may lie ahead as that relationship continues to evolve.


Internal Control Failures and Corporate Governance Structures: A Post Sarbanes-Oxley Act (SOX) Analysis

Internal Control Failures and Corporate Governance Structures: A Post Sarbanes-Oxley Act (SOX) Analysis
Author: Beng Wee Goh
Publisher:
Total Pages: 169
Release: 2007
Genre:
ISBN: 9781109991598

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Recent corporate scandals suggest a breakdown in internal controls and the lack of adequate corporate governance mechanisms. In 2002, Congress passed the Sarbanes-Oxley Act, which requires firms to assess internal controls and report internal control weaknesses. My study examines the causes and consequences of material weaknesses (MW) reported under Section 302 of SOX. The study has four main objectives. First, I investigate whether firms that report MW are associated with less effective audit committees and boards of directors. Using 184 firms that reported MW from August 2003 to December 2004 and a matched-pair sample of control firms, I find that firms with lower audit committee financial expertise, smaller audit committees, and lower board independence are more likely to have MW. Second, I examine whether the managerial labor market imposes penalties on top management, audit committees, and boards of directors for internal control failures. I find that MW firms have significantly higher turnover of their audit committee members and outside directors than the control firms following the MW detection. Audit committee members and outside directors in the MW firms also lose more outside directorships than their counterparts in the control firms. There is some empirical support that the top management in the MW firms is more likely to leave the firm than their counterparts in the control firms. Additional analyses show that the extent of reputational penalties increase with the severity of the MW detected. Third, I examine whether the MW firms improve their governance structures upon the MW detection. The results indicate that MW firms experience greater improvement in their governance structures than the control firms. By the second year following the MW detection, the MW and control firms no longer differ in terms of audit committee independence, audit committee financial expertise, audit committee size, and board independence. Last, I examine whether the market reacts positively to the improvement in governance structures. I find a positive relation between the two-year buy-and-hold abnormal returns and the MW firms' improvement in audit committee size and board independence. This result is consistent with the improvement in governance structures restoring investor confidence in financial reporting.


OECD Principles, Sarbanes-Oxley legislation and CSR

OECD Principles, Sarbanes-Oxley legislation and CSR
Author: Md. Rajibul Hasan
Publisher: GRIN Verlag
Total Pages: 27
Release: 2013-01-22
Genre: Business & Economics
ISBN: 3656357137

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Seminar paper from the year 2011 in the subject Business economics - Business Ethics, Corporate Ethics, grade: Distinction, University of Lincoln, language: English, abstract: In recent years, Corporate Social Responsibility (CSR) and Corporate Governance has been widely explored with a number of reports and codes of practice aimed at decreasing instances of what are seen as grossly unethical ways of managing major organizations. Quite apart from the strictures of moral theory, there is considerable danger to the reputation of quoted companies if shareholders feel that they do not believe the information presented to them by company directors and senior executives. Any general lack of confidence in the financial probity of companies could be very damaging to the economic system as a whole. If entrepreneurs and senior managers want unjustified large salary instead of paying attention to the wishes of shareholders, then conflict happened (Harrison, 2005). Thus, the developments of the Corporate Governance Codes like Cadbury Report, OECD principles, Sarbanes-Oxley Act etc have been driven by financial scandal, corporate collapse, or similar crisis. CSR has developed the idea of corporate governance in order to encourage management to take broader ethical considerations into their account. The introduction of corporate governance codes has been motivated by a desire for more transparency and accountability, and a desire to increase investor’s confidence in the stock market as a whole (Mallin, 2007). This essay presents a critical discussion of the OECD Principles and the Sarbanes-Oxley Act for corporate governance within the context of high profile businesses. Later, it will present the significant differences in focus and intend between OECD and Sarbanes-Oxley. Moreover, it will critically discuss the convergence of Corporate Governance and Corporate Social Responsibility (CSR).