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Full-Text Articles in Finance and Financial Management
The Association Between Corporate Governance And Audit Fees, Cindy K. Harris
The Association Between Corporate Governance And Audit Fees, Cindy K. Harris
Business and Economics Faculty Publications
The Sarbanes-Oxley Act of 2002 (“SOX”) established not only corporate governance reform but also legislated significant changes to the practice of auditing publicly held corporations. Rules implemented by the Securities and Exchange Commission (“SEC”) further reinforced stronger corporate governance standards. The effect of these reforms on the cost of public audits is indisputable: the initial rise in audit fees was dramatic as corporations complied with the new provisions. This paper examines the relationship between corporate governance characteristics and audit fees for a random sample of 100 publicly traded corporations drawn from the 2005 Fortune 500 list. The data is obtained …
Corporate Governance Ratings In Emerging Markets: Implications For Market Valuation, Internal Firm-Performance, Dividend Payouts And Policy, Edward Baker, Ben Godridge, Aron Gottesman, Matthew Morey
Corporate Governance Ratings In Emerging Markets: Implications For Market Valuation, Internal Firm-Performance, Dividend Payouts And Policy, Edward Baker, Ben Godridge, Aron Gottesman, Matthew Morey
CRIF Seminar series
This paper utilizes a new data set from AllianceBernstein that, unlike other corporate governance data, has country-level and monthly-updated firm-level governance ratings for 22 emerging markets countries for almost a five year period. With these data we examine the relationship of firm-level and country-level corporate governance on firm valuation, dividend payout, internal firm performance and other issues. We find a number of interesting results that have implications for corporations, investors and policymakers. First, we find there is a positive and significant relation between firm-level and country-level corporate governance ratings and market valuation. Second, we find this relation between governance and …