Foreign cultures, Sarbanes–Oxley Act and cross-delisting

Abstract

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The impact of the Sarbanes–Oxley Act on the integrity of financial reporting: Was it meritorious?

“…In addition to our main hypothesis, we complement this study by examining the effect of the financial and debt crisis in 2008 and 2010 on corporate governance (Reguera‐Alvarado et al., 2019; Trombetta & Imperatore, 2014). In particular, the financial crisis forced many firms into bankruptcy or caused them to delist from the main financial markets (e.g., NASDAQ and NYSE), and a contingent of them have taken appropriate measures imposed by regulators (Daugherty & Georgieva, 2011; Martinez & Serve, 2017). Moreover, a significant drop also occurred in initial public offerings (IPOs), leading current issuers to seek delisting from these capital markets to find alternatives for funding (Gao et al., 2013; Rose & Solomon, 2016).…”

Influence of the Sarbanes-Oxley Act on Financial Reporting Quality: An Overview of EU Firms Cross-Listed in the USA

“…In particular, the nancial crisis forced many rms into bankruptcy or caused them to delist from the main nancial markets (e.g. NASDAQ and NYSE), and a contingent of them have taken appropriate measures imposed by regulators (Daugherty and Georgieva, 2011;Martinez and Serve, 2017). Moreover, a signi cant drop also occurred in initial public offerings (IPOs), leading current issuers to seek delisting from these capital markets to nd alternatives for funding (Gao et al, 2013;Rose and Solomon, 2016).…”