We study the effect of product market competition on the alignment of incentives between management and shareholders in public U.S. firms. We find that competition reduces agency conflicts. Firms in less competitive industries are less efficient than firms in more competitive industries and the Sarbanes Oxley regulation, aimed at mitigating agency conflicts, improved efficiency mainly in the le...

Kurzfassung Der betriebliche Einsatz von Systemen zum Enterprise Resource Planning (ERP) muss unter Beachtung externer Rahmenbedingungen erfolgen. Im vorliegenden Beitrag werden mit den Vorschriften zu den „Grundsätzen zum Datenzugriff und zur Prüfbarkeit digitaler Unterlagen“ (GDPdU) und dem „Sarbanes Oxley Act“ (SOX) zwei hierfür relevante Regelwerke vorgestellt und deren Auswirkungen auf die...

We describe how the compliance requirements for data retention from recent laws such as the US Sarbanes Oxley Act may be supported by a tamper-evident secure storage system based on probe storage with a patterned magnetic medium. This medium supports normal read/write operations by out-of-plane magnetisation of individual dots. We report on an experiment to show that in principle the medium als...

New corporate compliance regulations such as the Sarbanes Oxley (SOX) Act of 2002 contain requirements for the chief executive and financial officers to certify the effectiveness of internal controls and processes leading to financial reporting. An inevitable result of implementing compliance with these regulations is an increased focus on improving systems and greater interdependence between t...

purpose: this paper addresses whether and how the sarbanes-oxley act of 2002(sox) affects shareholder wealth (firm value) by focusing on the trade-off between improved corporate governance leading to a lower cost of capital and increased managerial compliance costs of regulations. design/methodology: we use an analytical model of solving the management utility maximization function and the chan...