Corporate Governance and Firm Value: The Impact of the 2002 Governance Rules

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CFA Digest
February 2008 | Vol. 38 | No. 1 | 3 pages
Source: CFA Institute
Vidhi Chhaochharia Yaniv Grinstein
Michael Kobal, CFA (Reviewer)



The Sarbanes–Oxley Act of 2002, which followed major corporate scandals, changed market perception of corporate governance practices. The authors find evidence that the new governance provisions generally added value to companies that were most affected and that small companies were in some cases negatively affected. The authors surmise that this may be a result of a disproportionate compliance burden on smaller companies.

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