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JOURNAL OF APPLIED BUSINESS AND ECONOMICS

The Sarbanes-Oxley Act, Security Analyst Monitoring

Activity, and Firm Value

Author(s): Sheryl-Ann K. Stephen, Vincent P. Apilado

Citation: Sheryl-Ann K. Stephen, Vincent P. Apilado, (2013) "The Sarbanes-Oxley Act, Security Analyst Monitoring Activity, and Firm Value," Journal of Applied Business and Economics, Vol. 14, Iss. 1, pp. 86-98

Article Type: Research paper

Publisher: North American Business Press

Abstract:

In this study we examine the complementary monitoring activity that takes place via the Sarbanes-Oxley

Act (SOX) and its effect on security analyst monitoring activity and firm value of large and small public

firms. Our findings indicate that security analyst monitoring activity has decreased post-SOX while firm

value has increased post-SOX for both large and small firms. We also find that the increase in firm value

is more pronounced for the group of small firms. Given these results, we surmise that the complementary

monitoring activity provided by SOX is effective enough to have a positive impact on firm value.