Sarbanes–Oxley Section 406 Code of Ethics for Senior Financial Officers and Firm Behavior

Journal of Business Ethics 151 (3):693-705 (2018)
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Abstract

Sarbanes–Oxley Section 406 requires a code of ethics for top financial and accounting officers in public companies. The objective of this research is to discover the impact of a financial code of ethics on firm behavior. We performed a longitudinal tracking of firm adoption of a financial code of ethics starting in 2005. We checked these companies’ codes again in 2011 to confirm their continued implementation. Financial restatements were used as a dependent variable to measure improved financial reporting after the adoption of the financial codes. The results confirm that the adoption of a financial code of ethics improves the integrity of financial reporting.

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