Coming Forward: The Effects of Social and Regulatory Forces on the Voluntary Restatement of Earnings Subsequent to Wrongdoing
研究了社会压力和监管制裁如何影响企业自愿重述盈余以披露过往不当行为，发现行业内的非正式社会压力会促进自愿重述，而正式监管制裁反而抑制这一行为，且企业地位会调节这些影响。
We investigate the effects of social and regulatory forces on a firm's decision to disclose past wrongdoing by voluntarily restating its earnings. With an eight-year sample of more than 2,500 public firms, including 170 voluntary restaters, we find that firms are more likely to voluntarily restate their earnings in response to informal social pressures from other firms in their industry and less likely to do so in response to formal regulatory sanctions. We also show that the impact of these forces varies with firm status. We contribute to corporate governance and public policy research that examines the effectiveness of “hard” versus “soft” deterrence measures on firm compliance.