Audit Committee Remedial Actions and Regulatory Outcomes following FCPA Investigations
研究了因违反《反海外腐败法》被调查的公司中，审计委员会的补救措施（如更换成员或主席）与监管处罚结果的关系，发现新增董事可降低罚款和缩短调查时间。
SUMMARY This study examines audit committee (AC) remedial actions in firms investigated for a likely bribery-related violation of the Foreign Corrupt Practices Act (FCPA). Specifically, we study the relation between AC remedial actions and regulatory outcomes of an FCPA investigation. We consider three types of AC remedial actions: AC turnover, adding a newly elected director to the AC, and replacing the AC chair. These actions are not associated with the likelihood of a regulatory investigation concluding in an enforcement action. However, in firms that face enforcement actions, adding a newly elected director is associated with lower monetary penalties, a shorter resolution time, and a lower likelihood of an independent FCPA monitor being required. Additional analyses suggest that these results are driven by firms in which the newly elected director is appointed as the AC chair. Overall, this study adds to the literatures on regulatory cooperation and audit committees.