The Effect of Financial Regulation on Nonfinancial Violations
研究发现，萨班斯-奥克斯利法案第404条的合规要求增加了企业发生非金融违规（尤其是员工相关违规）的可能性，这种效应持续约两年，主要源于企业将注意力和资源转向财务报告合规。
ABSTRACT This paper examines the effect of financial regulation on nonfinancial violations. Using differences in compliance requirements with Sarbanes-Oxley Act of 2002 (SOX) Section 404, we find that adoption of Section 404 increased firms’ propensity for nonfinancial violations. This effect is stronger for firms with greater external scrutiny toward their financial reporting, greater challenges in monitoring their operations, and limited resources. These results, together with an examination of changes in audit fees, conference call transcripts, and 10-K disclosures, suggest that the effects primarily stem from a shift in attention and resources toward SOX 404. Further, the effects are concentrated in employee-related violations and persist for approximately two years. Overall, our results suggest that financial reporting regulation can result in unintended consequences harming stakeholders, such as employees. JEL Classifications: M40; M41.