Abstract
Regulators and practitioners are concerned about whether SOX Sections 302 and 404 IT-related implementation costs affect the market value of firms in the IT industry. Prior studies indicate that network advantages are the key feature of information-based industries and that E-commerce firms are a major segment of that industry. SOX Section 404 was expected to have significant impact on firms with primary E-commerce risks. In this paper, we find that SOX enactment results in a significant market value decline for these E-commerce firms.
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