Abstract
The 1999 Silicon Graphics International (SGI) case reduced litigation risks and allowed for discretion in financial statements, resulting in a decrease in the expected losses associated with litigation. In this paper, we explore this new legislative environment and examine the pathways underlying the impact of changes to the legal environment on firm value. Accordingly, this study visualizes how these changes can enhance the value of a firm. In addition, this paper reveals how managers react to the legal changes in financial reporting practices.
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