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1、外文文獻(xiàn)翻譯外文文獻(xiàn)翻譯原文：InvestreactionstodisclosuresofmaterialinternalcontrolweaknessesKimIttonenDepartmentofAccountingFinanceUniversityofVaasaVaasaFinlAbstractPurpose–Thepurposeofthispaperistoexamineinvestreactionstomaterialinte

2、rnalcontrolweaknessdisclosures.Inparticulartheabnmalreturnsthechangeinvolatilitythechangeinsystematicriskareanalyzedaroundaudits’materialweaknessrepts.Designmethodologyapproach–Thesampleconsistsof342firmswithinitialSarba

3、nesOxleyActSection404weaknessdisclosuresissuedbetween20052007.Thepaperusesthreemeasuresfinvestreactions:abnmalreturnsthechangeinvolatilitysystematicrisk.Thehypothesesofthepaperareinvestigatedusingunivariateanalysis.Findi

4、ngs–Theinitialresultsimplysurprisinglythatthematerialweaknessdisclosureisgoodnewstoinvests.Howeveraftercontrollingftheprecedingmanagement’sinternalcontroldisclosuretheresultsshowthattheabnmalreactionispositiveonlywhenthe

5、auditreptisconsistentwiththeprecedingmanagementrept.Inadditiontheresultsshowasignificantchangeinvolatilityaftertheaudit’sweaknessdisclosure.Researchlimitationsimplications–Theseresultsimplythattheinvestreactionstoaudits’

6、materialweaknessdisclosuresdependonthecontentoftheprecedingreptissuedbymanagement:thereisapositivereactionifmanagementhasidentifiedreptedtheexistingmaterialweaknessesbefetheauditanegativereactionwhenmanagementhasfailedto

7、identifyreptthematerialweaknessesbefetheaudit.controlweaknesses.Secondthevolatilitysystematicriskeffectsofinternalcontrolweaknessdisclosuresareanalyzed.Thirdassuggestedinpreviousliteraturetwoeventdatesarestudiedthecustom

8、ary10Kfilingdate(Jones1996Beneishetal.2008Hammersleyetal.2008)thedateoftheactualeventi.e.theauditreptdate(CarterSoo1999Knecheletal.2007).Theinitialfindingssuggestthattheweaknessdisclosureisgoodnewstotheinvests.Abnmalretu

9、rnsarepositivepartlysignificantaroundtheauditreptdateaswellasthe10Kdate.FollowingBeneishetal.(2008)thesampleissplitbasedontheprecedingmanagement’sinternalcontrolassessment.Theresultsshowthattheabnmalreactionispositivesig

10、nificantwhentheauditreptisconsistentwiththemanagementreptnegativewhentheauditreptisconflictingwiththemanagementrept.Beneishetal.(2008)reptthesimilar(butinsignificant)directionsfabnmalreturnsfthe“BadBad”“GoodBad”firms.Fin

11、allythispaperreptsasignificantincreaseinvolatilityaroundtheauditreptdateasignificantdecreasearoundthe10Kdate.Theremainderofthispaperisganizedasfollows.ThehypothesesaredevelopedinSection2Section3reptsthesamplethemethodolo

12、gySection4containsresultsSection5concludesthepaper.2.BackgroundhypothesesResearchonbothSections302404disclosuresshowthatinternalcontrolweaknessesareassociatedwithfirmsthataresmallerfinanciallyweakerrapidlygrowingmecomple

13、xhaveongoingrestructuring(Doyleetal.2007bAshbaughSkaifeetal.2007).Zhangetal.(2007)findfirmswithlessfinancialnonaccountingfinancialexpertiseontheirauditcommitteeslessindependentauditsrecentauditchangesaremelikelytodisclos

14、einternalcontrolweaknesses.FurthermeDoyleetal.(2007a)AshbaughSkaifeetal.(2008)findthatinternalcontrolweaknessesareassociatedwithlowerqualityaccruals.SchneiderChurch(2008)findthatweaknessesininternalcontrolsreducethelende

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