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| Author: | Li, C. Sun, L. Ettredge, M. |
| Title: | Financial executive qualifications, financial executive turnover, and adverse SOX 404 opinions |
| Journal: | Journal of Accounting & Economics
2010 : MAY, VOL. 50:1, p. 93-110 |
| Index terms: | turnover internal control accounting law executives qualifications |
| Language: | eng |
| Abstract: | This paper aims to provide a comprehensive understanding of the interrelationships among chief financial officers' (hereafter as: CFOs') professional qualifications, SOX Section 404 internal control weakness, CFOs' turnover, CFOs' qualification improvement, and correction of material weaknesses. It is found that firms receiving initial adverse SOX 404 opinions for 2004 have less qualified CFOs. Adverse SOX 404 opinion recipients experience more CFO turnover in 2005, and these firms are more likely to hire CFOs who have improved qualifications. Results reveal that simply hiring a new CFO is not associated with SOX 404 opinion improvement, which requires hiring a better qualified CFO. |
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