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Economic Determinants and Consequences of Voluntary Disclosure of Internal Control Effectiveness: Evidence from Initial Public Offerings

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Author	Lee, Jong Eun
Title	Economic Determinants and Consequences of Voluntary Disclosure of Internal Control Effectiveness: Evidence from Initial Public Offerings
Year Degree Awarded	2008
Department	Business Administration
Degree	Ph.D.
Abstract	This dissertation investigates the economic determinants of firms' decisions to voluntarily disclose internal control weaknesses, and the economic consequences of such disclosures, in the context of companies' initial public offerings (IPOs) of equity securities. I find that IPO firms with greater potential litigation risk and restated pre-IPO financial statements are more likely to disclose internal control weaknesses over pre-IPO financial reporting. In addition, I find that voluntary disclosure of internal control weaknesses and the related remediation procedures is negatively associated with underpricing, indicating that ex ante uncertainty about the new issues' value is reduced. Further, IPO firms benefit from such voluntary disclosure through increased IPO proceeds. The results also suggest that the new internal control disclosure requirements under SOX sections 302 and 404 have induced IPO firms to voluntarily disclose internal control weaknesses, contributing to lower information asymmetry between IPO firms and uninformed investors.
Advisor	Krishnan, Jagan
Committee Members	Basu, Sudipta Gordon, Elizabeth Krishnan, Jayanthi Sarkar, S. K. (Sanat K.)
Degree Granting Institution	Temple University
Subject	Business Administration, Accounting
Publisher	Temple University Libraries
Type	Dissertation
Format	application/pdf
Number of Pages	146
Rights	The author has granted Temple University a limited, non-exclusive, royalty-free license to reproduce his or her dissertation, in whole or in part, in electronic or paper form and to make it available to the general public at no charge. This permission is granted in addition to rights granted to ProQuest. The author retains all other rights.
Description	Temple University--Theses
Digital Collection	Temple University Electronic Theses and Dissertations
Contact	etd-library@listserv.temple.edu
File Size	1,380 KB

Title	Economic Determinants and Consequences of Voluntary Disclosure of Internal Control Effectiveness: Evidence from Initial Public Offerings - Page 1
Digital Collection	Temple University Electronic Theses and Dissertations
Contact	etd-library@listserv.temple.edu

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