Is the Sarbanes-Oxley Act the Right Therapy?

Je Sarbanes-Oxley Act tou správnou léčbou?

Dana Kovanicová

Český finanční a účetní časopis, 2008, vol. 2008, issue 2, 73-77

Abstract: As a reaction on bankruptcy and financial scandals of the important international corporations, the Congress U.S.A. issued in 2002 a new law - Sarbanes-Oxley Act. The important part of it deals with the regulation of auditor profession by means of a new established institution - PCAOB. This paper is a disputation with an opinion that this institution could contribute significantly to rectification. The right reason dwells in generally accepted shareholder theory, which economists and managers consider as only legit and scientific. But this theory is not neutral as it has a powerful ideological background and undesirable economical and social subsequences. Paper alerts on the existence of stakeholder theory, acceptation of which could contribute to resolution of these problems.

Keywords: Financial bankruptcy; Sarbanes-Oxley Act; Shareholder theory; Stakeholder theory; Finanční bankroty; Teorie podílníků; Teorie účastníků (search for similar items in EconPapers)
JEL-codes: M48 (search for similar items in EconPapers)
Date: 2008
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DOI: 10.18267/j.cfuc.272

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