A Lei Sarbanes Oxley: o impacto da lei na estrutura de governança corporativa
Título da Revista
ISSN da Revista
Título de Volume
After a high-profile accounting frauds and misstatements occurred in the US financial markets, US Congress decided to enact the Sarbanes-Oxley Act in July 2002 ñ the Act, also known as SarOx or Sox, contains a wide number of provisions affecting important issues of Corporate Governance. The objective of this study was to evaluate those provisions in the light of existent Governance mechanisms in order to detect if their compulsory format, as law provisions, will impact corporate governance structure. To achieve this objective, this paper reviews the literature of mainly concepts of Corporate Governance and its mechanisms in order to understand their impact on corporate structure. After that, it was prepared an evaluation of the key provisions of the law and the example of Enron was brought to attention to illustrate the Congress inspiration. The aim of this chapter was to understand the key provisions deeply in order to build a relationship between the law and the Governance mechanisms. Finally, it was evaluated the impact of those provisions on the US corporate governance structure by revising the literature of many studies performed in American companies after the period of Sox enactment. To complete this analysis, a qualitative research was performed in order to register the impressions of managers from a Brazilian corporation about the law implementation process as well as its impact on the Governance of this corporation. The conclusion of the bibliography evaluation is that Sox impacts on Governance structure are still controversial 2 and the recent database turns it difficult to evaluate the effectiveness of the law. Also, the results obtained with the research of the Brazilian case do not permit further conclusions, once it registers the perception of the interviewers, which cannot be extended to other sectors, neither is statistically proven.