The Sarbanes–Oxley Act of 2002 (SOX) serves to increase transparency and improves the governance quality of publicly traded U.S. firms. Increased transparency reduces external financing costs, thereby decreasing the reliance on internal funds for investment. Improved governance quality mitigates managers’ opportunistic cash savings. Both of these effects are predicted to affect a firm's cash policy. Employing the cumulant estimators (closed-form minimum distance estimators) in Erickson et al. (2014, Journal of Econometrics, 183, 211) to control the errors-in-variables bias in the cash–cash flow sensitivity model, we find that SOX reduces firms’ propensity to save, and the effect is stronger for negative cash flow firms than positive cash flow firms. Further analysis reveals that the cash–cash flow sensitivity is conditional on a firm's financial constraint status and its existing governance quality.

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储蓄倾向：萨班斯-奥克斯利法案的影响

2002 年萨班斯-奥克斯利法案 (SOX) 旨在提高透明度并改善美国上市公司的治理质量。透明度的提高降低了外部融资成本，从而减少了对内部资金投资的依赖。改进的治理质量可以减少管理者的机会性现金储蓄。预计这两种影响都会影响公司的现金政策。在 Erickson 等人中使用累积量估计器（封闭式最小距离估计器）。(2014, Journal of Econometrics, 183, 211) 为了控制现金流敏感性模型中的变量误差偏差，我们发现 SOX 降低了企业的储蓄倾向，对于负现金流企业的效果更强比正现金流的公司。进一步的分析表明，现金流敏感度取决于公司'