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The need to validate exogenous shocks: Shareholder derivative litigation, universal demand laws and firm behavior
Journal of Accounting and Economics ( IF 7.293 ) Pub Date : 2021-06-30 , DOI: 10.1016/j.jacceco.2021.101427
Dain C. Donelson 1 , Laura Kettell 2 , John McInnis 2 , Sara Toynbee 2
Affiliation  

Several recent studies argue that the adoption of universal demand (UD) laws represent an exogenous decline in litigation risk by increasing the procedural hurdles associated with shareholder derivative litigation. This study examines how UD laws affect the incidence of derivative litigation risk and related decisions. We show that the adoption of UD laws had no meaningful impact on derivative litigation from 1996 to 2015. We also find no evidence that UD laws affect aggressive accounting, voluntary disclosure, executive compensation, or corporate governance decisions. Collectively, our findings cast doubt on the validity of using UD laws as an exogenous shock to litigation risk.



中文翻译:

验证外生冲击的必要性:股东派生诉讼、普遍需求法和公司行为

最近的几项研究认为,普遍需求 (UD) 法的采用通过增加与股东衍生诉讼相关的程序障碍,代表诉讼风险的外生下降。本研究探讨了 UD 法律如何影响衍生诉讼风险和相关决定的发生率。我们表明,从 1996 年到 2015 年,UD 法的采用对衍生诉讼没有有意义的影响。我们也没有发现证据表明 UD 法会影响激进的会计、自愿披露、高管薪酬或公司治理决策。总的来说,我们的研究结果对使用 UD 法律作为诉讼风险的外生冲击的有效性提出了质疑。

更新日期:2021-06-30
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