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—
:
Evidence on the Market Response to Corporate Governance Deficiencies
Carol Ann Frost*
Joshua Racca**
Mary Stanford***
*University of North Texas
**University of Alabama, Birmingham
*** Texas Christian University
April 2013
Abstract
We provide evidence that equity market participants value Nasdaq’s
enforcement of corporate governance listing rules. We document a
significantly negative market response to news that a firm has received a
Nasdaq corporate governance deficiency notice. More specifically, we show
that market participants react negatively to disclosure of noncompliance
with audit committee independence requirements and that the most negative
shareholder reaction is observed for firms failing to review and certify
financial statements in conformance with SOX. This evidence indicates
that market participants learn about these corporate governance failures
through the Nasdaq enforcement process, supporting the current selfregulatory model.
Key Words: Corporate Governance, Listing rule deficiencies, stock
exchange regulation
Acknowledgements: We are grateful helpful comments and suggestions from
workshop participants at Rice University, and for many useful discussions
with Nasdaq Stock Market, Inc. staff. Financial support from Texas
Christian University, the University of Alabama-Birmingham, and the
University of North Texas is gratefully acknowledged.
Evidence on the Market Response to Corporate Governance Deficiencies
Introduction
The effect of corporate governance on firms’ financial and market
performance and accounting irregularities has received much attention in
the past decade.
However, few studies assess how market participants
respond to changes in corporate governance effectiveness. One exception
is Defond, Hann and Hu (2005), which examines the market reaction to an
increase in corporate governance effectiveness: the appointment of an
accounting financial expert to the audit committee. However, Defond et
al., find somewhat mixed results; appointment of a financial expert to
the audit committee leads to a positive market response only for firms
with strong governance, suggesting a complementary relation.
In this study, we document an adverse market response to news of firms’
noncompliance with Nasdaq’s corporate governance requirements. Our study
is motivated by the generally mixed evidence on the association between
corporate governance quality and firm financial and market performance.
Gompers et al. (2003) provide evidence that firms with stronger
shareholder rights exhibit higher firm value, higher profits, and higher
sales growth, using a sample of 1,500 firms during the 1990’s. However,
many later studies using the Gompers Index and other proxies for
corporate governance find contrasting evidence. One concern with this
line of research is that the weak evidence on the effects of corporate
governance may simply reflect researchers’ inability to identify the most
important corporate governance matters.
We use governance standards established by the Nasdaq Stock Market as
proxies for market participants’ minimum expectations. We test the joint
hypothesis that (1) Nasdaq’s corporate governance requirements reflect
shareholder expectations about corporate governance effectiveness, and
that (2) news of a company’s inability to remain above at least one
regulatory minimum is associated with a decrease in firm value. We
document a significantly negative market response to news that a firm has
received a Nasdaq corporate governance deficiency notice indicating noncompliance with listing rules. This decline in share price is consistent
with the view that Nasdaq enforcement of its corporate governance
requirements provides new and significant information to the market that
leads to revised expectations about the integrity of a firm’s financial
statements and about that firm’s future profitability or risk.
Our study is also motivated by the limited evidence available on how
exchanges perform the important investor protection role of stock
exchange self-regulation, which includes developing and enforcing their
own listing requirements. In 2004 the SEC announced a major reassessment
of the self-regulatory system in light of changes in the ownership
structure of stock exchanges and increased competition (SEC 2004a, Cox
2006). Consistent with this, Sirri (2006) notes that increasing
competition for market share by exchanges has increased concerns about
inherent conflicts of interest in the self-regulatory system. Although
several studies provide evidence on certain aspects of regulatory
delisting, delisting, the most severe outcome, is only one part of the
enforcement process. , We find that almost all companies receiving
governance deficiency notices from Nasdaq regain compliance and continue
to trade on Nasdaq. Thus, the self-regulatory process appears to
identify, enforce, and promote the correction of corporate governance
problems, at least at the Nasdaq market.
Further, our stock return
evidence indicates that equity market participants use the information in
deficiency notices to revise their expectations about firm value,
suggesting that stock exchange enforcement of corporate governance
requirements is valued.
Our sample consists of 406 firms that received Nasdaq deficiency notices
between January 1, 2004 and December 31, 2011 regarding a total of 472
corporate governance deficiencies. The deficiencies we examine are
related to Nasdaq requirements for audit committees, board independence,
shareholder approval, Sarbanes-Oxley Act-related reviews and
certifications, and nomination and compensation committees. Our evidence
shows that firms receiving deficiency notices are smaller, less
profitable, more levered, and have lower return on assets and market to
book ratios than their Nasdaq-listed industry counterparts that do not
receive such notices. These findings are consistent with evidence from
several studies showing a positive association between financial and
market strength and the occurrence of accounting restatements and other
irregularities, and internal control weaknesses.
More importantly, we examine short-window cumulative abnormal returns
(CARs) surrounding deficiency notice dates to assess the extent to which
news of Nasdaq enforcement actions conveys information to the market.
We find a negative mean (median) three-day CAR of -1.28% (-1.20%),
significant at the .001 (.01) level (two-sided tests used in all
analyses) on the days surrounding the earliest deficiency notices
received by each firm. Results are similar when we use a five-day return
window.
We also analyze each deficiency type subsample (audit committee, board
independence, review and certification, shareholder approval, and
nomination and compensation). For audit committee deficiencies, we
document a significant negative response, the mean (median) three-day
CARs is –1.79% (-1.42%) significant at the .001 level. This finding is
consistent with investors’ awareness that audit committees’ play a
central role in ensuring the integrity of financial statements. Among
these firms, we identify three reason for a board members departure from
audit committees, resignation, retirement, and death. The market response
is significant for resignations and retirements but not for deaths. In
addition, we also determine whether or not the departing board member is
designated as the financial expert on the audit committee. The mean
(median) market response to the departure of the financial expert is 2.29 (-1.70) with a t-statistic of -2.45 (-1.71) providing support for
the requirement that audit committees have a financial expert.
The finding of an adverse market response to noncompliance with Nasdaq’s
audit committee requirement is also consistent with Defond et al.’s
(2005) evidence of a positive market reaction to an increase in the
financial expertise of audit committee members, since the departure of an
audit committee member is most common reason for audit committee
noncompliance in our study. Our finding is also consistent with the
Hoitash et al. (2009) result that audit committee characteristics are
linked to internal control weaknesses under section 404 of SarbanesOxley, which requires auditor certification, but not under section 302,
which does not require auditor certification.
The strongest negative market reaction is for the 18 firms that do not
comply with the financial statement review and certification requirements
mandated by SOX. These firms exhibit a mean (median) three-day CAR of -
5.43% (-2.24%), significant at the .001 (.05) level. This finding is
consistent with the view that the SOX certification process is a critical
aspect of ensuring financial statement integrity, and that disclosure of
Nasdaq deficiency notices is a primary means by which market participants
learn of certification failures. However, closer examination of these 18
firms indicates several reasons for management’s decision to not certify
the financial statements. Most of these deficiencies, 16 out of 18, occur
in 2004 and 2005 shortly after SOX was mandated. Not surprisingly, the
most common reason for lack of certification is management’s failure to
assess internal controls or problems identified with internal controls.
Other reasons given for managements refusal to certify the financial
statements include auditor resignations, audit delays and mergers
resulting in no financial statements being issued.
Our review and certification results are in contrast to findings in Chang
et al. (2006). Chang et al. (2006) reports no significant market response
for the 12 firms that did not comply with the SEC’s certification order
(but does document a positive market response to the SEC’s administrative
order requiring top management of large firms to certify financial
statements in 2002).
We do not find a significantly negative market response to news of
noncompliance with Nasdaq’s independent directors requirement. This
result may suggest that market participants do not view board
independence issues as significant as audit committee issues. That is,
while board independence may be desirable, its absence does not directly
impair the integrity of financial statements. However, we are currently
reading the 8-Ks and press releases to determine the reasons for these
departures from the board. Initial findings suggests that some reasons
for departure may be positive, such as becoming CEO of the firm, while
others are negative.
Noncompliance with Nasdaq corporate governance requirements other than
those related to board independence and audit committees is relatively
less common, resulting in relatively small sample sizes. Market reactions
to news of deficiency notices related to nomination or compensation
committees (11 firms) are negative (mean three-day CAR is -1.36%) but not
statistically different from zero at conventional levels. Market
reactions to deficiencies related to failure to seek shareholder approval
(41 firms) are also negative (mean three-day CAR is -1.55%) but not
significantly different from zero at conventional levels. Finally, we
show that equity market participants identify those firms for which the
corporate governance failure is a symptom of deeper problems with the
company’s viability. The subsample of 59 firms that are delisted within
three years of the deficiency notice date have mean (median) negative
three-day CARs of -4.69% (-2.29%), significant at the .001 (.05) level
around the date of the deficiency notice.
We complement our event study analyses with cross sectional regression
estimations to determine whether firm characteristics previously
associated with internal control weaknesses help explain the magnitude of
the market response to the issuance of staff deficiency notices. Our
findings with respect to firm attributes previously linked to poor
internal controls, firm complexity, growth opportunities, and bankruptcy
risk, are insignificant. However, we find that the three-day CAR for an
audit committee deficiency is more negative for firms that delist within
three years but less negative for firms with a restructuring plan in
place in the year of or year before the notice. This suggests that market
participants assess the likelihood of delisting as an additional risk and
react less negatively when they know management has implemented a
restructuring plan.
Our study contributes to the broad literature on the role of corporate
governance in requiring management to act in the shareholders’ best
interest. Compared to prior cross-sectional studies, this study provides
a more powerful test of how the market assesses changes in corporate
governance. Because receipt of a corporate governance deficiency notice
indicates that a company’s corporate governance effectiveness has fallen
below a minimum allowable level, our evidence of a decline in share price
indicates that the market views Nasdaq listing requirements as minimum
corporate governance standards and that the deficiency notices provide
new and valuable information. Further, the strong negative reaction to
declines in the audit committee’s independence complement and extend
prior studies that document a relation between audit committee
independence and future firm performance. Finally, we provide the first
evidence of a negative reaction to departures of the financial expert
from the audit committee, indicating that market participants are aware
of and value financial expertise on the audit committee.
This study is also relevant to those considering the costs and benefits
of U.S. stock exchange requirements and the self-regulation process. The
evidence supports the following inferences. First, the Nasdaq enforcement
process identifies many companies that fall out of compliance with
corporate governance listing rules, most of whom remedy their
deficiencies. Second, Nasdaq enforcement actions convey new information
to the market about corporate governance problems, particularly those
related to audit committee independence and management’s review and
certification of financial statements. Thus, equity market participants
recognize and value stock exchange self-enforcement of these corporate
governance requirements.
The rest of this paper is organized as follows. Section 2 describes the
self-regulatory nature of stock exchanges and then summarizes Nasdaq
listing requirements and the enforcement process. Discussion of sample
and data is in section 3. Empirical results are presented in section 4,
and conclusions appear in section 5.
2. Nasdaq’s Incentives, Listing Requirements, and Enforcement Process
Nasdaq, a Self Regulatory Organization (SRO), was founded in 1971 as a
wholly-owned subsidiary of the National Association of Securities Dealers
(NASD). It became a for-profit company with private ownership on June 28,
2000, and a registered national securities exchange in August 2006.
As
an SRO, Nasdaq establishes and enforces initial and continued listing
requirements for its markets, subject to SEC approval.
The Sarbanes-Oxley Act of 2002 (SOX) (U.S. Congress 2002) expanded the
enforcement responsibilities of U.S. stock exchanges. The Act required
the SEC to draft a rule prohibiting stock exchanges from listing
companies that do not comply with the audit committee requirements in
Title III, Sec. 301 of the Act. Nasdaq also enforces various review and
certification requirements imposed by the Act, including requirements for
officers’ certification of annual and quarterly reports (Sec. 302), and
for the preparation of, and auditor reports on, internal control reports
(Sec. 404).
The 2010 Dodd-Frank financial reform law (U.S. Congress 2010) further
expanded the corporate governance enforcement role of U.S. stock
exchanges. Dodd-Frank requires the SEC to issue rules directing the stock
exchanges to prohibit the listing of issuers not in compliance with the
Act’s compensation committee requirements. (The SEC issued its final rule
in June, 2012 [U.S. SEC 2012].)
A central regulatory issue concerns inherent conflicts of interest
between stock exchanges and their listed companies. As self-regulatory
organizations (SROs), stock exchanges monitor issuers and delist those
that fail to meet minimum requirements. At the same time, exchanges face
increasing pressure to attract and retain listings due to growing
competition among themselves and with alternatives to stock exchanges.
A stock exchange that chooses to be a stringent regulator may obtain a
competitive advantage by increasing its credibility and reputation, and
by avoiding SEC disciplinary actions. On the other hand, stringent
enforcement may reduce the exchange’s listing revenues if it leads to
numerous regulatory delistings and/or deters companies from seeking to
list on the exchange.
2.1 NASDAQ LISTING REQUIREMENTS
Nasdaq’s listing requirements are designed to promote investor protection
and market quality.
Investor protection includes (1) providing
investors material information, (2) monitoring and enforcing market
rules, (3) preventing fraud in the public offering, trading, voting and
tendering of securities, and (4) promoting comparability of information.
Market quality refers to the market characteristics of fairness,
orderliness, efficiency, and freedom from abuse and misconduct.
Nasdaq’s Marketplace Rules (2005) include initial and continued listing
requirements for Nasdaq’s National Market (NM) and SmallCap (SC) Market.
The three types of requirement for continued listing are: (1)
quantitative; (2) qualitative (corporate governance); and (3) timely
filing/procedural. This study focuses exclusively on qualitative
(corporate governance) deficiencies.
Qualitative (Corporate Governance) Requirements
Marketplace Rules §4350, summarized in Exhibit 1, presents the
qualitative listing requirements for Nasdaq issuers. These rules are the
same for all issuers on Nasdaq exchanges, and are categorized as follows:
(1) distribution of annual and interim reports; (2) board requirements
(related to audit committees, independent directors, and compensation and
nominating committees); (3) shareholder meetings; (4) conflicts of
interest (in connection with related party transactions); (5) shareholder
approval; (6) code of conduct; and (7) voting rights. Nasdaq also
requires issuers to comply with the review and certification requirements
contained in §§ 302, 404, and 906 of the Sarbanes-Oxley Act of 2002.
Nasdaq includes deficiencies related to public interest concerns in the
qualitative category. Specifically, Marketplace Rules §4330(a) states
that “Nasdaq may … deny inclusion or apply additional or more stringent
criteria if … Nasdaq deems it necessary to prevent fraudulent and
manipulative acts and practices, to promote just and equitable principles
of trade, or to protect investors and the public interest.” We focus on
corporate governance deficiencies and hence, do not include public
interest-related deficiencies in our analysis.
2.2 THE NASDAQ ENFORCEMENT PROCESS
Nasdaq’s Marketplace Rules [2006, §4800] describe Nasdaq’s listed company
enforcement process. When Listing Department staff determines that a
company does not comply with at least one listing standard and the
applicable grace period has expired, the staff immediately informs the
company through a written Staff Deficiency Notice that limits or
prohibits the continued listing of an issuer’s securities on Nasdaq.
Information about companies’ noncompliance with Nasdaq listing
requirements is promptly made public. Each trading day, Nasdaq publishes
a list of companies that are not in compliance with its continued listing
requirements. Further, Nasdaq requires issuers to publicly announce the
receipt of deficiency notices within four business days of the notice.
The SEC requires that a Form 8-K be filed disclosing receipt of the
notice (SEC 2004b).
The deficiency notice describes the specific listing requirements that
the company is not in compliance with and states that the issuer may
appeal the determination using Nasdaq’s hearing process. It also states
that within 15 calendar days the company must submit a plan to regain
compliance with the listing standards. After receiving the company’s
plan, Listing Department staff members evaluate the likelihood that the
plan will result in compliance. Additional deficiency notices are issued
if the Listing Department identifies further deficiencies during the
review process.
Companies have seven calendar days from the date of the staff notice to
respond by requesting either a written or oral hearing. The hearing
request stays the delisting until the panel issues a decision on the
appeal. All hearings are held before a Listing Qualifications Panel
consisting of two independent panelists. To the extent practicable,
hearings are held within 45 days of the hearing request. Companies may
appeal adverse Listing Qualification Panel decisions to the Nasdaq
Listing and Hearing Review Council (LHRC), which also consists of
independent members. The LHRC reviews every Listing Panel Hearing, and
sometimes reverses Listing Panel decisions. Companies may also appeal to
Nasdaq’s Board of Governors and the SEC. Refer to Exhibit 2 for a more
detailed summary of Nasdaq’s hearings and appeals procedures.
3. Sample Selection and Economic Characteristics
3.1 SAMPLE SELECTION
We identify firms receiving Nasdaq corporate governance deficiency
notices using two data sources. One source is a dataset provided by
Nasdaq’s Listing Department to the authors that lists each Nasdaq
deficiency notice issued during January 1, 2004 - December 31, 2005. This
dataset includes the identity of the firm, the date of the notification,
the deficiencies cited, the resolution of the enforcement action, bases
for delisting (if applicable), and the resolution date. Our second source
is Forms 8-K. We search the Edgar database to obtain all Forms 8-K filed
during January 1, 2006 through December 31, 2011 that contained any of
the following terms: Delist, “notice of delisting,” and “continued
listing.” We then inspected each Form 8-K to determine whether it
disclosed receipt of a Nasdaq notice related to at least one corporate
governance deficiency. We coded the Form 8-K filing date (available on
the Edgar “cover page” for each Form 8-K), and the date of any related
press release included as an attachment to the Form 8-K.
Our empirical proxy for the initial disclosure date of a Nasdaq
deficiency notice (referred to as the “deficiency date”) is the earlier
of the Form 8-K filing date or any associated press release. For the 2004
and 2005 deficiency observations provided by Nasdaq, we used the “Nasdaq
notification date” to proxy for the initial disclosure date. Many 2004
deficiencies occurred before the August 23, 2004 effective date for the
SEC requirement that stock exchange deficiencies be disclosed in Form 8K. As a result, in 2004 many companies did not publicly disclose receipt
of Nasdaq deficiencies notices.
The initial sample includes all Nasdaq companies we identified as
receiving at least one corporate governance deficiency notice during the
period January 1, 2004 through December 31, 2011. To ensure that our
market response tests focus exclusively on corporate governance
deficiencies, we include only companies whose first deficiency notice
during the sample period refers only to corporate governance
deficiencies. The number of “mixed” deficiency notices (those that cite
both one or more corporate governance deficiency and one or more noncorporate governance deficiency) is low. This is because most corporate
governance deficiencies are triggered by events, such as the departure of
a board member, that are generally unrelated to events that trigger
quantitative deficiencies, such as expiration of bid price deficiency
grace periods and publication of financial results.
Our initial sample is 463 Nasdaq-listed companies which received Nasdaq
notices citing a total of 535 corporate governance deficiencies during
the sample period. CRSP and Compustat data availability requirements
reduce the sample to 406 companies with a total of 472 deficiencies, as
shown in Table 1, Panel A. Untabulated analysis indicates that 85.0% of
the notices cite a single corporate governance deficiency, and much
smaller numbers of notices cite two or three deficiencies (13.8% and
1.2%, respectively). All five notices citing three deficiencies discuss
deficiencies related to board independence, audit committee, and
nomination/compensation requirements. Forty-one of the 56 notices citing
two deficiencies cite both board independence and audit committee issues.
This is an expected result, since the departure of an independent board
member often involves the loss of an audit committee member as well.
Insert Table 1 about here.
Table 1, Panel B shows that the frequency of corporate governance
deficiencies declined during the sample period, with annual frequencies
ranging from a mean of 78 during 2004-2005, to 48 in 2007 and only 20 in
2011. This evidence suggests that Nasdaq-listed companies have been
learning how to stay in compliance with the corporate governance rules.
Consistent with the Form 8-K disclosure requirement becoming effective on
August 23, 2004, Table 1, Panel B shows that less than one-half of 72
companies receiving deficiency notices disclosed the noncompliance in
Forms 8-K during 2004. We located 81 Forms 8-K for calendar 2005, only
three less than the 84 deficiency notices reported in the Nasdaq dataset.
During 2006-2011, all deficiency notices in the sample are disclosed in
Forms 8-K, since Forms 8-K were the data source we used to identify the
deficiencies.
Our tabulation of press releases included in sample companies’ Forms 8-K
indicates that less than one-half of the companies appear to have made
press release disclosure of the receipt of a Nasdaq deficiency notice,
even though Nasdaq’s Marketplace Rules (Nasdaq 2006; section 4800)
requires such disclosure. Table 2, Panel B shows that 123 (71.1%) of the
173 press releases were published on the same day that the Forms 8-K were
filed, and 50 (28.9%) were published between one and six days earlier.
As reported in Table 1, Panel C, the most common types of corporate
governance deficiencies relate to the audit committee and board
independence (52% and 28% of the sample, respectively). Audit committee
deficiencies are triggered by the departure of an audit committee member,
reducing the number of audit committee members to less than three.
Further analysis indicates that the reason for these departures are
resignation, 125 firms, retirements, 22 firms, and death, 26 firms. In
almost all cases, the company’s Form 8-K states that no disagreements
existed between the departing audit committee member and the company.
Similarly, almost all board independence deficiencies are triggered by
the departure of an independent board member, with the result that a
majority of the board members are independent. Generally, the company
states that no disagreements were involved. We are currently coding the
reasons for deficiencies related to board independence. The other types
of governance deficiencies include noncompliance with Nasdaq rules
related to: (1) review and certification such as required by SOX sections
302, 404, and 906 (5%), (2) shareholder approval (9%), and (3) nomination
or compensation committees (5%).
Panel D of Table 1 presents an industry classification of deficiency
firms based on two-digit SIC codes. The table shows that 134 (32.9 %) of
the firms are concentrated in three high-technology industries: (1)
electrical and electronics (51 firms, 12.5%), (2) business services
including computer software (45 firms, 11.1%), and (3) chemical,
biotech, and pharmaceutical (38 firms, 9.3%).Table 1, Panel D also shows
that in each of the three industry groups, the proportion of deficiency
firms is more than three times as large as the proportion of Nasdaq
companies at 2011 year-end. Thus, our sample is clustered in hightechnology industries. Diagnostic analysis indicates that the financial
and market characteristics of sample companies in the high-technology
industries does not differ significantly from those of sample companies
in other industries.
Untabulated analyses show that deficiency notice dates are evenly spaced
throughout the calendar year, consistent with the lack of association
between most corporate governance deficiencies and fiscal period ends. We
also determine whether or not sample firms’ delist or merge in the years
following the deficiency dates using delist data available on CRSP.
Untabulated analyses show that 59 companies, 14% of the sample, delisted
within three calendar years of the deficiency notice date. CRSP
identifies violation of listing rules as the reason for delisting for 43
companies, 73% of those that delist. Only three companies were labeled by
CRSP as delisting for reasons related to corporate governance. Nine
delistings were made at the company’s request, and the reason for seven
of the delistings is “unknown.”
This evidence shows that almost all
firms remedy their corporate governance deficiencies.
3.2 ECONOMIC CHARACTERISTICS OF DEFICIENCY FIRMS
The mixed evidence from prior studies on corporate governance quality
and financial performance, and the high percentage of companies that
remedy their corporate governance deficiencies suggest that corporate
governance deficiencies might not be associated with impaired financial
condition and performance. However, noncompliance with Nasdaq listing
rules imposes significant costs for most affected firms (hearing fees,
attorney fees and senior management time). As a result, large and
financially strong companies might be expected to incur reasonable costs
to remain compliant with the rules. We therefore conjecture that
corporate governance deficiency companies are smaller and financially
weaker than their Nasdaq industry peers.
Table 2 presents descriptive evidence on the economic characteristics of
deficiency firms as compared to those of a control sample comprised of
Nasdaq firms matched on two-digit SIC code. Units of analysis are firm-
years with fiscal year t-1data used when the deficiency notice is
received in year t.
Insert table 2 about here.
We compare the following financial attributes of interest to investors:
firm size (total assets), profitability (net income, return on assets),
growth opportunities (market to book ratio), leverage (debt to assets
ratio ), liquidity (current assets / current liabilities and cash flows
from operations). We also examine equity market performance (cumulative
abnormal returns during the month before receipt of deficiency).
Table 2 shows that deficiency firms are significantly weaker than other
Nasdaq-listed firms in the same industries with respect to all attributes
(two-sided tests throughout). P-values range from <.0001 (five
comparisons) to 0.002 and 0.032 (one comparison each). Thus, the
corporate governance deficiency firms are significantly smaller, less
profitable, less liquid, more highly levered, and exhibit lower growth
opportunities and weaker operating cash flows than other firms in the
same industry.
Panels B through H of table 2 present evidence on financial and market
characteristics for each of the five types of corporate governance
deficiencies and for the subsamples of firms that were delisted (59
firms) and not delisted (347 firms) within three calendar years of the
deficiency notice date.
In Panels B, C and F, firms disclosing audit
committee, board independence, and/or shareholder approval deficiencies
(respectively) exhibit significantly weaker financial performance in
paired comparisons with industry control groups. Firms with the other
deficiency types are generally not different from their industry although
this may be due to the small sample size.
Table 2 Panel G shows that financial and market weakness are most
pronounced for the delist subsample, consistent with a generally weak
financial profile observed for companies that are delisted from stock
exchanges. However, as shown in Table 2 Panel H, the not-delisted
subsample also exhibits weakness in all categories other than debt to
assets and current assets/current liabilities (the two categories that
exhibit the least significant differences in the full sample). Results in
Panels G and H suggests that both firms that eventually delist and those
that remedy their deficiency are weaker than the average firms in their
industry.
Table 2 Panel A also provides descriptive statistics for five additional
variables used in our cross-sectional analysis of the factors associated
with the magnitude of the market response to news of initial receipt of
Nasdaq deficiency notices. We analyze firm attributes previously shown to
explain the market reaction to internal control weaknesses including risk
associated with organizational complexity, proxied by foreign sales, and
two proxies for risks associated with organizational change, sales growth
and restructuring charges (Ashbaugh et al (2007), Doyle et al. (2007) and
Leone (2007)). We also include an indicator variable for firms that
delist within three years, the probability of bankruptcy, and prior month
CAR as proxies for poor financial strength and performance. Only 12% of
the sample companies have foreign sales, defined as an indicator variable
that equals 1 if pretax income from foreign operations is positive in the
fiscal year of the deficiency notice date and/or the year prior to the
deficiency notice date, and 0 otherwise. This is consistent with Nasdaq
firms being relatively small, relatively less complex, and relatively
less likely to have international operations. Restructuring charge is
measured as the sum of restructuring charges in the year of and year
prior to the deficiency notice. Although the mean is negative $2.82
million, the median restructuring charge is zero indicating the majority
of firms receiving a deficiency notice do not have a restructuring plan.
High sales growth is measured with an indicator variable that equals 1 if
sales during year of or prior to the year of the deficiency is in the top
10% of sales growth in their industry, and 0 otherwise. The mean is 22%,
indicating that the nearly 80% of sample firms are not high growth firms.
Thus, the majority of firms are not engaged in organizational change
prior to the deficiency notice as indicated by low sales growth and lack
of restructuring plans.
We calculate a bankruptcy risk probability score using Hillegeist et
al.’s (2004) updated version of the Altman Z score formula (Altman 1968)
transformed into a probability score computed as exp
(score)/(1+exp(score)). The score is increasing in bankruptcy risk with a
mean (median) of 7.16% (7.83%). Similarly, sample companies exhibit poor
market performance averaging a -2.54% CARs during the month preceding the
deficiency notice date. Also, as mentioned above, 14% of sample firms
delist within three years of the deficiency notice date. These statistics
suggest that Nasdaq companies receiving corporate governance deficiencies
are smaller, less complex, not engaged in organizational change, have a
non-zero probability of bankruptcy, and have weak stock return
performance immediately before the notice.
4. Empirical Results
4.1. INFORMATION CONVEYED BY DEFICIENCY NOTICES
4.1.1.
Univariate Analysis
Table 3 presents evidence on market participants’ response to the
news that a firm has received a corporate governance deficiency notice
from Nasdaq. The table presents mean and median three-day and five-day
CARs calculated around the date of the first deficiency notice.
The
sample consists of 406 firm observations. The following discussion
focuses on mean three-day CARs; results for median CARs and five-day CARs
are qualitatively similar.
Insert Table 3 about here.
Table 3, Panel A shows that the mean three-day CAR is -1.28%, significant
at the .001 level (two-sided tests throughout), indicating that market
participants react negatively to news that a firm is no longer in
compliance with a Nasdaq corporate governance requirement.
This
reaction is concentrated in the 345 firms that report a single deficiency
in the first notice. The average CAR for these single-deficiency firms is
-1.37% (significant at the .001 level). The mean CAR for the 61 firms
whose first deficiency notice includes two or three deficiency types is
-0.76% (not significantly different from zero at conventional levels).
This result is unexpected, since noncompliance with the audit committee
requirement affects all but ten of the 61 multiple-deficiency companies,
and, as discussed below, the market response to audit committee
deficiencies is significantly negative.
For the 59 firms that delist within three years of receiving a deficiency
notice, the mean (median) CAR around the date of the notice is -4.69% (2.29), significant at the 0.001 level. Untabulated analysis indicates
that the mean three-day CAR associated with firms that do not delisted is
also significantly negative with a mean (median) of -0.70 (-1.06) with Zvalues of -1.849 (-2.093) significant at less than 0.05 level.
Untabulated test also indicate that the market response to the delist
firms is significantly more negative than the response to firms that do
not delist within three years. Thus, market participants appear to assess
the likelihood that the firm’s underlying problems will lead to delisting
and respond significantly more negatively to governance violations for
these firms. Overall, these findings indicate that Nasdaq enforcement
actions convey new and valuable information to the market about changes
in corporate governance that are significant enough to cause
noncompliance with listing requirements.
Table 3 also presents evidence for each of the five deficiency type
subsamples: audit committee, board independence, nomination and
compensation committee, review and certification, and shareholder
approval. Statistically and economically significant negative three-day
abnormal returns are observed for audit committee and review and
certification deficiencies. Specifically, the mean three-day CAR
associated with news of audit committee deficiency notices is -1.79%
(significant at the .001 level). When we examine the reasons for the
board members departure from the audit committee we find significant
negative responses to resignations, -2.33%, and retirements -2.09%, and
an insignificant response to deaths, -087%. In addition, the market
response to departure of the financial expert on the audit committee is
significantly negative, -2.29%. These negative returns indicate that
shareholders are aware of the role of the audit committee and respond
negatively when audit committee independence is compromised. Further, the
adverse market response to departures of the financial expert is
consistent with the market valuing financial experience on the audit
committee and an increased awareness of the importance of the audit
committee following the passage of SOX .
Firms becoming noncompliant with review and certification
requirements (related to SOX sections 302, 404, and 906) experience the
largest negative returns with a mean three-day CAR of -5.43% (significant
at the .001 level). This adverse market response indicates that
shareholders are sensitive to the SOX certification process and
disclosure of noncompliance with SOX-related requirements. This supports
the notion that Nasdaq’s enforcement of SOX-mandated review and
certification requirements is valuable to market participants. Closer
examination of these 18 firms indicates several reasons for management’s
decision to not certify the financial statements. Most of these
deficiencies, 16 out of 18, occur in 2004 and 2005 shortly after SOX was
mandated. Not surprisingly, the most common reason for lack of
certification is management’s failure to assess internal controls or
problems identified with internal controls. Other reasons given for
managements refusal to certify the financial statements include auditor
resignations, audit delays, and mergers resulting in no financial
statements being issued. This evidence complements evidence in Chang et
al. (2006) that the market responded positively when CEOs and CFOs
certified financial statements under the SEC’s administrative order in
2002.
Negative CARs are also observed for deficiencies related to
Nasdaq’s nomination/compensation committee and shareholder approval
rules. The magnitudes of the mean CARs are relatively large, ranging from
-1.36% to -2.71%, depending on return window and type of deficiency.
(Only three of the four median CARs are negative, however.) Subsample
sizes are relatively small (11 and 41 observations for the
nomination/compensation committee and shareholder approval subsamples,
respectively), limiting the extent to which statistical tests show
significant differences from zero. Finally, the mean three-day CAR
associated with board independence deficiencies is positive, 0.62%, but
not significantly different from zero indicating that deficiency notices
regarding board independence do not convey news to the market.
The evidence in Table 3 is consistent with the view that Nasdaq’s
corporate governance enforcement actions convey relevant information
about listed firms, particularly as related to the integrity of these
firms’ financial statements. However, we cannot rule out the alternative
explanation that the enforcement process imposes costs on non-compliant
firms, leading to a reduction in firm value. Further, the market response
varies depending on type of deficiency and whether the affected company
is delisted within three years of the deficiency notice date.
The negative market response to news of Nasdaq deficiencies might
reflect the market’s response to: (1) information about the corporate
governance deficiency, (2) news that the firm is under close regulatory
scrutiny due to noncompliance with a listing rule, and/or (3) negative
information about the firm that is related to, but distinct from
corporate governance deficiencies (such as financial weakness or
organizational change). In the next section we perform cross-sectional
analyses in an attempt to distinguish between these underlying causes for
the market reaction.
4.1.2.
CROSS-SECTIONAL ANALYSES
In this section, we complement our event study with cross-sectional
analyses to determine the extent to which factors previously associated
with internal control weaknesses help explain the market response to
violations of Nasdaq corporate governance listing requirements. Doyle et
al. (2007) and Ashbaugh-Skaife (2007) provide evidence on the
determinants of internal control weaknesses. These studies develop
proxies for financial strength, risk associated with organization
complexity, and risk associated with organizational change. We include
similar proxies in our regression model. We also include prior month
return and delisting to help us determine when market participants learn
about the deficiency and whether they assess delisting risk separate from
the deficiency as well as firm size. Thus, we estimate the following
cross-sectional model with the five-day CAR centered on the deficiency
notice date as the dependent variable.
² 1
² 3
F o r e i g n S a l e s
H i g h G r o w t h
+
R i s k
w h e r e
C A R
r e t
m o d
notice
+
C A R
( - 2 , + 2 )
=
² 0
+
+
² 2
R e s t r u c t u r i n g
+
² 4
B a n k r u p t c y
² 5
A s s e t s
+
² 6
D e l i s t
+
² 7
P r i o r C A R
+
e ;
f o r
f i r m
i :
( - 2 , + 2 )
=
c u m u l a t i
u r n
c o m p u t e d
a s
t h
e l residuals for days -2 through
date, using a value-weighted market
v e
a b n o r m a l
e
s u m
o f
m a r k e t
+2 relative to the deficiency
portfolio.
ForeignSales = an indicator variable that equals 1 if pretax income from
foreign operations is positive in the fiscal year of the deficiency
notice date and/or the year prior to the deficiency notice date, and 0
otherwise.
Restructuring = the sum of restructuring charges in the fiscal year of
the deficiency notice date and the fiscal year prior to the year of the
deficiency notice date in US$ millions.
HighGrowth =
an indicator variable that equals 1 if sales during
year prior to the year of the deficiency notice date is in the top 10% of
sales growth in the industry, and 0 otherwise.
Bankruptcy Risk = an updated version of the Altman Z score formula
(Altman 1968), transformed into a probability score computed as exp
(score)/(1+exp(score)). The score is increasing in bankruptcy risk. See
Hillegeist et al. (2004).
Assets = total assets as of the end of the fiscal year preceding the year
of the deficiency notice date, in $US millions.
Delist = an indicator variable that equals 1 if firm is delisted within
three calendar years of the deficiency notice date and 0 otherwise.
PriorCAR = the value weighted cumulative abnormal return during the month
prior to the date the deficiency notice is made public.
Table 4 presents results from estimating an OLS regression model.
(All variables are winsorized at the 99% and 1% levels.) As expected in a
regression with abnormal returns as the dependent variable, and closely
consistent with results reported in DeFond et al. (2005, Table 5), the
adjusted R2s are relatively low. For the audit committee subsample the
positive coefficient on restructuring is 0.0006 (t=2.03, significant at
the .05 level, two-sided tests throughout this section), indicating that
abnormal returns are significantly less negative for firms that have
incurred restructuring charges in the current or prior year. This
suggests that market participants view a management team that is already
engaged in remedial action as better able to remedy corporate governance
noncompliance associated with audit committee independence. Consistent
with the univariate results, firms with audit committee violations that
delist within three years have more negative abnormal returns.
Insert Table 4 about here.
For the board independence subsample, the delisting indicator is
the only variable that is significantly different from zero. The
coefficient on the delist indicator is -0.046 (t = -1.75, significant at
the .10 level) Thus, market participants response to news of board
independence-related deficiency notices is more negative for firms that
delist within three years of the deficiency notice date.
The “other violations” subsample consists of the review and
certification, nomination and compensation, and shareholder approval
subsamples. Estimation using this subsample yields only one significant
variable: the foreign sales indicator. The foreign sales indicator
estimated coefficient is 0.088 (t = 2.51, significant at the .01 level).
This suggests that a more complex organization with foreign operations is
viewed as more likely to be able to recover from a corporate governance
deficiency. It may be that the management teams for these firms are
viewed as somewhat more capable or sophisticated.
The strongest evidence in Table 4 is that the market response to news of
deficiency notices is generally more adverse for firms that are delisted
within three years, relative to those that are not. Table 4 results also
indicate that firm characteristics shown to be associated with
internal
control weaknesses in cross-sectional tests do little to explain the
market reaction to declines in corporate governance that result in
noncompliance with Nasdaq listing rules.
4.3 Diagnostics and extensions
As discussed above, our sample covers the period January 2004 to December
2011, using data from two sources. When we replicate our event study
using only the Nasdaq-provided dataset for the period January 2004 to
December 2005, or using only the January 2006 to December 2011 dataset,
all results and inferences remain the same. We also found that results
for the 2004-2005 subsample did not change when we used Form 8-K filing
dates as the “deficiency notice dates” instead of the Nasdaq-supplied
“notification dates.”
For our cross-sectional analyses of five-day CARs associated with
deficiency notices we also examined many different financial variables
and measurement periods, i.e., the deficiency year and years following
the deficiency notice year. None of the estimated coefficients associated
with these additional variables were different from zero at conventional
significance levels.
5. Summary and Conclusions
This study presents empirical evidence on Nasdaq’s enforcement of its
corporate governance listing requirements. We find that companies that
fall into non-compliance with Nasdaq listing requirements are smaller,
less profitable, more levered, and have lower return on asset and market
to book ratios than their industry counterparts that remain in
compliance. More importantly, we document a significant decline in share
price in response to receipt of a Nasdaq corporate governance deficiency
notice. This indicates that deficiency notices conveys new and valuable
information about the quality of firms’ corporate governance, particulary
as related to the integrity of their financial statements. Further, the
fact that the majority of sample firms regain compliance and continue to
trade, and the decrease in frequency in deficiencies during the sample
period suggest that the self-regulatory process identifies and promotes
the correction of corporate governance problems, at least in the Nasdaq
market. Overall, our evidence indicates that Nasdaq plays an important
monitoring and enforcement role and that equity market participants value
its enforcement of corporate governance requirements.
Analysis by deficiency type indicates that shareholders are aware of the
role of the audit committee and respond negatively when audit committee
independence is compromised and when the financial expert departs. No
prior studies have shown a market response to the departure of a
financial expert from the board. This is consistent with SOX raising
awareness of the audit committee’s importance. In addition, disclosure of
firms’ noncompliance with review and certification requirements related
to SOX Sections 302, 404, and 906) have the largest negative abnormal
stock returns. This strong reaction indicates that the market is
sensitive to the SOX certification process and the underlying
requirements for internal control. Finally, this evidence indicates that
the primary means by which market participants learn about certification
failures is the Form 8-K and/or press release disclosing receipt of a
Nasdaq deficiency notice. This supports the notion that market
participants value Nasdaq’s enforcement of SOX review and certification
requirements through its listing requirements.
Evidence in this study should be relevant to those considering the costs
and benefits of U.S. stock exchange listing requirements and the selfregulation process. First, the Nasdaq enforcement process identifies many
instances of noncompliance with its corporate governance rules , most of
which are remedied (perhaps in response to the threat of delisting).
Second, SEC and Nasdaq disclosure requirements result in wide
dissemination of news of that a firm has a corporate governance
deficiency, and this disclosure is the primary means of revealing SOX
review and certification failures to the market.
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Exhibit 1
Summary of Nasdaq Qualitative (Corporate Governance) Continued Listing
Requirements and Nasdaq’s Discretionary Authority
Source: Nasdaq Marketplace Rules [2006]
1.Corporate Governance Requirements (Marketplace Rules Sect. 4350.)
Distribution of Annual and Interim Reports
Each company must make available to its share holders an annual report
containing audited financial statements of the company and its
subsidiaries either by: (i) by mailing the report to shareholders, or
(ii) posting the report on or through the company’s website.
Each company must make interim reports available to shareholders upon
request.
Board Requirements
Independent Directors
Each company’s board of directors is required to have a majority of
independent directors. [Rule 4350(c)(1)] Rule 4200(a)(15) describes
certain relationships that preclude a person from being an independent
director. In addition, the company’s board must make a determination that
there is no other relationship that would interfere with the exercise of
independent judgment in implementing the responsibilities of a director.
Executive Sessions
Independent directors must have regularly scheduled meetings at which
only independent directors are present. [Rule 4350(c)(2)] It is
contemplated that executive sessions will occur at least twice a year and
perhaps more frequently, in conjunction with regularly scheduled board
meetings.
Compensation and Nominating Committees
Independent directors must determine the compensation of the chief
executive officer and other executive officers. Independent directors
must select nominees for directors.
[Rule 4350(c)(3) and Rule 4350(c)(4)].
Audit Committees
Each company is required to have an audit committee consisting solely of
independent directors who have the requisite financial experience and
expertise. The audit committee must have at least three members. [Rule
4350(d) and SEC Rule 10A-3]
Controlled Company Exception
A Controlled Company is not required to have a majority of independent
directors and is not required to have the nominating and compensation
functions performed by independent directors. A Controlled Company is one
of which more than 50% of the voting power is held by an individual, a
group, or another company. [Rule 4350(c)(5)]
Exception for “Exceptional and Limited” Circumstances
One director who is not independent under Nasdaq’s definition may be
appointed to the nominating, compensation and audit committees, provided
the board determines, under exceptional and limited circumstances, that
the individual’s membership on the committee is required by the best
interests of the company and its shareholders.
Phase-ins for Initial Public Offerings
A company listing in connection with an initial public offering has
twelve months from the date of listing to comply with the majority
independent board requirement.
Shareholder Meetings
Annual Meeting
Each company is required to hold an annual meeting of shareholders no
later than one year after the end of its fiscal year. [Rule 4350(e)]
Quorum
Each company must provide for a quorum of not less than 33 1/3% of the
outstanding shares of its voting stock for any meeting of the holders of
its common stock. [Rule 4350(f)]
Solicitation of Proxies
Each company is required to solicit proxies and provide proxy statements
for all meetings of shareholders consistent with the applicable
requirements of the SEC including the “e-proxy” provisions. [Rule
4350(g)]
Conflicts of Interest
Each company shall conduct appropriate review and oversight of all
related party transactions for potential conflict of interest situations.
The review must be conducted by the audit committee or another
independent body of the board of directors. [Rule 4350(h)]
Shareholder Approval
Companies are required to obtain shareholder approval of certain
issuances of securities including:
Equity compensation [Rule 4350(i)(1)(A)]
Issuances resulting in a change of control [Rule 4350(i)(1)(B)]
Acquisitions where the issuance equals 20% or more of the pre-transaction
outstanding shares, or 5% or more of the pre-transactions outstanding
shares when a related party has a 5% or greater interest in the
acquisition target [Rule 4350(i)(1)(C)]
Private placements where the issuance (together with sales by officers,
directors, or substantial shareholders, if any), equals 20% or more of
the pre-transaction outstanding shares at a price less than the greater
of book or market value. [Rule 4350(i)(1)(D)]
Code of Conduct
Each company must adopt a code of conduct applicable to all directors,
officers and employees. The code must satisfy the definition of a “code
of ethics” set out in the Sarbanes-Oxley Act of 2002, and it must be
publicly available. [Rule 4350(n)]
Voting Rights
The voting rights of existing shareholders cannot be disparately reduced
or restricted through any corporate action or issuance. [Rule 4351]
Public Interest
Nasdaq may deny inclusion or apply additional or more stringent criteria
for the initial or continued inclusion of particular securities or
suspend or terminate the inclusion of an otherwise qualified security if
… Nasdaq deems it necessary to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, or to
protect investors and the public interest (Marketplace Rules Sec.
4330(a)).
2.Discretionary Authority (Marketplace Rules Sec. 4300.)
Nasdaq will exercise broad discretionary authority over the initial and
continued inclusion of securities in Nasdaq in order to maintain the
quality of and public confidence in The NASDAQ Stock Market, to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade or to protect investors and the public
interest. Accordingly, Nasdaq may deny initial inclusion or apply
additional or more stringent criteria for the initial or continued
inclusion of particular securities or suspend or terminate the inclusion
of particular securities in Nasdaq as inadvisable or unwarranted in the
opinion of Nasdaq, even though the securities meet all enumerated
criteria for initial or continued inclusion.
Exhibit 2
Summary of Hearings and Appeals Procedures at Nasdaq
(Excerpted from Nasdaq’a Regulatory Requirements [August 2006])
A company that is denied initial listing, that is being delisted for
failure to satisfy the continued listing requirements or that has been
issued a public reprimand letter may request a hearing.
• In case of delisting proceedings, a timely request for a hearing will
stay the delisting pending a written determination by the Nasdaq Listing
Qualifications Panel.
• Hearings are generally scheduled to take place within 30-45 days of
the date of the request. Companies are provided an opportunity to submit
written materials and a plan of compliance before the hearing, and may
elect to make an oral presentation or to have their case decided solely
on the basis of the written submission.
• A Panel, comprised of two independent professionals appointed by the
Nasdaq Board of Directors, will review the cases and render a decision.
Written decisions are generally issued within 30 days of the date of the
hearing. The Panel may grant an exception, deny initial or continued
listing or transfer listing from The Nasdaq Global Select Marketsm or the
Nasdaq Global Marketsm to the Nasdaq Capital Market® . The Panel has
discretion to grant an exception to a listing standard for a period not
to exceed 90 days from the date of the decision or 180 days from the date
of the initial staff determination of deficiency. Denial of continued
listing will result in the suspension of the company’s securities within
two business days of the date of the written decision.
• Determinations by the Panel may be appealed to the Nasdaq Listing and
Hearing Review Council (Review Council) within 15 calendar days of the
Panel’s decision. An appeal to the Review Council does not stay the
decision of the Panel or suspension of the company’s securities.
• Determinations by the Panel may be called for review at the discretion
of the Review Council within 45 calendar days of the Panel’s decision. A
call for review does not stay the decision of the Panel or the suspension
of the company’s securities.
• The Review Council may affirm, modify, reverse or remand the Panel’s
decision.
• Any determination of the Review Council may be reviewed by the Nasdaq
Borad at the discretion of any Board member.
• Any final decision of Nasdaq may be appealed to the U.S. Securities
and Exchange Commission.
• A determination to delist a company’s securities becomes final upon
exhaustion of the company’s appeal rights and the Review Council’s and
Nasdaq Board’s review rights. When a delisting determination becomes
final, Nasdaq will file a Form 25 and Notification of Delisting
Determination with the SEC and provide a copy to the company. Nasdaq will
also issue a press release announcing the final delisting determination
and post a notice on its website. Removal of the securities from listing
on The Nasdaq Stock Market will be effective no sooner than ten calendar
days after the filing of the notification with the SEC.
• A company that is delisted by Nasdaq may be eligible for quotation on
the NASD’s Over-the-Counter Bulletin Board (OTCBB) if a market maker
files an application to register and quote the security in accordance
with SEC.
Exhibit 3
Variable Definitions and Data Sources
Data source is Compustat, unless otherwise noted.
CAR (-1,+1)
Cumulative abnormal return computed as the sum of market model residuals
for days -1 through +1 relative to the deficiency notice date, using a
value-weighted market portfolio. Data source: CRSP.
CAR (-2,+2)
Cumulative abnormal return computed as the sum of market model residuals
for days -2 through +2 relative to the deficiency notice date, using a
value-weighted market portfolio. Data source: CRSP.
Deficiency Notice Date
The earlier of: (1) the filing date of the Form 8-K in which the firm
discloses receipt of the Nasdaq deficiency notice, and (2) the date of
any press release included as an attachment to the Form 8-K that
discloses receipt of the deficiency. For deficiency notices occurring in
2004 and 2005, the deficiency notice date is the “notification date”
included in the dataset provided by Nasdaq to the authors.
Total Assets
Total assets as of the end of the fiscal year preceding the year of the
deficiency notice date, in $US millions.
Net Income
Net income for the fiscal year preceding the year of the deficiency notic
date, in $US millions.
Market to Book
Ratio of market value of common stock to book value as of the fiscal year
end preceding the year of the deficiency notice date.
Debt to Assets
Ratio of total debt to total assets as of the fiscal year end preceding
the year of the deficiency notice date.
Current Assets/Current Liabilities
Ratio of current assets to current liabilities as of the fiscal year end
preceding the year of the deficiency notice date.
Cash from Operations
Cash flow from operations from the statement of cash flows for the fiscal
year preceding the year of the deficiency notice date.
Return on Assets
Income before exgtraordinary items divided by average total assets for
the fiscal year preceding the year of the deficiency notice date.
Foreign Sales Indicator
Indicator variable that equals 1 if pretax income from foreign operations
is positive in the fiscal year of the deficiency notice date and/or the
year prior to the deficiency notice date, and 0 otherwise.
Restructuring Charge
Sum of restructuring charges in the fiscal year of the deficiency notice
date and the year prior to the year of the deficiency notice date in US$
millions.
High Sales Growth Indicator
Indicator variable that equals 1 if sales during year prior to the
deficiency year is in the top 10% of sales growth in the industry, and 0
otherwise.
Delist Indicator
Indicator variable that equals 1 if firm is delisted within three
calendar years of the deficiency notice date and 0 otherwise. Data
source: CRSP.
Bankruptcy Risk
A bankruptcy risk probability score computed using Hillegeist et al.’s
(2004) updated version of the Altman Z score formula (Altman 1968), and
transformed into a probability score computed as exp
(score)/(1+exp(score)). The score is increasing in bankruptcy risk.
Prior Month CAR
The cumulative abnormal; return computed using standard market model
residuals using a return period of -30 days through five days prior to
the deficiency notice date.
Table 1 Sample Selection and Distribution of Deficiency Types
Panel A: Sample Firms Deficiencies First deficiency notice contains only
corporate governance deficiencies 463 535 Missing CRSP or Compustat
data 57 63 Final Sample 406 472
Panel B: Form 8-K and Press Release Disclosure Frequencies CrossClassified by Year Calendar
Year No. of
Deficiency
Firms
No. of Firms Disclosing Receipt of Defic. Notice in
Form 8-K Total No. of
Press Release
Disclosures
PR Date Relative to 8-K Date
Same
Day One Day
Earlier 2-6 Days
Earlier 2004 72 32 8 4 1 3 2005 84 81 32 19 9 4 2006 68 68 37 27 6 4
2007 48 48 33 22 6 5 2008 46 46 31 26 3 2 2009 39 39 24 17 5 2 2010 29
29 7 7 0 0 2011 20 20 1 1 0 0 Total 406
(100%) 363
(89.4%) 173
( 42.6%) 123
30
20
Panel C: Deficiency Types Deficiencies Percent Audit committee
composition 245 52% Board independence 136 28% Review and
Certification 23 5% Shareholder approval 43 9% Nomination /
Compensation 25 5% Total 472 100%
Table 1, cont.
Panel D: Industry composition relative to all NASDAQ
firms
Industry SIC Sample Firms NASDAQ 2011 Chemical, biotech, and
pharmaceutical 28 38 9.3% 82 2.7% Machinery and computer
equipment 35 27 6.7% 61 2.0% Electrical and
electronics 36 51 12.5% 108 3.6% Medical and scientific
instruments 38 37 9.1% 67 2.2% Communications 48 15 3.7% 22 0.7% Eating
and drinking places 58 9 2.2% 15 0.5% Depository
institutions 60 31 7.6% 117 3.9% Business services & computer
software 73 45 11.1% 97 3.2% Professional
services 87 12 2.9% 21 0.7% Other industries (34 in
total) Others 141 34.7% 2424 80.4% Total
406 100.00% 3014 100.00%
Table 2 Economic characteristics of firms receiving corporate governance
deficiency notices
(Refer to Exhibit 3 for variable definitions.)
Panel A: Full Sample Obs.=406 Median Difference from industry Financial
Variables Mean Median
Total Assets $762.09 mil. $121.64mil. 34.81*** Net Income $-8.82 mil. $0.22 mil. -3.57*** Market to
Book 3.38 1.73 -0.32*** Debt to Assets 0.14 0.04 0.00* Current Assets /
Current Liabilities 3.45 2.07 -0.19** Cash from Operations 36.78 3.36 4.12*** Return on Assets -0.23 0.00 -0.02***
Regression
Variables
Foreign Sales Indicator 12% 0
Restructuring Charge $-2.82
mil. 0
High Sales Growth Indicator 22% 0
Bankruptcy Risk
Score .07161 .07829
Prior month CAR -2.54% -2.58%
Panel B: Audit Committee Deficiencies Obs.=245 Median Difference from
industry Financial Variables Mean Median
Total Assets 700.86 121.39 32.15*** Net Income -4.83 0.27 -3.57*** Market to Book 4.57 1.83 0.37*** Debt to Assets 0.17 0.04 0 Current Assets / Current
Liabilities 3.34 2.18 -0.02 Cash from Operations 38.93 3.37 4.09*** Return on Assets -0.31 0.00 -0.01**
Panel C: Board Deficiencies Obs.=136 Median Difference from
industry Financial Variables Mean Median
Total Assets 532.09 87.99 38.89*** Net Income -3.82 1.09 -1.84+ Market to Book 1.50 1.68 0.23+ Debt to Assets 0.12 0.03 0.0 Current Assets / Current
Liabilities 2.77 2.08 -0.31** Cash from Operations 39.69 4.66 1.64+ Return on Assets -0.07 0.01 -0.2*
Table 2, cont.
Panel D: Review & Certification Deficiencies Obs.= 23 Median Difference
from industry Financial Variables Mean Median
Total
Assets 555.18 170.75 -44.16 Net Income 7.50 0.36 -2.79 Market to
Book 2.23 1.83 -0.28+ Debt to Assets 0.10 0.06 0.01+ Current Assets /
Current Liabilities 2.48 1.74 -0.81 Cash from Operations 25.40 5.52 4.47 Return on Assets -0.09 0.01 -0.01
Panel E: Nomination & Compensation Obs.=25 Median Difference from
industry Financial Variables Mean Median
Total Assets 503.32 191.20 108.97 Net Income 1.46 2.74 -2.23 Market to Book 2.05 1.71 -0.19 Debt
to Assets 0.07 0.01 0.0 Current Assets / Current Liabilities 4.18 2.81 0.07 Cash from Operations 29.14 2.25 -4.62 Return on Assets 0.00 0.02 -0.0
Panel F: Shareholder Approval Obs=43 Median Difference from
industry Financial Variables Mean Median
Total Assets 796.87 81.10 48.22 Net Income 4.38 -2.51 -9.58** Market to Book 2.64 1.54 -0.42*
Debt to Assets 0.14 0.07 0.01+ Current Assets / Current
Liabilities 2.59 1.80 -0.96** Cash from Operations 17.15 -1.29 10.82* Return on Assets -0.18 0.04 -0.07***
Panel G: Firms
delisted within three years of deficiency Obs. =59 Median Difference from
industry Financial Variables Mean Median
Total Assets 416.85 35.69 115.14*** Net Income -100.99 -5.39 -11.12*** Market to Book 1.70 0.97 0.89*** Debt to Assets 0.16 0.06 0.01 Current Assets / Current
Liabilities 2.13 1.31 -0.82*** Cash from Operations -8.16 -1.31 11.54*** Return on Assets -1.09 -0.11 -0.13***
Table 2, cont.
Panel H: Firms not delisted within three years of deficiency Obs.
=347 Median Difference from industry Financial
Variables Mean Median
Total Assets 767.89 156.59 -18.75** Net
Income 12.72 1.26 -1.94** Market to Book 3.71 1.78 -0.25*** Debt to
Assets 0.14 0.04 0 Current Assets / Current Liabilities 3.29 2.18 0.09 Cash from Operations 46.14 5.68 -1.73* Return on Assets 0.70 0.01 -0.00**
***, **, * , + indicates significantly different from the industry median
at the .001, .01, .05, and .10 level, respectively, two-sided tests. All
variables are measured as of the end of the fiscal year before the year
in which the deficiency notice is received.
Table 3 Market reactions to disclosure that a firm has violated a Nasdaq
corporate governance listing requirement
Panel A: 3 day CAR Mean CAR
(-1,+1) Median CAR (-1,+1) N Patell Z Rank Z Full Sample (single and
multiple) -1.28% -1.20% 406 -3.956*** -2.775** Single Deficiency in
first notice -1.37% -1.37% 345 -3.916*** -2.626** Multiple Deficiencies
in first notice -0.76% -0.76% 61 -0.896 -0.827 Delist within 3 years of
deficiency -4.69% -2.29% 59 -4.523*** -2.208* Deficiency
Type:
Audit Committee -1.79% -1.42% 194 -3.936*** 3.197*** Resignations -2.33% -1.38% 125 -4.290*** -3.049** Deaths 0.87% -1.65% 26 -1.072 -0.754 Financial Expert Departure -2.29% 1.70% 54 -2.453** -1.714* Retirements -2.09% -1.92% 22 -1.687* 2.354** Board Independence 0.62% 0.37% 81 0.060 0.786 Nomination/Compensation Committee -1.36% 1.61% 11 -0.824 -0.725 Review and Certification -5.43% -2.24% 18 3.416*** -2.010* Shareholder Approval -1.55% -0.53% 41 -0.022 -0.344
Panel B: 5 day CAR Mean CAR
(-2,+2) Median CAR (-2,+2) N Patell Z Rank Z Full Sample (single and
multiple) -1.55% -1.20% 406 -3.994*** -2.401** Single Deficiency in
first notice -1.44% -1.33% 345 -3.614*** -2.416** Multiple Deficiencies
in first notice -2.13% -0.85% 61 -1.710* -0.397 Delist within 3 years of
deficiency -4.90% -3.29% 59 -3.667*** -2.498** Deficiency
Type:
Audit Committee -1.21% -1.65% 194 -2.640** 2.510** Resignations -1.18% -1.09% 125 -2.318* -1.530$ Deaths 0.01% 0.99% 26 -0.566 -0.424 Financial Expert Departure -0.44% -1.92% 54 0.967 -1.265 Retirements -2.69% -4.78% 22 -1.738* -2.482** Board
Independence 0.62% 0.02% 81 0.128 0.962 Nomination/Compensation
Committee -2.71% 0.25% 11 -0.683 -0.559 Review and Certification 10.42% -7.15% 18 -5.746*** -3.463*** Shareholder Approval -2.33% 1.19% 41 -0.399 -0.645 ***, **, * , + indicates significantly different
from zero at the .001, .01, .05, and .10 level, respectively, two-sided
tests.
CAR (-1,+1) is the cumulative abnormal return computed as the sum of
market model residuals for days -1 through +1 relative to the deficiency
notice date, using a value-weighted market portfolio. Data source: CRSP.
CAR (-2, +2) is the cumulative abnormal return computed as the sum of
market model residuals for days -2 through +2 relative to the deficiency
notice date, using a value-weighted market portfolio. Data source: CRSP.
Table 4 Cross-sectional regressions explaining the magnitude of the
cumulative abnormal return in the two days around the date of the
deficiency notice
Audit
Committee Board
Independence Other
Intercept
-0.0197
(-1.75)+ 0.0116
(0.69) -0.0786
(-3.16)** Foreign sales indicator
0.0134
(0.9) -0.0015
(-0.07) 0.0881
(2.51)**
Restructuring
0.0006
(2.03)+ -0.0008
(-0.72) 0.0017
(1.21)
High sales growth
Indicator 0.0011
(0.06) 0.0234
(0.81) 0.0268
(0.88)
Bankruptcy Risk
1.4878
(1.14) -2.2675
(-1.11) 4.1091
(1.50)
Assets
-0.0
(-0.18) -0.0
(-0.27) 0.0
(0.20)
Delist indicator
-0.0362
(-2.13)* -0.0467
(-1.75)+ -0.0341
(-1.19)
Prior month CAR
0.0160
(0.58) -0.0678
(-1.56) 0.0867
(1.43)
Adjusted R2 1.7% 0.8% 6.97% Observations 245 136 89 ***, **, * , +
indicates significantly different from zero at the .001, .01, .05, and
.10 level, respectively, two-sided tests.
The dependent variable is CAR(-2,+2) (cumulative abnormal return)
computed as the sum of market model residuals for days -2 through +2
relative to the deficiency notice date, using a value-weighted market
portfolio,; foreign sales is an indicator variable set to one if the firm
reports income from foreign operation in the year of the deficiency and
zero otherwise; restructuring plan is the sum of restructuring charges in
the year prior to and the year of the deficiency; high sales growth is an
indicator variable set to one 1 if the firm operate in and industry (two
digit SIC code) with sales growth in the top 10% of all industries in the
year prior to deficiency and zero otherwise; Bankruptcy Risk is
calculated using the Hillegeist et al (2004) updated probability
modification of the Altman (1968) bankruptcy score and is an indicator of
bankruptcy risk; Assets is total assets in the year prior to the
deficiency; Delist is an indicator if the firm delisted from Nasdaq
within three years of the deficiency; Prior month CAR is the cumulative
abnormal return for 30 days before through 5 days before the deficiency.
Many studies examine board characteristics and financial reporting
quality, internal control weaknesses, fraud, restatements, and related
items. See for example, Beasley (1996), Dechow et al. (1996), Klein
(2002), Ajinkya et al. (2005), Karamanou & Vafeas (2005), Frankel et al.
(2011), Bhagat and Black (2002), Bushman et al. (2004), Vafeas (2000),
and Hoitash et al. (2009).
The issuance of a staff deficiency notice is the first step in Nasdaq’s
enforcement process. Each notice cites noncompliance with at least one
listing requirement and informs management that the company’s shares are
no longer eligible for continued listing on the Nasdaq market unless the
deficiency is corrected by a specified date. Delisting is the final step
in what often is a lengthy process. (As discussed more fully in section
3, company appeals are decided by panels of two independent panelists.
Adverse rulings by the panel can be appealed to the Nasdaq Listing and
Hearings Review Council, and eventually to the SEC.)
For example, see Sanger and Peterson [1990], Macey, O’Hara and Pompilio
[2008], Harris, Panchapagesan, and Werner [2008], and Hansen, Pownall,
and Wang [2008]. Bushee and Leuz [2005] investigate a closely-related
phenomenon – issuers that lose their quotation on the OTC Bulletin Board
and become traded on the Pink Sheets. Studies that investigate voluntary
delistings and SEC deregistrations include Leuz, Triantis, and Wang
[2008], Engel, Hayes, and Wang [2007], Leuz [2007], and Hansen, Pownall,
and Wang [2008].
Our analysis does not assess whether Nasdaq’s regulatory benchmarks are
appropriate (more or less stringent regulatory minimums might be more
effective), or whether Nasdaq staff identify all companies that do not
comply with the corporate governance rules.
For example, see Kinney and McDaniel (1989), Ashbaugh-Skaife et al.
(2007), and Doyle at el. (2007).
The deficiency notice date is the earlier of: (1) the filing date of
the Form 8-K in which the firm discloses receipt of the Nasdaq deficiency
notice, or (2) the date of any press release included as an attachment to
the Form 8-K that discloses receipt of the deficiency notice. For
deficiency notices occurring in 2004 and 2005, the deficiency notice date
is the “notification date” included in the dataset provided by Nasdaq to
the authors.
The SEC order applied to 688 firms, of which 24 did not provide
certification. Bhattacharya et al. (2003) find that many of the 24 noncertifying firms had previously restated earnings, were audited by Arthur
Andersen, were in financial distress, or had already been mentioned in
the financial press, indicating that management’s failure to certify was
unlikely to provide new information to market participants about those
companies.
Refer to Nasdaq December 31, 2005 and December 31, 2006 Forms 10-K for
further discussion.
The SEC seeks consistency, but not uniformity, in listed company rules
across the U.S. stock exchanges For example, Nasdaq and NYSE have
different listing requirements and vary dramatically in their monitoring
and enforcement processes.
See Emen (2004) for more detailed discussion of the development of
corporate governance listing standards at Nasdaq. Before SOX, the
exchanges had proposed rules regarding several corporate governancerelated issuer matters. The Sarbanes-Oxley Act provides a statutory
requirement governing the activity of the SEC and stock exchanges in the
area of public company audit committees
See SEC [2004a] for discussion of the role of self-regulation and SROs
in the U.S. securities markets. For further discussion of stock
exchanges’ competitive pressure to attract listings, see Sirri (2007)
This discussion assumes the traditional public interest view of
regulation, which asserts that regulators respond to market failures in
an attempt to improve social welfare. See Mulherin (2007) for discussion.
Investor protection and market quality are the two broad objectives for
the regulation of equity markets in the United States. See U.S. SEC
[1994, 1987]. Section 15A (b)(6) of the Securities Exchange Act (15
U.S.C. 780-3(b)(6)) requires, among other things, that the rules of a
national securities association be designed to prevent fraudulent and
manipulative acts and practices; to promote just and equitable principles
of trade; to remove impediments to and perfect the mechanism of a free
and open market; and, in general, to protect investors and the public
interest.
In late 2006, Nasdaq reorganized into the following three market tiers:
Global Select Market, Global Market, and Capital Market.
Foreign private issuers may follow their home country governance
practices instead of many (but not all) of the provisions in Rule 4350,
provided that the issuer discloses each requirement that it does not
follow and the alternative home country practice that it does follow
[Rule 4350(a)(1)].
Section 302 of the Act mandates that the SEC require registrants’
officers to certify that each annual and quarterly report does not
contain any untrue material statement of facts, and that the financial
statements fairly present the financial condition and results of
operations. Section 404 requires each annual report to contain a
management report on internal controls and, for large registrants, that
the audit report attest to and report on management’s internal control
assessment. Section 906 requires that the issuer’s chief executive
officer and chief financial officer certify that the financial statements
comply with requirements of the Securities Exchange Act of 1934, and that
the information in the report fairly presents the financial condition and
results of operations of the issuer.
Public reprimand letters that do not involve delisting are rare. For
standards that provide a compliance period (such as the bid price
requirement) and some other types of deficiencies, the staff notice gives
the company the applicable compliance period.
Nasdaq-listed firms have been required since August 23, 2004 to
publicly disclose receipt of Nasdaq deficiency notices in Forms 8-K under
Item 3.01(SEC [2004b]), and in press releases (See Nasdaq’s Marketplace
Rules [Nasdaq 2006; section 4800]).
Some sample companies received more than one Nasdaq deficiency notice
during the sample period. Our analysis of these companies focuses
exclusively on the earliest deficiency notice received during the sample
period.
Many companies are delisted for multiple reasons, but CRSP lists at
most one reason for each company. For eleven companies, the reason for
delist is “trading OTC.” It is reasonable to assume that most or all of
these companies were delisted for regulatory reasons, but the specific
reasons are not known.
As in many other studies we examine the debt to assets ratio rather
than the most standard debt to equity ratio to avoid problems with
negative and/or small equity values.
Table 2, Panel A, shows 406 observations, one per sample firm. In the
rest of Table 2 and all other tables, the sample consist of 472,
representing one deficiency notice per firm. For the small number of
firms that received more than one corporate governance deficiency notice
during the sample period, we analyze only the first-time deficiency
notices.
The three-day (five-day) CAR (cumulative abnormal return) is computed
as the sum of market model residuals for days -1 through +1 (-2 through
+2) relative to the deficiency notice date, using a value-weighted market
portfolio. Data source: CRSP.
Untabulated results indicate that the market response to the receipt of
later (other-than-first-time) deficiency notices is not significantly
different from zero.
We use the five-day CAR because, as shown in table 3, the five-day CARs
are more negative than the three-day CARs for three of the five
deficiency subsamples. Regression results are similar when three-day CARs
are used as the dependent variable.
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replaced the National Market and
the Small Cap Market with these three new market tiers in mid-2006.
PAGE
PAGE
2
PAGE
PAGE
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