Thesis Statement
The enactment of the Sarbanes-Oxley Act in 2002 came as a response to the accounting scandals of the 2000s, with most lawmakers believing that this act would restore confidence in the public to re-invest in American companies again (Romano, 2005). However, most companies are opting to privatize their activities as a way of dodging the stringent regulations and reducing the cost burdens implied by the laws in this act.
This paper, therefore, examines company privatization as an effect of the enactment of the SOX act. The various reasons behind this phenomenon will be explained including how the laws provided in this act have motivated companies to sell assets and business units into private entities (Talley, 2009). More specifically, the paper draws attention to the high compliance costs implied in the act including, board member fees, external auditor fees, fees for the facilitation of required financial processes and procedures, as well as, high penalties for failure to comply with the act (Koehn, 2006). The paper enlightens readers on how the laws in this act provide a cost burden associated with companies maintaining themselves as public corporations in their respective industries. Accordingly, the paper also explains why corporate accountability may compel public companies into the private sector as it exposes corporate officers into the danger of penalization for inadvertent procedural violations (Koehn, 2006). Conclusively, the paper also considers the impact of the SOX Act on private companies, illustrating the policies, rules, and regulation provided by this law concerning activities in private companies. The issue of privatization, especially in small and medium companies will be addressed from all angles, with the aim of showing how the Sarbanes-Oxley act has pushed companies into privatization.
References
Koehn, J. L. (2006). Revisiting the Ripple Effects of the Sarbanes-Oxley Act. The CPA Journal .
Retrieved from: http://www.nysscpa.org/cpajournal/2006/506/essentials/p32.htm
Romano, R. (2005). The Sarbanes-Oxley Act and the Making of Quack Corporate Governance.
The Yale Law Journal, 114(7): 1521-1611.
Talley, E. L. (2009).Public Ownership, Firm Governance, and Litigation Risk. The University of
Chicago Law Review, 76(1): 335-366.
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