{"id":"https://openalex.org/W2043797299","doi":"https://doi.org/10.1108/02686901011026350","title":"Investor reactions to disclosures of material internal control weaknesses","display_name":"Investor reactions to disclosures of material internal control weaknesses","publication_year":2010,"publication_date":"2010-03-06","ids":{"openalex":"https://openalex.org/W2043797299","doi":"https://doi.org/10.1108/02686901011026350","mag":"2043797299"},"language":"en","primary_location":{"id":"doi:10.1108/02686901011026350","doi":"https://doi.org/10.1108/02686901011026350","is_oa":false,"landing_page_url":"https://doi.org/10.1108/02686901011026350","pdf_url":null,"source":{"id":"https://openalex.org/S136661304","display_name":"Managerial Auditing Journal","issn_l":"0268-6902","issn":["0268-6902","1758-7735"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Managerial Auditing Journal","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"http://papers.ssrn.com/sol3/Delivery.cfm?abstractid=1698593","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5026581628","display_name":"Kim Ittonen","orcid":"https://orcid.org/0000-0002-2917-4077","observed_orcids":["https://orcid.org/0000-0002-2917-4077"]},"institutions":[{"id":"https://openalex.org/I79765343","display_name":"University of Vaasa","ror":"https://ror.org/03769b225","country_code":"FI","type":"education","lineage":["https://openalex.org/I79765343"]}],"countries":["FI"],"is_corresponding":true,"raw_author_name":"Kim Ittonen","raw_affiliation_strings":["Department of Accounting and Finance, University of Vaasa, Vaasa, Finland"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting and Finance, University of Vaasa, Vaasa, Finland","institution_ids":["https://openalex.org/I79765343"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5026581628"],"corresponding_institution_ids":["https://openalex.org/I79765343"],"apc_list":null,"apc_paid":null,"fwci":5.5767,"has_fulltext":false,"cited_by_count":32,"citation_normalized_percentile":{"value":0.96151634,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":98},"biblio":{"volume":"25","issue":"3","first_page":"259","last_page":"268"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9980000257492065,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9980000257492065,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13957","display_name":"Corporate Governance and Financial Management","score":0.0008999999845400453,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/sarbanes-oxley-act-section-404","display_name":"Sarbanes-Oxley Act Section 404","score":0.9319999814033508},{"id":"https://openalex.org/keywords/investor-reaction","display_name":"investor reaction","score":0.6850000023841858},{"id":"https://openalex.org/keywords/abnormal-returns","display_name":"abnormal returns","score":0.984000027179718},{"id":"https://openalex.org/keywords/stock-market-volatility","display_name":"stock market volatility","score":0.6819999814033508},{"id":"https://openalex.org/keywords/systematic-risk","display_name":"systematic risk","score":0.9990000128746033}],"concepts":[{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.7943488359451294},{"id":"https://openalex.org/C2780247198","wikidata":"https://www.wikidata.org/wiki/Q633403","display_name":"Weakness","level":2,"score":0.694524884223938},{"id":"https://openalex.org/C199521495","wikidata":"https://www.wikidata.org/wiki/Q181487","display_name":"Audit","level":2,"score":0.6707942485809326},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.599711537361145},{"id":"https://openalex.org/C63882131","wikidata":"https://www.wikidata.org/wiki/Q17122954","display_name":"Strengths and weaknesses","level":2,"score":0.5880306363105774},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.546230673789978},{"id":"https://openalex.org/C199163554","wikidata":"https://www.wikidata.org/wiki/Q1681619","display_name":"Univariate","level":3,"score":0.4560726284980774},{"id":"https://openalex.org/C2776950860","wikidata":"https://www.wikidata.org/wiki/Q2914681","display_name":"Originality","level":3,"score":0.42610517144203186},{"id":"https://openalex.org/C2775924081","wikidata":"https://www.wikidata.org/wiki/Q55608371","display_name":"Control (management)","level":2,"score":0.41776084899902344},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3534430265426636},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.30676549673080444},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.2097950279712677},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.1668758988380432},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.09270092844963074},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.08122080564498901},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.06315520405769348},{"id":"https://openalex.org/C161584116","wikidata":"https://www.wikidata.org/wiki/Q1952580","display_name":"Multivariate statistics","level":2,"score":0.0},{"id":"https://openalex.org/C105702510","wikidata":"https://www.wikidata.org/wiki/Q514","display_name":"Anatomy","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.0},{"id":"https://openalex.org/C11012388","wikidata":"https://www.wikidata.org/wiki/Q170658","display_name":"Creativity","level":2,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1108/02686901011026350","doi":"https://doi.org/10.1108/02686901011026350","is_oa":false,"landing_page_url":"https://doi.org/10.1108/02686901011026350","pdf_url":null,"source":{"id":"https://openalex.org/S136661304","display_name":"Managerial Auditing Journal","issn_l":"0268-6902","issn":["0268-6902","1758-7735"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Managerial Auditing Journal","raw_type":"journal-article"},{"id":"mag:3123046724","doi":null,"is_oa":true,"landing_page_url":"http://papers.ssrn.com/sol3/Delivery.cfm?abstractid=1698593","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"pmh:oai:RePEc:eme:maj000:02686901011026350","doi":null,"is_oa":false,"landing_page_url":"https://www.emerald.com/insight/content/doi/10.1108/02686901011026350.html?utm_source=repec&utm_medium=feed&utm_campaign=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:RePEc:eme:majpps:02686901011026350","doi":null,"is_oa":false,"landing_page_url":"https://www.emerald.com/insight/content/doi/10.1108/02686901011026350/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:RePEc:eme:majpps:v:25:y:2010:i:3:p:259-268","doi":null,"is_oa":false,"landing_page_url":"http://www.emeraldinsight.com/10.1108/02686901011026350?utm_campaign=RePEc&WT.mc_id=RePEc","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"mag:3123046724","doi":null,"is_oa":true,"landing_page_url":"http://papers.ssrn.com/sol3/Delivery.cfm?abstractid=1698593","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":17,"referenced_works":["https://openalex.org/W1964831414","https://openalex.org/W1965074910","https://openalex.org/W2021156448","https://openalex.org/W2042326578","https://openalex.org/W2048173721","https://openalex.org/W2091186305","https://openalex.org/W2094152406","https://openalex.org/W2114774522","https://openalex.org/W2130954557","https://openalex.org/W2134764504","https://openalex.org/W2135327730","https://openalex.org/W3122540092","https://openalex.org/W3122726372","https://openalex.org/W3123307641","https://openalex.org/W3123770750","https://openalex.org/W3124375173","https://openalex.org/W3124572799"],"related_works":["https://openalex.org/W4414303180","https://openalex.org/W2883063635","https://openalex.org/W4400239907","https://openalex.org/W4410895511","https://openalex.org/W577430599","https://openalex.org/W2381907632","https://openalex.org/W2286478047","https://openalex.org/W2113171798","https://openalex.org/W3124375173","https://openalex.org/W7111449903"],"abstract_inverted_index":{"Purpose":[0],"The":[1,40,59,77,88,211],"purpose":[2],"of":[3,43,79,167,213,220],"this":[4,214],"paper":[5,60,81,215],"is":[6,98,120,127,175],"to":[7,11,101,158,200],"examine":[8],"investor":[9,65,156],"reactions":[10,157],"material":[12,36,95,160,187,205,227],"internal":[13,110,228],"control":[14,111,229],"weakness":[15,37,52,96,147,161,230],"disclosures.":[16,237],"In":[17,134],"particular,":[18],"the":[19,22,27,70,80,94,107,113,117,124,130,136,145,155,165,168,185,190,204,208,218,221,225],"abnormal":[20,67,118],"returns,":[21],"change":[23,28,71,141],"in":[24,29,72,142,224],"volatility,":[25],"and":[26,57,69,74,183,192],"systematic":[30,75],"risk":[31],"are":[32,82],"analyzed":[33],"around":[34],"auditors'":[35,159,226],"reports.":[38],"Design/methodology/approach":[39],"sample":[41],"consists":[42],"342":[44],"firms":[45],"with":[46,129],"initial":[47,89],"Sarbanes\u2010Oxley":[48],"Act,":[49],"Section":[50],"404":[51],"disclosures":[53,162,231],"issued":[54,171],"between":[55],"2005":[56],"2007.":[58],"uses":[61],"three":[62],"measures":[63],"for":[64,106],"reactions:":[66],"returns":[68],"volatility":[73,143],"risk.":[76],"hypotheses":[78],"investigated":[83],"using":[84],"univariate":[85],"analysis.":[86],"Findings":[87],"results":[90,114,137,152],"imply":[91,153],"surprisingly":[92],"that":[93,116,154,217],"disclosure":[97],"good":[99],"news":[100],"investors.":[102],"However,":[103],"after":[104,144],"controlling":[105],"preceding":[108,131,169],"management's":[109],"disclosure,":[112],"show":[115,138],"reaction":[119,178,195],"positive":[121,177],"only":[122],"when":[123,196],"audit":[125],"report":[126,170,203],"consistent":[128],"management":[132,180,197,236],"report.":[133],"addition,":[135],"a":[139,176,193],"significant":[140],"auditor's":[146],"disclosure.":[148],"Research":[149],"limitations/implications":[150],"These":[151],"depend":[163],"on":[164,235],"content":[166],"by":[172],"management:":[173],"there":[174],"if":[179],"has":[181,198],"identified":[182],"reported":[184],"existing":[186],"weaknesses":[188,206],"before":[189,207],"auditor,":[191],"negative":[194],"failed":[199],"identify":[201],"or":[202],"auditor.":[209],"Originality/value":[210],"findings":[212],"emphasize":[216],"value":[219],"information":[222],"contained":[223],"vary":[232],"significantly":[233],"depending":[234]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":2},{"year":2012,"cited_by_count":3}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}