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Legislation Of Ethics In The Early Years Of The Securities And Exchange Commission

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  • Dan G. Teed

Abstract

Enforcement action by the Securities and Exchange Commission in the years following its formation and prior to the beginning of World War II created reporting sanctions viewed as symbolic by much of corporate America. That is, powerful chief executive officers of many of America’s giant publicly held corporations believed these sanctions were instituted only to placate a worried investing public and would not be enforced with rigor. These managers, therefore, believed they could either ignore the Securities and Exchange Commission pronouncements or implement them only superficially. I submit the result has been many continual challenges of authority and corporate disregard of ethical behavior throughout the remainder of the 20th century. This paper will explore the history of the early part of the 20th century to determine reasons why these symbolic pronouncements may have been perceived by the Securities and Exchange Commission as a necessity for its continued existence.

Suggested Citation

  • Dan G. Teed, 2013. "Legislation Of Ethics In The Early Years Of The Securities And Exchange Commission," Review of Business and Finance Studies, The Institute for Business and Finance Research, vol. 4(2), pages 1-10.
    • Handle: RePEc:ibf:rbfstu:v:4:y:2013:i:2:p:1-10
    as

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    References listed on IDEAS

    as
    1. Barbara D. Merino, 2003. "Financial reporting in the 1930s in the United States preserving the status quo," Accounting Forum, Taylor & Francis Journals, vol. 27(3), pages 270-290, September.
    2. Merino, Barbara Dubis & Neimark, Marilyn Dale, 1982. "Disclosure regulation and public policy a sociohistorical reappraisal," Journal of Accounting and Public Policy, Elsevier, vol. 1(1), pages 33-57.
    3. Bealing, William Jr & Dirsmith, Mark W. & Fogarty, Timothy, 1996. "Early regulatory actions by the SEC: An institutional theory perspective on the dramaturgy of political exchanges," Accounting, Organizations and Society, Elsevier, vol. 21(4), pages 317-338, May.
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    More about this item

    Keywords

    Symbolism; Power; Ethics; Fraud; Acquiescence; Conciliation;
    All these keywords.

    JEL classification:

    • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other

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