More broadly, a survey by the Financial Executives Research Foundation in 2005 (FERF
2005) found that 83 percent of large company CFOs agreed that SOX had increased investor
confidence, and 33 percent agreed it had reduced fraud. In a 2009 survey conducted by the SEC
(SEC 2009) of 2,907 firms, with a response rate of 35 percent—which is high for such a large
survey of businesses—27 percent agreed that SOX had enhanced investor confidence, but