会計利益属性のリアル・エフェクト:過大投資・過小投資の抑制, The real effects of accounting earnings attributes: Evidence from Japan

涼佑 藤谷 and Ryosuke Fujitani

No 213, Working Paper Series from Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School

Abstract: 本稿の目的は、利益属性が過大投資と過小投資を抑制しているかを分析することである。金融経済学および会計学における議論から、情報の非対称性を緩和する利益属性は、企業の投資行動に影響を与えると予想される。分析の結果、仮説が支持される証拠が得られた。具体的には、利益ボラティリティと利益の予測可能性、アクルーアルズの質は、企業の投資水準を最適水準に近づける効果があることが明らかになった。この結果は、日本の金融市場においても会計情報にリアル・エフェクトが観察される証拠を提示しており、Biddle and Hilary (2006) の結果には必ずしも外部妥当性が認められない可能性を示唆している。, The purpose of this study is to analyze the real effects of earnings attributes, especially their effects on Japanese firm’s investment behavior. Financial economists and accounting researchers posit that earnings attributes alleviating asymmetric information improve investment efficiency. This study shows the robust evidence consistent with the hypothesis. This evidence indicates that we can observe the real effects of accounting information even in Japanese financial market. I also discuss that the external validity of Biddle and Hilary (2006) cannot be verified by using recent Japanese firms data.

Keywords: リアル・エフェクト; 情報の非対称性; 利益属性; 過大投資; 過小投資; real effects; asymmetric information; earnings attributes; over-investment; under-investment (search for similar items in EconPapers)
Date: 2017-05
Note: 論文データ（PDF）を取り下げ。[2017/6/16], Withdrawal of manuscript (PDF). [Jun. 16, 2017]
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