財務報告頻度のリアル・エフェクト：企業投資に注目した四半期報告の政策評価, The bright side of frequent financial reporting

涼佑 藤谷 and Ryosuke Fujitani

No 231, Working Paper Series from Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School

Abstract: 本稿は日本の四半期報告の導入を利用して、高頻度の財務報告が企業の投資行動を促進するという考えと整合する証拠を示す。非上場の公開企業をコントロール・グループと設定し、報告頻度が企業の投資行動に与える影響を識別する。Difference-in-difference分析の結果、報告頻度の増加によって投資が増加しており、この効果は過小投資やquiet lifeに陥る可能性が高い企業で大きいことを発見した。, Investigating the initiation of quarterly financial reporting to Japanese listed firms, this study finds that more frequent financial reporting increases corporate investment. To isolate the effects of quarterly financial reporting, I use Japanese quasi-private firms as the control sample. My Difference-in-Difference approach shows the positive effects of the frequent reporting on corporate investment. This study also finds that the effects are stronger for firms with the incentives of under-investment.

Keywords: 四半期報告; 財務報告の頻度; リアル・エフェクト; quiet life; ショートターミズム (search for similar items in EconPapers)
JEL-codes: G31 G32 M41 (search for similar items in EconPapers)
Date: 2019-11
New Economics Papers: this item is included in nep-acc
Note: First version : June 2019 / This version : November 2019, 『経営財務研究』第40巻第1-2号, pp.1-23に掲載のため、論文データ（PDF）を取り下げ。[2021/7/30]
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Persistent link: https://EconPapers.repec.org/RePEc:hit:hmicwp:231

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