IDEAS home Printed from https://ideas.repec.org/p/hit/hmicwp/231.html
   My bibliography  Save this paper

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

Author

Listed:
  • 藤谷, 涼佑
  • Fujitani, Ryosuke

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.

Suggested Citation

  • 藤谷, 涼佑 & Fujitani, Ryosuke, 2019. "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," Working Paper Series 231, Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School.
    • Handle: RePEc:hit:hmicwp:231
    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]
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    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;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hit:hmicwp:231. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Digital Resources Section, Hitotsubashi University Library (email available below). General contact details of provider: https://edirc.repec.org/data/mihitjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.