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COVID-19とディスクロージャー, COVID-19 and corporate disclosure in Japan: An early picture


  • 金, 鉉玉
  • Kim, Hyonok
  • 藤谷, 涼佑
  • Fujitani, Ryosuke


COVID-19の大流行によって経済の不確実性が上昇し、また人の移動が制約されたことでモビリティが低下した。さらに、情報開示に関する規制が緩和された。こういった経済環境や制度環境の変化は、経営者による情報開示の意思決定に影響を与えると考えられる。本稿は、日本の制度的特徴に注目しながら、COVID-19の大流行が経営者の情報開示に与えた影響を分析する。2020年3月決算企業の開示実態を調査したところ、次のようなことが明らかになった。第1に、決算短信の開示速度が低下した。第2に、半分以上の企業が、実質的に強制されていると考えられてきた経営者予想を開示していなかった。第3に、経営者による適時開示が増加していた。第4に、決算書類の作成のために、地理的な移動が伴うと考えられる企業において、よりCOVID-19の影響が観察されるという考えと整合する証拠が得られた。第5に、経営者以外の経済主体による情報生産も減少していることが明らかになった。本稿の発見は、COVID-19の大流行によって株式市場の情報環境が大きく変化したことを示唆している。, This study investigates how COVID-19 pandemic impacts corporate disclosure in Japan where institutional backgrounds are unique. COVID-19 increased economic uncertainty and decreased human mobility. It also results in deregulation of corporate disclosure regulation. These changes in economic environment are likely to affect corporate disclosure. Using sample with fiscal year end in March 2020, we find several significant changes in corporate disclosure in Japan. First, the days from fiscal year end to earnings announcement has increased indicating declined reporting speed. Second, more than a half of firms did not disclose management forecast which has been effectively mandatory in Japan. Third, managers increased timely disclosure. Forth, geographic distance is an important driver of COVID-19 impact on corporate disclosure. Fifth, analysts and journalists also has decreased their forecast disclosure. These findings suggest that COVID-19 significantly changed information environment of security market.

Suggested Citation

  • 金, 鉉玉 & Kim, Hyonok & 藤谷, 涼佑 & Fujitani, Ryosuke, 2020. "COVID-19とディスクロージャー, COVID-19 and corporate disclosure in Japan: An early picture," Working Paper Series 238, Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School.
  • Handle: RePEc:hit:hmicwp:238
    Note: July 2020, Revised in August 2020

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