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The effects for accounting regulation for business combinations on firm behaviours and stock pricing : a theory and tests

Research Project

Project/Area Number 14530172
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Accounting
Research InstitutionWaseda University (2003)
Hosei University (2002)

Principal Investigator

USUI Akira  Planning Office for the Graduate School of Finance, Accounting and Law, Professor, ファイナンス研究科開設準備室, 教授 (90193870)

Project Period (FY) 2002 – 2003
Project Status Completed (Fiscal Year 2003)
Budget Amount *help
¥3,000,000 (Direct Cost: ¥3,000,000)
Fiscal Year 2003: ¥1,200,000 (Direct Cost: ¥1,200,000)
Fiscal Year 2002: ¥1,800,000 (Direct Cost: ¥1,800,000)
Keywordsbusiness combinations / accounting conservatism / 会計規制 / 保守主義 / 企業価値関連性 / 会計情報 / 会計数値
Research Abstract

This research empirically examines (1)how investors are forming the expectation based on accounting information, and (2)how a firm selects the accounting and recognition timing. I discuss the regulation setting of business combinations. First, I confirm a supplementary role of the statement and balance sheet information. I find that the earnings-book value (with tome trend) model better explained the level and change of stock prices in 531 firms which had been listed in the TSE (Tokyo Stock Exchange) for the period of 1967-2001. Second, the panel analysis of TSE firms in 1964-2001, shows that (1)the growth firms prefer conservative accounting measurement to income recognition delay, (2)firms facing more severe conflicts over devidend policy tend to select more conservative accounting, (3)a manager tends underestimate earnings rather than net assets. My collective evidence provides a regulatory explanation for business combinations. A merger on an equal basis has the severe conflicts among stakeholders because the management control has not established. In such case, rational stakeholders would prefer conservative accounting that could not overestimate assets, for example, the pooling method. The use of pooling method must certain conditions that limit earnings management.

Report

(3 results)
  • 2003 Annual Research Report   Final Research Report Summary
  • 2002 Annual Research Report
  • Research Products

    (10 results)

All Other

All Publications (10 results)

  • [Publications] 薄井 彰: "保守的な会計測定の経済的機能について"Discussion Paper Series(日本銀行金融研究所). No.2003-J-1. 1-31 (2003)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2003 Final Research Report Summary
  • [Publications] 薄井 彰: "会計利益と株主資本の株価関連性:実証的証拠"経済志林(法政大学). 70巻4号. 231-248 (2003)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2003 Final Research Report Summary
  • [Publications] 薄井 彰: "株式評価における保守的な会計測定の会計測定の経済的な機能について"金融研究(日本銀行金融研究所). 23巻1号. 127-159 (2004)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2003 Final Research Report Summary
  • [Publications] 薄井 彰: "企業評価モデルの理論と実際"経営分析事典(税務経理協会). (近刊). (2004)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2003 Final Research Report Summary
  • [Publications] Usui, Akira: "Economic determinants of conservative accounting measurement"IMES Discussion Paper Series(Institute for Monetary and Economic Studies, Bank of Japan). J-1. 1-32 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2003 Final Research Report Summary
  • [Publications] Usui, Akira: "A value-relevance of accounting eamings and book values : empirical evidence"Keizai-Shirin(The Hosei University Economic Review)(Hosei University). vol.70 No.4. 231-247 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2003 Final Research Report Summary
  • [Publications] Usui, Akira: "Economic determinants of conservative accounting measurement in equity valuation"Kinyu-Kenkyo(Institute for Monetary and Economic Studies, Bank of Japan). vol.23 No.1. 127-159 (2004)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2003 Final Research Report Summary
  • [Publications] Usui, Akira: "Corporate valuation models : theory and practices"Hand Book of financial analysis(the Japanese Financial Analysis Association). (forthcoming).

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2003 Final Research Report Summary
  • [Publications] 薄井 彰: "株式評価における保守的な会計測定の経済的な機能について"金融研究. 第23巻第1号. 127-159 (2004)

    • Related Report
      2003 Annual Research Report
  • [Publications] 薄井 彰: "会計利益と株主資本の株価関連性:実証的証拠"経済志林. 70巻4号. 231-247 (2003)

    • Related Report
      2002 Annual Research Report

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Published: 2002-04-01   Modified: 2016-04-21  

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