| Project/Area Number |
16K17204
|
|---|
| Research Category |
Grant-in-Aid for Young Scientists (B)
|
| Allocation Type | Multi-year Fund |
|---|
| Research Field |
Accounting
|
|---|
| Research Institution | Saitama University (2019-2021)
Tokyo University of Science (2016-2018) |
|---|
Principal Investigator |
|
|---|
| Project Period (FY) |
2016-04-01 – 2022-03-31
|
| Project Status |
Completed (Fiscal Year 2021)
|
| Budget Amount *help |
¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2019: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2018: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
|
|---|
| Keywords | 投資予想情報 / 投資効率性 / コーポレート・ガバナンス / 予想情報 / 設備投資 / 研究開発投資 / 資本コスト / 財務会計 / 企業価値 |
|---|
| Outline of Final Research Achievements |
This research project aims to examine the economic roles of investment forecasts issued by managers. The followings are revealed in this research project. First, firms that issue management investment forecasts can enjoy a lower implied cost of capital than firms that do not. Second, the institutional ownership improves the quality of management investment forecasts, whereas the board ownership declines that. Finally, firms with the higher quality management investment forecasts carry out investment projects more efficiently.
|
| Academic Significance and Societal Importance of the Research Achievements |
東京証券取引所は，業績予想のほかにも投資者が将来キャッシュ・フローを予測するのに役立つ将来情報の開示を上場会社に要請している．既存研究では業績予想開示の検証が中心であるが，本研究課題は投資予想情報の開示にどのような経済的意義があるかを明らかにしている点に学術的意義がある．
|
