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Empirical Analyses of Earnings Management before Securities Issue

Research Project

Project/Area Number 16K17211
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeMulti-year Fund
Research Field Accounting
Research InstitutionChuo University (2022)
Tohoku Gakuin University (2016-2021)

Principal Investigator

Yamaguchi Tomoyasu  中央大学, 商学部, 教授 (50613626)

Project Period (FY) 2016-04-01 – 2023-03-31
Project Status Completed (Fiscal Year 2022)
Budget Amount *help
¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Fiscal Year 2019: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2016: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Keywords利益マネジメント / 実体的裁量行動 / 会計的裁量行動 / 証券発行 / 公募増資 / 普通社債発行 / 転換社債発行 / 産業平均利益率 / 内部統制報告制度 / 保守主義会計 / 利益平準化 / 社債発行 / 連続増益の達成 / 利益ベンチマーク / 株価の維持 / 転換社債 / 連続増益 / 利益分布 / 損失回避 / 減益回避 / 経済的帰結 / 外国人投資家
Outline of Final Research Achievements

Firms raise funds by issuing securities such as stocks and bonds. Since stock prices and bond interest rates are affected by earnings figures immediately before securities issue, managers have an incentive to manage earnings. This paper focuses on Japanese firms and examines whether managers manage earnings immediately before securities issue. I find that managers engage in accrual-based and real earnings management to increase earnings in the year prior to seasoned equity offerings, straight bond issues, and convertible bond issues.

Academic Significance and Societal Importance of the Research Achievements

経営者の利益マネジメント(会計基準の規定の範囲内で利益を調整する行動)は,会計上の操作による「会計的裁量行動」と事業活動の操作による「実体的裁量行動」に分類できる。このうち,先行研究は主として会計的裁量行動に着目してきたが,本研究は実体的裁量行動にも焦点を当て,証券発行前の利益マネジメントを包括的に解明している。実体的裁量行動は企業価値を毀損する恐れがあるため,当該行動の一側面を明らかにした本研究の重要性は高いと言えよう。

Report

(8 results)
  • 2022 Annual Research Report   Final Research Report ( PDF )
  • 2021 Research-status Report
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • 2017 Research-status Report
  • 2016 Research-status Report
  • Research Products

    (13 results)

All 2022 2021 2020 2019 2018 2017 Other

All Int'l Joint Research (3 results) Journal Article (6 results) (of which Peer Reviewed: 3 results,  Open Access: 1 results,  Acknowledgement Compliant: 1 results) Presentation (3 results) (of which Invited: 2 results) Book (1 results)

  • [Int'l Joint Research] Excelsia collge(オーストラリア)

    • Related Report
      2022 Annual Research Report
  • [Int'l Joint Research] Excelsia collge(オーストラリア)

    • Related Report
      2021 Research-status Report
  • [Int'l Joint Research] RMIT University Vietnam(ベトナム)

    • Related Report
      2018 Research-status Report
  • [Journal Article] Earnings management to achieve industry-average profitability in Japan2020

    • Author(s)
      Tomoyasu Yamaguchi
    • Journal Title

      Asia-Pacific Journal of Accounting & Economics

      Volume: online Issue: 2 Pages: 402-431

    • DOI

      10.1080/16081625.2020.1726188

    • Related Report
      2021 Research-status Report 2019 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] 連続増益の達成と実体的裁量行動2020

    • Author(s)
      山口朋泰
    • Journal Title

      東北学院大学経営学論集

      Volume: 16 Pages: 1-16

    • NAID

      40022550956

    • Related Report
      2020 Research-status Report
  • [Journal Article] 転換社債の発行と利益マネジメント2019

    • Author(s)
      山口朋泰
    • Journal Title

      東北学院大学経営学論集

      Volume: 14 Pages: 49-67

    • NAID

      40022234700

    • Related Report
      2019 Research-status Report
  • [Journal Article] 証券発行と利益マネジメント2019

    • Author(s)
      山口朋泰
    • Journal Title

      東北学院大学経営学論集

      Volume: 13 Pages: 25-38

    • NAID

      40021918552

    • Related Report
      2018 Research-status Report
  • [Journal Article] A cross-country study on the relationship between financial development and earnings management2018

    • Author(s)
      Masahiro Enomoto, Fumihiko Kimura, Tomoyasu Yamaguchi
    • Journal Title

      Journal of International Financial Management & Accounting

      Volume: - Issue: 2 Pages: 1-29

    • DOI

      10.1111/jifm.12078

    • NAID

      120006482607

    • Related Report
      2017 Research-status Report
    • Peer Reviewed
  • [Journal Article] Discontinuities in Earnings and Earnings Change Distributions after J-SOX Implementation: Empirical Evidence from Japan2017

    • Author(s)
      Masahiro Enomoto and Tomoyasu Yamaguchi
    • Journal Title

      Journal of Accounting and Public Policy

      Volume: 36(1) Issue: 1 Pages: 82-98

    • DOI

      10.1016/j.jaccpubpol.2016.11.005

    • NAID

      120006482606

    • Related Report
      2016 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Presentation] 日本企業の利益マネジメント-実体的裁量行動の実証分析2022

    • Author(s)
      山口 朋泰
    • Organizer
      中央大学企業研究所公開研究会
    • Related Report
      2022 Annual Research Report
  • [Presentation] 日本企業の利益マネジメント-実体的裁量行動の実証分析2022

    • Author(s)
      山口 朋泰
    • Organizer
      名古屋大学経済学研究科セミナー
    • Related Report
      2022 Annual Research Report
    • Invited
  • [Presentation] 日本企業の利益マネジメント2022

    • Author(s)
      山口朋泰
    • Organizer
      みずほ証券インサイト&カタリスト(IC)セミナー
    • Related Report
      2021 Research-status Report
    • Invited
  • [Book] 日本企業の利益マネジメント-実体的裁量行動の実証分析2021

    • Author(s)
      山口 朋泰
    • Total Pages
      276
    • Publisher
      中央経済社
    • ISBN
      4502396311
    • Related Report
      2021 Research-status Report

URL: 

Published: 2016-04-21   Modified: 2024-01-30  

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