The usefulness of accounting information in determining management compensation

• Project/Area Number: 17K04086
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Accounting
• Research Institution: Kansai University
• Principal Investigator: Otomasa Shota 関西大学, 商学部, 教授 (60258077)
• Co-Investigator(Kenkyū-buntansha): 岩崎 拓也 関西大学, 商学部, 准教授 (30611363) ; 椎葉 淳 大阪大学, 経済学研究科, 教授 (60330164) ; 首藤 昭信 東京大学, 大学院経済学研究科(経済学部), 准教授 (60349181)
• Project Period (FY): 2017-04-01 – 2020-03-31
• Project Status: Completed (Fiscal Year 2019)
• Budget Amount: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000); Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2018: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000); Fiscal Year 2017: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
• Keywords: 経営者インセンティブ / 会計情報 / コーポレート・ガバナンス / 経営者報酬 / 株式報酬 / 会計利益 / コーポレートガバナンス / 利益情報 / コーポレートガバナンス・コード

Outline of Final Research Achievements

The purpose of our study is to investigate whether accounting information plays an important role in management compensation contract, which is expected to improve the corporate value. Although it is often implicit how to determine pay-for-performance sensitivity in Japan, the disclosure of management compensation information is gradually enhanced, we are able to inquire the details of the contract. Moreover, stock-based compensation has widely been adopted in addition to cash compensation. We find accounting and security price measures of performance are used in determining stock-based compensation.

Academic Significance and Societal Importance of the Research Achievements

経営者報酬システムにおける会計情報の役割については，なお未解明の問題が数多く残っている。本研究では，機関設計の選択の幅が広がったことに着目し，経営者報酬決定のプロセスで会計情報がいかに有用な働きをしているかを調査した。また，企業価値を向上させるために，株価ベースの報酬の決定プロセスにおいて会計情報がどのような機能をもつかに焦点を合わせた。このような点は学術的にも社会的にも高い意味をもつと考えられる。

Research Products

• [Journal Article] Management Earnings Forecasts as a Performance Target in Executive Compensation Contracts (2020)
  • Author(s): Shota Otom,asa, Atsushi Shiiba, Akinobu Shuto
  • Journal Title: Journal of Accounting, Auditing & Finance Volume: 35 Pages: 139-167
  • Peer Reviewed
• [Journal Article] 有償ストック・オプションの発行に関する基礎的調 査 : 適時開示情報の内容を中心に (2019)
  • Author(s): 乙政 正太, 椎葉 淳, 岩崎 拓也
  • Journal Title: 間大学商学論集 Volume: 64 Pages: 1-22
  • NAID: 120006774913
• [Journal Article] The role of accounting conservatism in executive compensation contracts (2018)
  • Author(s): Iwasaki, Takuya, Shota Otomasa, Atsushi Shiiba, and Akinobu Shuto
  • Journal Title: Journal of Business Finance & Accounting Volume: 45 Pages: 1139-1163
  • Peer Reviewed
• [Journal Article] 大規模データとしての会計情報と経営者報酬研究 (2018)
  • Author(s): 乙政正太
  • Journal Title: 會計 Volume: 193 Pages: 38-51
• [Presentation] Stationary Contract and Timeliness of Accounting Information (2018)
  • Author(s): 三輪一統・村上裕太郎・椎葉淳・田口聡志
  • Organizer: European Accounting Association, 40th Annual Congress
  • Int'l Joint Research
• [Presentation] Contract Rigidity and Timeliness of Accounting Information (2018)
  • Author(s): 三輪一統・村上裕太郎・椎葉淳・田口聡志
  • Organizer: 30th Asian-Pacific Conference on International Accounting Issues
  • Int'l Joint Research
• [Presentation] 大規模データとしての会計情報と経営者報酬研究 (2017)
  • Author(s): 乙政正太
  • Organizer: 日本会計研究学会