The effects of accounting regulations on organizational change and corporate governance : an empirical perspective
| Project/Area Number |
18530363
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Waseda University |
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Principal Investigator |
USUI Akira Waseda University, Faculty of Commerce, Professor (90193870)
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| Project Period (FY) |
2006 – 2007
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| Project Status |
Completed (Fiscal Year 2007)
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| Budget Amount *help |
¥3,850,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥450,000)
Fiscal Year 2007: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2006: ¥1,900,000 (Direct Cost: ¥1,900,000)
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| Keywords | accounting regulation / corporate governance |
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| Research Abstract |
This research examines the effect of takeover defense plans on stock prices, value relevance of segment information, and the effect of audit quality on IPO market price formation. I presented these empirical results at the annual conferences of Japan Finance Association, Japan Auditing Association, Japanese Association for International Accounting Studies, and Japan Association Sir Research in Disclosure. I find the Mowing evidences : (1) in 150 firms that adopt takeover defense plans between 2005 and 2006, both the entrenchment effect and the positive effect on stock prices are observed, (2) in 14,498 firm-year sample between 1998 and 2006, foreign and domestic earnings of segment information are significantly value-relevant, and consolidated earnings and book value of stockholders' equity are priced in considering the range of consolidation, the diversification of business, and the activity of foreign operations, (3) in the sample of 665 IPOs between 2000 and 2004, the reliability of the financial statements is on the whole assured by auditors. The implication of this research is that(1) the stock effect of takeover defense plans depends on the corporate governance system, (2) the empirical evidence shows the usefulness of corporate strategy information in consolidated financial statements, (3) the certified public accountants audit enforces manager's discipline. It is important that accounting policy makers should consider the effects of accounting regulations on the market price formation, the transparency in corporate activities, and the entry condition of market
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Report
(3 results)
Research Products
(18 results)
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[Presentation] 利益公表と株式市場2007
Author(s)
薄井 彰
Organizer
ディスクロージャー研究学会
Place of Presentation
大阪市立大学
Year and Date
2007-11-17
Description
「研究成果報告書概要(和文)」より
Related Report
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