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Effect of non-financial information disclosure on stock price discovery and corporate financial performance

Research Project

Project/Area Number 18K01711
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 07060:Money and finance-related
Research InstitutionWaseda University

Principal Investigator

TAKEHARA Hitoshi  早稲田大学, 商学学術院(経営管理研究科), 教授 (70261782)

Co-Investigator(Kenkyū-buntansha) 海老原 崇  武蔵大学, 経済学部, 教授 (00367129)
Project Period (FY) 2018-04-01 – 2022-03-31
Project Status Completed (Fiscal Year 2021)
Budget Amount *help
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2020: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2019: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2018: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Keywords特許権 / 商標権 / 無形資産 / 非財務情報開示 / CSR / 企業価値評価 / デフォルトリスク / 技術競争力 / 特許権情報 / 商標権情報 / 特許情報 / 会社利益予想開示 / 株式価値評価 / 市場効率性 / 価格発見 / コーポレート・イノベーション
Outline of Final Research Achievements

In this research project, we examined the impact of intangible assets such as patents and trademarks owned by Japanese firms on firm value. We also empirically clarified the interrelationship between CSR activities, technological competitiveness, and firm value. The empirical results show that both intangible assets and CSR activities reduce the financial risks faced by the firms.

Academic Significance and Societal Importance of the Research Achievements

我が国においては, これまで研究の蓄積が極めて少なかった, 無形資産, 非財務情報開示と企業価値との関係について実証分析を実施して, 企業のリスク/リターン特性への影響を明らかにした点は大きな貢献であると考える.

Report

(5 results)
  • 2021 Annual Research Report   Final Research Report ( PDF )
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • Research Products

    (26 results)

All 2022 2021 2020 2019 2018

All Journal Article (9 results) (of which Peer Reviewed: 5 results) Presentation (17 results) (of which Int'l Joint Research: 7 results)

  • [Journal Article] Impact of corporate social responsibility intensity on firm-specific risk and innovation: evidence from Japan2022

    • Author(s)
      Suto Megumi and Hitoshi Takehara
    • Journal Title

      Social Responsibility Journal

      Volume: 18 (3) Issue: 3 Pages: 483500-483500

    • DOI

      10.1108/srj-08-2020-0335

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Employee-oriented corporate social responsibility, innovation, and firm value2022

    • Author(s)
      Megumi Suto and Hitoshi Takehara
    • Journal Title

      Corporate Social Responsibility and Environmental Review

      Volume: EarlyCite Issue: 4 Pages: 1-14

    • DOI

      10.1002/csr.2232

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 商標権ポートフォリオがリスク・リターン特性に与える効果: リスク削減仮説の検証2021

    • Author(s)
      井出真吾, 竹原 均
    • Journal Title

      経営財務研究

      Volume: 41 (1-2) Pages: 5672-5672

    • NAID

      40022827188

    • Related Report
      2021 Annual Research Report
  • [Journal Article] 特許権、商標権が企業価値に与える影響 ―特許と商標の交互作用効果の確認―2021

    • Author(s)
      井出真吾, 竹原 均
    • Journal Title

      証券アナリストジャーナル

      Volume: 59 (5) Pages: 6978-6978

    • NAID

      40022572677

    • Related Report
      2021 Annual Research Report
  • [Journal Article] 特許権、商標権が企業価値に与える影響 ― 特許と商標の交互作用効果の確認 ―2021

    • Author(s)
      井出真吾, 竹原 均
    • Journal Title

      証券アナリストジャーナル

      Volume: 59 (5) Pages: 6978-6978

    • NAID

      40022572677

    • Related Report
      2020 Research-status Report
    • Peer Reviewed
  • [Journal Article] Corporate social responsibility intensity, management earnings forecast accuracy, and investor trust: Evidence from Japan2020

    • Author(s)
      Megumi Suto and Hitoshi Takehara
    • Journal Title

      Corporate Social Responsibility and Environmental Management

      Volume: 27 (6) Issue: 6 Pages: 30473059-30473059

    • DOI

      10.1002/csr.2022

    • Related Report
      2020 Research-status Report
    • Peer Reviewed
  • [Journal Article] 商標権情報が株式価値に与える影響 ─長期パネルデータを用いた分析─2020

    • Author(s)
      井出真吾, 竹原 均
    • Journal Title

      証券アナリストジャーナル

      Volume: 58 Pages: 8190-8190

    • NAID

      40022122339

    • Related Report
      2019 Research-status Report
  • [Journal Article] Firm-level innovation by Japanese family firms: Empirical analysis using multidimensional innovation measures2018

    • Author(s)
      Kubota, K. and H. Takehara
    • Journal Title

      Pacific Basin Finance Journal

      Volume: 未定(Article in Press) Pages: 101030-101030

    • DOI

      10.1016/j.pacfin.2018.05.012

    • Related Report
      2019 Research-status Report
    • Peer Reviewed
  • [Journal Article] ビッグデータと会計研究2018

    • Author(s)
      村宮克彦, 竹原 均
    • Journal Title

      証券アナリストジャーナル

      Volume: 56(12) Pages: 25-35

    • Related Report
      2018 Research-status Report
  • [Presentation] 日本企業を対象とする財務制約指数の推計2021

    • Author(s)
      竹原 均
    • Organizer
      日本ファイナンス学会第29回大会
    • Related Report
      2021 Annual Research Report
  • [Presentation] フィランソロピーと自己資本コスト: 日本市場での投資家の認識2021

    • Author(s)
      竹原 均
    • Organizer
      日本経営財務研究学会東日本部会
    • Related Report
      2021 Annual Research Report
  • [Presentation] 割安株と悪安株: バリューアノマリーを起点とした研究の展開2021

    • Author(s)
      竹原 均
    • Organizer
      MPTフォーラム
    • Related Report
      2021 Annual Research Report
  • [Presentation] Employee-Oriented CSR, Innovation, and Firm Value2021

    • Author(s)
      Hitoshi Takehara
    • Organizer
      Southwestern Finance Association 2021 Annual Meeting
    • Related Report
      2020 Research-status Report
  • [Presentation] 特許権, 商標権が企業価値に与える影響: 特許と商標の相互作用効果の検証2020

    • Author(s)
      井出真吾
    • Organizer
      日本ファイナンス学会第28回大会
    • Related Report
      2020 Research-status Report
  • [Presentation] Innovation, CSR Intensity, and Firm-specific Risk:Evidence from Japan2020

    • Author(s)
      Hitoshi Takehara
    • Organizer
      日本ファイナンス学会第28回大会
    • Related Report
      2020 Research-status Report
  • [Presentation] 商標権ポートフォリオが企業財務特性に与える効果: リスク削減仮説の検証2020

    • Author(s)
      竹原 均
    • Organizer
      日本経営財務研究学会第44回全国大会
    • Related Report
      2020 Research-status Report
  • [Presentation] 同族企業のブランド戦略: 商標権ポートフォリオデータを用いた実証分析2020

    • Author(s)
      竹原 均
    • Organizer
      日本ファイナンス学会第2回秋季研究大会
    • Related Report
      2020 Research-status Report
  • [Presentation] 商標権によるブランディングとリスク削減効果2019

    • Author(s)
      井出真吾
    • Organizer
      日本ファイナンス学会第27回大会
    • Related Report
      2019 Research-status Report
  • [Presentation] Management Earnings Forecasts and Investor Trust: Signaling Effect of Corporate Social Responsibility2019

    • Author(s)
      Hitoshi Takehara
    • Organizer
      2019 European Accounting Association Annual Congress
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] The Heterogeneity of Institutional Ownership and Innovation in Japanese Firms2019

    • Author(s)
      Hitoshi Takehara
    • Organizer
      2019 Asian Finance Association Meeting
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Management Earnings Forecasts and Investor Trust: Signaling Effect of Corporate Social Responsibility2019

    • Author(s)
      Hitoshi Takehara
    • Organizer
      2019 American Accounting Association Annual Meeting
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Innovation, CSR Intensity, and Market-based Risk: Evidence from Japan2019

    • Author(s)
      Hitoshi Takehara
    • Organizer
      43rd Annual Meeting of Japan Finance Association
    • Related Report
      2019 Research-status Report
  • [Presentation] Management Forecast Bias and Corporate Social Responsibility Awareness: Evidence from Japan2019

    • Author(s)
      Hitoshi Takehara
    • Organizer
      The 9th International Conference of The Japanese Accounting Review
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] 30th Asian Finance Association Annual Meeting2018

    • Author(s)
      Hitoshi Takehara
    • Organizer
      Relationship between Technological Innovation, Corporate Social Performance and Corporate Financial Performance
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Management Forecast Bias and Corporate Social Responsibility Awareness: Evidence from Japan2018

    • Author(s)
      Hitoshi Takehara
    • Organizer
      2018 American Accounting Association Annual Meeting
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Value Relevance of Trademarks: Evidence from Tokyo Stock Exchange Firms2018

    • Author(s)
      Hitoshi Takehara
    • Organizer
      43rd International Conference on Social Sciences, Business, Economics and Management Studies
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research

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Published: 2018-04-23   Modified: 2023-01-30  

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