International comparison of firm performance dispersion

• Project/Area Number: 20530402
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Accounting
• Research Institution: Hitotsubashi University
• Principal Investigator: NAKANO Makoto 一橋大学, 大学院・商学研究科, 教授 (00275017)
• Project Period (FY): 2008 – 2012
• Project Status: Completed (Fiscal Year 2012)
• Budget Amount: ¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000); Fiscal Year 2012: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2011: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2010: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2009: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2008: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
• Keywords: 利益率格差 / 利益率ボラティリティ / 国際比較 / リスク・リターン / 利益平準化 / 統合データ / 利益ボラティリティ / 格差問題 / 価値関連性研究 / リスク・リターン関係 / 業績格差 / 格差指標

Research Abstract

This study explores the fundamentals of profitability dispersion across ten countries between 1982 and 2007. Both accounting and economic factors cause this phenomenon. Using aggregated data, we report evidence that the dispersion is significantly related to income smoothing, discretion in reported earnings, the presence of small firms, and macro firm performance. The results are robust to the definition of profitability dispersion and differences of legal system.

Research Products

• [Journal Article] Foreign ownership and firm performance: evidence from Japan's electronics industry (2013)
  • Author(s): Nakano, M., and Nguyen, P.
  • Journal Title: Applied Financial Economics Volume: Volume 23, Issues 1 Pages: 41-50
  • Peer Reviewed
• [Journal Article] 日本企業の現金保 有決定要因分析 -所有構造と取締役会 特性の視点から- (2013)
  • Author(s): 中野 誠・高須悠介
  • Journal Title: 日本企業研究のフロ ンティア Volume: 第9巻 Pages: 55-67
• [Journal Article] "Foreign ownership and firm performance: evidence from Japan’s electronics industry," (2013)
  • Author(s): Makoto Nakano
  • Journal Title: Applied Financial Economics Volume: Vol.23, Issue 1. Pages: 41-50
  • Peer Reviewed
• [Journal Article] What doSmoothed Earnings Tell Us about the Future? (2012)
  • Author(s): Takasu, Y., and Nakano, M.
  • Journal Title: The Japanese Accounting Review Volume: Volume 2 Pages: 1-32
  • NAID: 130004676244
  • Peer Reviewed
• [Journal Article] 利益平準化行動が アナリスト予想と固有株式リターン・ボ ラティリティに及ぼす影響 (2012)
  • Author(s): 中野 誠・高須悠介
  • Journal Title: 金融研究 Volume: 第31巻 第4号 Pages: 175-214
  • NAID: 40019471477
  • Peer Reviewed
• [Journal Article] Board size and corporate risk-taking: Further evidence from Japan (2012)
  • Author(s): Nakano, M., and Nguyen, P.
  • Journal Title: Corporate Governance: An International Review Volume: Volume 20. Issue 4. Pages: 369-387
  • Peer Reviewed
• [Journal Article] マクロ実証会計研究への挑 戦 (2012)
  • Author(s): 中野 誠
  • Journal Title: 会計 Volume: 第182号 第1号 Pages: 28-38
  • NAID: 40019313146
• [Journal Article] "What do Smoothed Earnings Tell Us about the Future?" (2012)
  • Author(s): Makoto Nakano
  • Journal Title: The Japanese Accounting Review Volume: Volume 2 Pages: 1-32
  • NAID: 130004676244
  • Peer Reviewed
• [Journal Article] "Board size and corporate risk-taking: Further evidence from Japan," (2012)
  • Author(s): Makoto Nakano
  • Journal Title: Corporate Governance: An International Review Volume: Volume 20. Issue 4. Pages: 369-387
  • Peer Reviewed
• [Journal Article] 「利益平準化行動がアナリスト予想と固有株式リターン・ボラティリティに及ぼす影響」 (2012)
  • Author(s): 中野誠
  • Journal Title: 金融研究 Volume: 第31巻第4号 Pages: 175-214
  • NAID: 40019471477
  • Peer Reviewed
• [Journal Article] 利益持続性と利益 調整行動 -利益ボラティリティ構成要 素アプローチ- (2011)
  • Author(s): 中野 誠・高須悠介
  • Journal Title: 一橋商学論叢 Volume: Vol.6No.1 Pages: 15-29
  • NAID: 40018938379
• [Journal Article] 利益持続性と利益調整行動-利益ボラティリティ構成要素アプローチ- (2011)
  • Author(s): 中野誠・高須悠介
  • Journal Title: 一橋商学論叢 Volume: 第6巻第1号 Pages: 15-29
  • NAID: 40018938379
• [Journal Article] 利益持続性と利益調整行動-利益ボラティリティ構成要素アプローチ- (2011)
  • Author(s): 中野誠・高須悠介
  • Journal Title: 一橋商学論叢近刊 第6巻第1号
  • NAID: 40018938379
• [Journal Article] 利益持続性と利益調整行動-利益ボラティリティ構成要素アプローチー (2011)
  • Author(s): 中野誠・高須悠介
  • Journal Title: 一橋商学論叢 Volume: 第6券第1号(近刊(掲載確定))
  • NAID: 40018938379
• [Journal Article] 国の競争優位の財務分析 - 日米欧の国際比較- (2008)
  • Author(s): 中野 誠
  • Journal Title: 会計 Pages: 660-672
  • NAID: 40016272540
• [Journal Article] 利益率格差構造の国際比較研究 (2008)
  • Author(s): 中野 誠
  • Journal Title: 一橋ビジネスレビュー Volume: 55巻4号 Pages: 78-92
• [Journal Article] 研究開発活動の会計学 (2008)
  • Author(s): 中野 誠
  • Journal Title: 企 業会計 Pages: 49-55
• [Journal Article] 国の競争優位の財務分析-日米欧の国際比較- (2008)
  • Author(s): 中野誠
  • Journal Title: 会計 第174巻第5号 Pages: 660-672
  • NAID: 40016272540
• [Journal Article] 研究開発活動の会計学 (2008)
  • Author(s): 中野誠
  • Journal Title: 企業会計 2008年6月号 Pages: 49-55
• [Journal Article] 研究開発活動の会計学 (2008)
  • Author(s): 中野 誠
  • Journal Title: 『企業会計』 (中央経済社) 2008年6月号 Pages: 49-55
• [Journal Article] 国の競争優位の財務分析-日米欧の国際比較- (2008)
  • Author(s): 中野 誠
  • Journal Title: 『会計』 (森山書店) 2008年11月号 Pages: 660-672
  • NAID: 40016272540
• [Presentation] Does reliance on foreign markets make a difference? (2012)
  • Author(s): Makoto Nakano, Bayanjargal PUREVDORJ
  • Organizer: 24th. Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Litz-Carlton Hotel, Maui Hawaii, United States.
  • Year and Date: 2012-10-23
• [Presentation] Quality of Smoothed Earnings-Persistence and Dividend Policy- (2012)
  • Author(s): Makoto Nakano, Yusuke Takasu
  • Organizer: American Accounting Association Annual Meeting
  • Place of Presentation: Gaylord National Hotel and Convention Center, Washington, DC., United States
  • Year and Date: 2012-08-08
• [Presentation] Do older boards affect firm performance?: An empirical analysis based on Japanese firms (2012)
  • Author(s): Makoto Nakano, Pascal Nguyen
  • Organizer: The 2012Asian Finance Association AnnualMeeting
  • Place of Presentation: Grand Hotel,Taipei, Taiwan.
  • Year and Date: 2012-07-08
• [Presentation] What Explains Widening Profitability Dispersion around the World? (2011)
  • Author(s): Makoto Nakano, Yasuharu Aoki
  • Organizer: European Accounting Association 34th. Annual Congress
  • Place of Presentation: LUISS Guido Carli University of Rome, Rome, Italy.
  • Year and Date: 2011-04-21
• [Presentation] What Explains Widening Profitability Dispersion around the World? (2011)
  • Author(s): Makoto Nakano, Yasuharu Aoki
  • Organizer: European Accounting Association 34th. Annual Congress
  • Place of Presentation: Rome, Italy
  • Year and Date: 2011-04-21
• [Presentation] What Explains Widening Profitability Dispersion around the World? (2010)
  • Author(s): Makoto Nakano, Yasuharu Aoki
  • Organizer: 22nd.Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Gold Coast Resort, Gold Coast, Australia.
  • Year and Date: 2010-11-09
• [Presentation] What Explains Widening Profitability Dispersion around the World? (2010)
  • Author(s): Makoto Nakano, Yasuharu Aoki
  • Organizer: 22nd.Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Gold Coast, Australia.
  • Year and Date: 2010-11-09
• [Presentation] What Explains Widening Profitability Dispersion around the World? (2010)
  • Author(s): 中野誠
  • Organizer: 2nd.Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: ゴールドコースト(オーストラリア)
  • Year and Date: 2010-11-09
• [Presentation] 利益率格差のファンダメンタルズ (2010)
  • Author(s): 中野誠・青木康晴
  • Organizer: 日本会計研究学会全国大会
  • Place of Presentation: 東洋大学(東京)
  • Year and Date: 2010-09-10
• [Presentation] 利益率格差のファンダメンタルズ (2010)
  • Author(s): 中野誠
  • Organizer: 日本会計研究学会年次大会
  • Place of Presentation: 東洋大学(東京)
  • Year and Date: 2010-09-10
• [Presentation] The Accounting and Non-Accounting Factors Effect on Macro Profitability Dispersion. (2010)
  • Author(s): Makoto Nakano, Yasuharu Aoki
  • Organizer: American Accounting Association, Annual Meeting
  • Place of Presentation: Hilton Hotel, San Francisco,United States.
  • Year and Date: 2010-08-04
• [Presentation] The Accounting and Non-Accounting Factors Effect on Macro Profitability Dispersion. (2010)
  • Author(s): Makoto Nakano, Yasuharu Aoki
  • Organizer: American Accounting Association, Annual Meeting
  • Place of Presentation: San Francisco, United States.
  • Year and Date: 2010-08-04
• [Presentation] The Accounting and Non-Accounting Factors Effect on Macro Profitability Dispersion. (2010)
  • Author(s): 中野誠
  • Organizer: American Accounting Association Annual Meeting
  • Place of Presentation: サンフランシスコ(アメリカ)
  • Year and Date: 2010-08-04
• [Presentation] What Explains Widening Profitability Dispersion around the World? (2010)
  • Author(s): Makoto Nakano, Yasuharu Aoki
  • Organizer: Korean Accounting Association, Annual Summer International Conference
  • Place of Presentation: Novotel Busan, Busan, Korea.
  • Year and Date: 2010-06-19
• [Presentation] What Explains Widening Profitability Dispersion around the World? (2010)
  • Author(s): Makoto Nakano, Yasuharu Aoki
  • Organizer: Korean Accounting Association, Annual Summer International Conference
  • Place of Presentation: Busan, Korea.(Invited Talk)
  • Year and Date: 2010-06-19
• [Presentation] What Explains Widening Profitability Dispersion arounnd the World? (2010)
  • Author(s): 中野誠
  • Organizer: Korean Accounting Association, Annual Summer International Conference
  • Place of Presentation: 釜山(韓国)(招待講演)
  • Year and Date: 2010-06-19
• [Presentation] Fundamentals of Profitability Dispersion (2010)
  • Author(s): 中野誠・青木康晴
  • Organizer: 日本経営 財務学会東日本部会
  • Place of Presentation: 一橋大学(東京)
  • Year and Date: 2010-03-28
• [Presentation] Fundamentals of Profitability Dispersion (2010)
  • Author(s): 中野誠・青木康晴
  • Organizer: 日本経営財務学会東日本部会
  • Place of Presentation: 一橋大学
  • Year and Date: 2010-03-28
• [Presentation] International Comparison of Profitability Dispersion. (2008)
  • Author(s): Makoto Nakano
  • Organizer: 20th.Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Montparnasse Hotel, Paris, France.
  • Year and Date: 2008-11-10
• [Presentation] International Comparison of Profitability Dispersion. (2008)
  • Author(s): Makoto Nakano
  • Organizer: 20th.Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Paris, France.
  • Year and Date: 2008-11-10
• [Presentation] International Comparison of Profitability Dispersion (2008)
  • Author(s): 中野 誠
  • Organizer: Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: フランス・パリ
  • Year and Date: 2008-11-10
• [Presentation] "Quality of Smoothed Earnings -Persistence and Dividend Policy-"
  • Author(s): Makoto Nakano
  • Organizer: American Accounting Association Annual Meeting
  • Place of Presentation: Washington D.C., USA
• [Presentation] "Quality of Smoothed Earnings -Persistence and Dividend Policy-"
  • Author(s): Makoto Nakano
  • Organizer: European Accounting Association 35th. Annual Congress
  • Place of Presentation: Ljubljana, Slovenia
• [Book] Dynamics of Knowledge, Corporate Systems and Innovation (2010)
  • Author(s): Itami, H., K.Kusunoki, T.Numagami, A.Takeishi eds
  • Total Pages: 355
  • Publisher: Springer
• [Book] 企業価値評価の実証分析 (桜井久勝編著) (2010)
  • Author(s): 中野誠 (共著)
  • Total Pages: 505
  • Publisher: 中央経済社
• [Book] Dynamics of Knowledge, Corporate Systems and Innovation (2010)
  • Author(s): Makoto Nakano(共著)
  • Total Pages: 355
  • Publisher: Springer
• [Book] 日本企業のバリュエーション-資本市場における経営行動分析 (2009)
  • Author(s): 中野誠・野間幹晴編著
  • Total Pages: 234
  • Publisher: 中央経済社
• [Book] 業績格差と無形資産-日米欧の実証研究 (2009)
  • Author(s): 中野誠
  • Total Pages: 207
  • Publisher: 東洋経済新報社
• [Book] 業績格差と無形資産 -日米欧の実証研究- (2009)
  • Author(s): 中野 誠
  • Total Pages: 207
  • Publisher: 東洋経済新報社
• [Remarks]
  • URL: https://hri.ad.hit-u.ac.jp/html/358_profile_ja.html
• [Remarks]
  • URL: https://sites.google.com/site/makotonakano2/Makoto-Nakano/conference-presentation