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The empirical relationship between earnings quality, cost of equity capital, and cost of debt

Research Project

Project/Area Number 21730370
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeSingle-year Grants
Research Field Accounting
Research InstitutionKobe University

Principal Investigator

KITAGAWA Norio  神戸大学, 経営学研究科, 准教授 (80509844)

Project Period (FY) 2009 – 2012
Project Status Completed (Fiscal Year 2012)
Budget Amount *help
¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2012: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2011: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2010: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2009: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Keywords利益の品質 / 情報リスク / 株式資本コスト / 負債コスト / 経営者予想 / 個別リスク / 情報環境 / 会計発生高の品質 / 利益平準化 / 利益の予測可能性 / 経営者持株比率 / 利益の時系列特性 / インプライド資本コスト / 利益の質 / 会計発生高の質 / 利益の持続性
Research Abstract

The purpose of this research is to investigate the relationshipbetween accounting earnings quality, cost of equity capital, and cost of debt. As a result of analyses, I find the following evidences.
(1) Firms with higher earnings volatility, that is low earnings quality, experience higher cost of equity capital.
(2)General proxies for earnings quality, that is, accruals quality, earnings persistence, earnings predictability, and earnings smoothness have negatively correlated with bond yield spread.
(3) Proxies for earnings quality, that is, accruals quality, earnings predictability, and earnings smoothness have negatively correlated with idiosyncratic risk.
(4) Quality of management forecast earnings measured by management forecasterrors have negative correlations with idiosyncratic risk.

Report

(5 results)
  • 2012 Annual Research Report   Final Research Report ( PDF )
  • 2011 Annual Research Report
  • 2010 Annual Research Report
  • 2009 Annual Research Report
  • Research Products

    (16 results)

All 2013 2011 2010 Other

All Journal Article (9 results) (of which Peer Reviewed: 4 results) Presentation (4 results) Remarks (3 results)

  • [Journal Article] Management forecasts, idiosyncratic risk, and information environment, Discussion Paper, Graduate School of Business Administration2013

    • Author(s)
      Kitagawa, N.and S. Okuda
    • Journal Title

      Kobe University

    • Related Report
      2012 Final Research Report
  • [Journal Article] Implied cost of capital over the last 20 years2011

    • Author(s)
      Kitagawa, N., and M. Gotoh
    • Journal Title

      ost of capital over the last 20 years, The Japanese Accounting Review

      Volume: Vol.1 Pages: 71-104

    • NAID

      130004974734

    • Related Report
      2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] わが国の会計制度改革期における利益の質と個別リスクとの関係について2011

    • Author(s)
      奥田真也・北川教央
    • Journal Title

      証券アナリストジャーナル

      Volume: 第49巻第8号 Pages: 91-100

    • NAID

      40018930639

    • Related Report
      2012 Final Research Report 2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] The effect of managerial ownership on the cost of debt: Evidence from Japan, Journal of Accounting2011

    • Author(s)
      Shuto, A., and N. Kitagawa
    • Journal Title

      Auditing and Finance

      Volume: Vol.26, No.3 Pages: 590-620

    • Related Report
      2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] The effect of non-financial risk information on the evaluation of implied cost of capitals, Discussion Paper No.2011-6, Graduate School of Business Administration2011

    • Author(s)
      Kitagawa, N., H. Kim, and M. Gotoh
    • Journal Title

      Kobe University

      Pages: 1-34

    • Related Report
      2012 Final Research Report
  • [Journal Article] The effect of managerial ownership on the cost of debt : Evidence from Japan2011

    • Author(s)
      Akinobu Shuto, Norio Kitagawa
    • Journal Title

      Journal of Accounting, Auditing and Finance

      Volume: 26(3) Pages: 590-620

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] The effect of non-financial risk information on the evaluation of implied coat of capitals2011

    • Author(s)
      Norio Kitagawa, Hyonok Kim, Masatoshi Goto
    • Journal Title

      神戸大学大学院経営学研究科ディスカッション・ペーパー

      Volume: 2011・6 Pages: 1-34

    • Related Report
      2010 Annual Research Report
  • [Journal Article] 利益の品質と負債コストの関連性2010

    • Author(s)
      北川教央
    • Journal Title

      神戸大学大学院・経営学研究科ディスカッション・ペーパー

      Volume: 2010・32 Pages: 1-18

    • Related Report
      2012 Final Research Report
  • [Journal Article] 利益の品質と負債コストの関連性2010

    • Author(s)
      北川教央
    • Journal Title

      神戸大学大学院経営学研究科ディスカッション・ペーパー

      Volume: 2010・32 Pages: 1-18

    • Related Report
      2010 Annual Research Report
  • [Presentation] Management forecasts, idiosyncratic risk, and information environment2013

    • Author(s)
      奥田真也・北川教央
    • Organizer
      日本ディスクロージャー研究学会第7回研究大会
    • Place of Presentation
      福島学院大学
    • Year and Date
      2013-05-12
    • Related Report
      2012 Final Research Report
  • [Presentation] The effect of non-financial risk information on the evaluation of implied cost of capitals2011

    • Author(s)
      Gotoh, M., H. Kim, and N. Kitagawa
    • Organizer
      America Accounting Association Annual Meeting
    • Place of Presentation
      Hyatt regency and Sheraton hotel, Denver. America
    • Related Report
      2012 Final Research Report
  • [Presentation] Implied cost of capital over the last 20 years2011

    • Author(s)
      Gotoh, M., and N. Kitagawa
    • Organizer
      American Accounting Association Annual Meeting
    • Place of Presentation
      Hilton hotel and Sheraton hotel, San Francisco. America
    • Related Report
      2012 Final Research Report
  • [Presentation] Management Forecasts, Idiosyncratic Risk, and Information Environment

    • Author(s)
      奥田真也・北川教央
    • Organizer
      日本ディスクロージャー研究学会 第7回研究大会
    • Place of Presentation
      福島学院大学
    • Related Report
      2012 Annual Research Report
  • [Remarks] 日本ディスクロージャー研究学会HP

    • URL

      http://www.jardis.org/events/meeting/07/

    • Related Report
      2012 Annual Research Report
  • [Remarks]

    • URL

      http://www.b.kobe-u.ac.jp/paper/2011_07.html

    • Related Report
      2010 Annual Research Report
  • [Remarks]

    • URL

      http://www.b.kobe-u.ac.jp/paper/2010_32.html

    • Related Report
      2010 Annual Research Report

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Published: 2009-04-01   Modified: 2019-07-29  

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