An Empirical Study on the Effect of the Change in Litigation Environment on Firm Value

• Project/Area Number: 22530475
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Accounting
• Research Institution: The University of Tokyo
• Principal Investigator: TAKEDA Fumiko 東京大学, 大学院・工学系研究科, 准教授 (70347285)
• Project Period (FY): 2010 – 2012
• Project Status: Completed (Fiscal Year 2012)
• Budget Amount: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000); 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: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
• Keywords: 会計学 / 経営学

Research Abstract

The purpose of this research is to study the effect of the change in Japan’s legal environment on firm value and the market perception of quality of corporate governance. We examine the following three research questions by using the econometric analysis: (1) whether the change in the litigation risk affected the performance of defendant firms; (2) how markets reacted to the change in litigation environment; and (3) how the change in litigation risk affected firm value.

Research Products

• [Journal Article] Market Reactions to the Reform of Shareholder Derivative Litigation in Japan (2013)
  • Author(s): Shingo Kawashima and Fumiko Takeda.
  • Journal Title: Journal of Forensic and Investigative Accounting Volume: 5(2) Pages: 200-233
  • URL: http://www.bus.lsu.edu/accounting/faculty/lcrumbley/jfia/Articles/v5n2.htm
  • Peer Reviewed
• [Journal Article] Reputation of Low-Quality Big 4 and Non-Big 4 Auditors: Evidence from Auditor Switches of Former ChuoAoyama Clients. (2013)
  • Author(s): Hikaru Murase, Shingo Numata and Fumiko Takeda
  • Journal Title: Journal of Governance and Regulation Volume: 2(1) Pages: 7-23
  • URL: http://www.virtusinterpress.org/Published-Issues-of-the-Journal,90.html
  • Peer Reviewed
• [Journal Article] Market Reactions to the Reform of Shareholder Derivative Litigation in Japan (2013)
  • Author(s): Shingo Kawashima and Fumiko Takeda
  • Journal Title: Journal of Forensic and Investigative Accounting Volume: 5
  • Peer Reviewed
• [Journal Article] StockMarket Reactions to Audit Failure in Japan: The Case of Kanebo and ChuoAoyama. (2010)
  • Author(s): Shingo Numata and Fumiko Takeda.
  • Journal Title: International Journal of Accounting Volume: 45(2) Pages: 175-199
  • URL: http://dx.doi.org/10.1016/j.intacc
  • Peer Reviewed
• [Journal Article] Stock Market Reactions to Audit Failure in Japan : The Case of Kanebo and ChuoAoyama. (2010)
  • Author(s): Shingo Numata, Fumiko Takeda
  • Journal Title: International Journal of Accounting Volume: 45 Pages: 175-199
  • Peer Reviewed
• [Presentation] Information Content of Internal Control Weaknesses: The Evidence from Japan (2012)
  • Author(s): Riku Nishizaki, Yudai Takano, and Fumiko Takeda
  • Organizer: European Accounting Association: Annual Meeting, Ljubliana, Slovenia
  • URL: http://ssrn.com/abstract=1741268.
  • Year and Date: 2012-05-11
• [Presentation] The Effect of the Fukushima Nuclear Accident on Stock Prices of Electric Power Utilities (2012)
  • Author(s): 武田史子
  • Organizer: American Accounting Association, Public Interest Section Mid-year Conference
  • Place of Presentation: アメリカ、オーランド
  • Year and Date: 2012-03-31
• [Presentation] Market Reactions to the Reform ofShareholder Derivative Litigation in Japan (2012)
  • Author(s): Shingo Kawashima and Fumiko Takeda
  • Organizer: American Accounting Association 3rdForensic & Investigative Accounting SectionMid-Year Conference
  • Place of Presentation: Chicago, USA
  • Year and Date: 2012-03-30
• [Presentation] Market Reactions to the Reform of Shareholder Derivative Litigation in Japan (2012)
  • Author(s): 武田史子
  • Organizer: American Accounting Association, Forensic & Investigative Accounting Section Mid-year Conference
  • Place of Presentation: アメリカ、シカゴ
  • Year and Date: 2012-03-30
• [Presentation] Reputation of Low-Quality Big 4 and Non-Big 4 Auditors: Evidence from Auditor Switches of Former ChuoAoyama Clients. (2012)
  • Author(s): Hikaru Murase, Shingo Numata, and FumikoTakeda
  • Organizer: American Accounting Association International Accounting Section Midyear Conference
  • Place of Presentation: Phoenix, USA
  • Year and Date: 2012-02-25
• [Presentation] Reputation of Low-Quality Big 4 and Non-Big 4 Auditors : Auditor Switches from Former ChuoAoyama Clients (2012)
  • Author(s): 武田史子
  • Organizer: American Accounting Association, International Accounting Section Mid-year Conference
  • Place of Presentation: アメリカ、フェニックス
  • Year and Date: 2012-02-25
• [Presentation] Information Content of Internal Control Weaknesses: The Evidence from Japan (2012)
  • Author(s): Fumiko Takeda
  • Organizer: European Accounting Association: 35th Annual Congress
  • Place of Presentation: リュブリャナ、スロベニア
• [Presentation] Reputation of Low-Quality Big 4 and Non-Big 4 Auditors: Evidence from Auditor Switches of Former ChuoAoyama Clients. (2011)
  • Author(s): Hikaru Murase, Shingo Numata, and FumikoTakeda
  • Organizer: Asia-Pacific Conference on International Accounting Issues 23rdConference
  • URL: http://apconference.org/
  • Place of Presentation: Beijing, China
  • Year and Date: 2011-10-18
• [Presentation] Reputation of Low-Quality Big 4 and Non-Big 4 Auditors : Auditor Switches from Former ChuoAoyama Clients (2011)
  • Author(s): 武田史子
  • Organizer: Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: 中国、北京
  • Year and Date: 2011-10-18
• [Presentation] Information Content of InternalControl Weaknesses: The Evidence fromJapan (2011)
  • Author(s): Riku Nishizaki, Yudai Takano, and Fumiko Takeda
  • Organizer: American Accounting AssociationAnnual Meeting
  • URL: http://aaahq.org/AM2011/program.cfm
  • Place of Presentation: Denver, USA
  • Year and Date: 2011-08-10
• [Presentation] GlobalAudit Firm Network and Reputation Risk: Evidence from Japan and the US (2011)
  • Author(s): Yoshie Saito and Fumiko Takeda
  • Organizer: American Accounting Association Annual Meeting
  • URL: http://aaahq.org/AM2011/program.cfm
  • Place of Presentation: Denver, USA
  • Year and Date: 2011-08-10
• [Presentation] Information Content of Internal Control Weaknesses : The Evidence from Japan (2011)
  • Author(s): 武田史子
  • Organizer: American Accounting Association, Annual Conference
  • Place of Presentation: アメリカ、デンバー
  • Year and Date: 2011-08-10
• [Presentation] Global Audit Firm Networks and Reputation Risk : Evidence from Japan and the U.S. (2011)
  • Author(s): Yoshie Saito
  • Organizer: American Accounting Association, Annual Conference
  • Place of Presentation: アメリカ、デンバー
  • Year and Date: 2011-08-10
• [Presentation] Information Content of Internal ControlWeaknesses: The Evidence from Japan (2011)
  • Author(s): Riku Nishizaki, and Fumiko Takeda
  • Organizer: American Accounting Association 2nd Forensic & Investigative Accounting SectionMid-Year Conference
  • Place of Presentation: New Orleans, USA
  • Year and Date: 2011-03-25
• [Presentation] Information Content of Internal Control Weaknesses : The Evidence from Japan (2011)
  • Author(s): 武田史子
  • Organizer: American Accounting Association Forensic & Investigative Accounting Section Mid-year Conference
  • Place of Presentation: アメリカ、ニューオーリンズ
  • Year and Date: 2011-01-25
• [Presentation] Market Reactions to the Disclosure ofInternal Control Weaknesses under theJapanese Sarbanes-Oxley Act of 2006 (2010)
  • Author(s): Hiroyasu Kawanishi, and Fumiko Takeda
  • Organizer: Asia-Pacific Conference on International Accounting Issues 22nd Conference
  • URL: http://apconference.org/
  • Place of Presentation: Gold Coast, Australia
  • Year and Date: 2010-11-09
• [Presentation] Market Reactions to the Disclosure of Internal Control Weaknesses under the Japanese Sarbanes-Oxley Act of 2006 (2010)
  • Author(s): 武田史子
  • Organizer: Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: オーストラリア、ゴールドコースト
  • Year and Date: 2010-11-09
• [Presentation] Forced Auditor Switches underCapacity Constraints: The Evidence from Former ChuoAoyama Clients (2010)
  • Author(s): Hikaru Murase, Shingo Numata, and FumikoTakeda
  • Organizer: American Accounting Association Annual Meeting
  • URL: http://aaahq.org/AM2010/program.cfm
  • Place of Presentation: San Francisco, USA
  • Year and Date: 2010-08-03
• [Presentation] Auditor Reputation and Auditor Switches : The Evidence from Former ChuoAoyama Clients (2010)
  • Author(s): 武田史子
  • Organizer: American Accounting Association Annual Conference
  • Place of Presentation: アメリカ、サンフランシスコ
  • Year and Date: 2010-08-03
• [Presentation] The Economic Impact of Herd Behavior in the Japanese Loan Market (2010)
  • Author(s): 武田史子
  • Organizer: Asia-Pacific Economic Association Annual Conference
  • Place of Presentation: 中国、香港
  • Year and Date: 2010-07-08
• [Presentation] The Economic Impact of Herd Behavior in the Japanese Loan Market (2010)
  • Author(s): 中川竜一
  • Organizer: Western Economic Association International Annual Conference
  • Place of Presentation: アメリカ オレゴン州 ポートランド
  • Year and Date: 2010-06-29
• [Presentation] Forced Auditor Switches underCapacity Constraints: The Evidence from Former ChuoAoyama Clients (2010)
  • Author(s): Hikaru Murase, Shingo Numata, and FumikoTakeda
  • Organizer: Canadian Academic Accounting Association Annual Meeting
  • URL: https://www.caaa.ca/Home/
  • Place of Presentation: Vancouver
  • Year and Date: 2010-05-29
• [Presentation] Auditor Reputation and Auditor Switches : The Evidence from Former ChuoAoyama Clients (2010)
  • Author(s): 武田史子
  • Organizer: Canadian Academic Accounting Association Annual Conferenre
  • Place of Presentation: カナダ、バンクーバー
  • Year and Date: 2010-05-29
• [Presentation] The Economic Impact of Herd Behavior in the Japanese Loan Market (2010)
  • Author(s): 中川竜一
  • Organizer: 日本金融学会春季大会
  • Place of Presentation: 日本、東京
  • Year and Date: 2010-05-15
• [Book] Market Reactions to the Disclosure of Internal Control Weaknesses under the Japanese Sarbanes-Oxley Act of 2006 (2011)
  • Author(s): Hiroyasu Kawanishi and Fumiko Takeda
  • Publisher: Nova Science Publishers: NY
• [Book] The Stock Market : Crisis, Recovery, and Emerging Economies (2011)
  • Author(s): Hiroyasu Kawanishi, Fumiko Takeda, 他
  • Total Pages: 217
  • Publisher: Nova Science Publishers