| Budget Amount *help |
¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2013: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Outline of Final Research Achievements |
The number of earnings restatements by the Japanese companies had been increasing rapidly from 2004 to 2007. After that the number of restatements caused by unintentional errors has decreased gradually, but the number of them caused by intentional errors have unchanged and occurred stably.
The results of analyses indicated that the stock market reacted negatively to earnings restatements announced by listed companies. It was also found that the reactions to the restatements that were caused by intentional errors were strongly negative and the size of reactions was proportional to the amount of revisions. Additionally, it was found that the externality of executives didn’t affect the probability of restatements. But the financial expertise of executives was one of the factors that affected to the probability of restatements. These findings are consistent with the results of the analyses that I conducted to the sample of earnings restatement occurred in 2000s.
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