Accounting information and Corporate Governance: Risk take and R&D

2017 Fiscal Year Final Research Report

• Project/Area Number: 15K03764
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Accounting
• Research Institution: Hitotsubashi University
• Principal Investigator: Noma Mikiharu 一橋大学, 大学院国際企業戦略研究科, 准教授 (80347286)
• Project Period (FY): 2015-04-01 – 2018-03-31
• Keywords: 退職給付に係る負債 / リスクテイク / R&D / 配当政策 / M&A / 現金保有

Outline of Final Research Achievements

In this research, we conducted an empirical analysis on the effect of liabilities on retirement benefits on research and development activities, M & A, dividend policy, cash holdings, etc. In recent years, empirical analyzes are accumulating mainly in the United States as one of internal liabilities for liabilities related to retirement benefits. Therefore, after extending the theoretical research and empirical research on internal liabilities, we have constructed hypotheses and made various empirical analyzes. As a result, it was confirmed that the liability related to retirement benefits has exerted extremely great influence on various aspects such as conservative risk taking, characteristic of Japanese companies, dividend policy, M & A and cash holding. That is, as a logic that Japanese companies can not necessarily shift to emphasis on shareholders, we clarified that there is a liability related to retirement benefits which is an employee's share.

Free Research Field

財務会計