2021 Fiscal Year Final Research Report
Empirical Research on an Association between the Quality of Investment Forecasts and Corporate Governance
| Project/Area Number |
16K17204
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Accounting
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| Research Institution | Saitama University (2019-2021)
Tokyo University of Science (2016-2018) |
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Principal Investigator |
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| Project Period (FY) |
2016-04-01 – 2022-03-31
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| Keywords | 投資予想情報 |
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| Outline of Final Research Achievements |
This research project aims to examine the economic roles of investment forecasts issued by managers. The followings are revealed in this research project. First, firms that issue management investment forecasts can enjoy a lower implied cost of capital than firms that do not. Second, the institutional ownership improves the quality of management investment forecasts, whereas the board ownership declines that. Finally, firms with the higher quality management investment forecasts carry out investment projects more efficiently.
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| Free Research Field |
財務報告
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| Academic Significance and Societal Importance of the Research Achievements |
東京証券取引所は，業績予想のほかにも投資者が将来キャッシュ・フローを予測するのに役立つ将来情報の開示を上場会社に要請している．既存研究では業績予想開示の検証が中心であるが，本研究課題は投資予想情報の開示にどのような経済的意義があるかを明らかにしている点に学術的意義がある．
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