2022 Fiscal Year Final Research Report
The effect of product market competition on the usefulness of accounting information
| Project/Area Number |
18K01910
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Review Section |
Basic Section 07100:Accounting-related
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| Research Institution | Kobe University |
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Principal Investigator |
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| Project Period (FY) |
2018-04-01 – 2023-03-31
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| Keywords | 製品市場の競争 / 決算発表 / 情報波及効果 / 市場の効率性 |
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| Outline of Final Research Achievements |
This study investigates the effect of the product market competition on the usefulness of accounting information. In particular, this study focused on the intra-industry information transfers associated with earnings announcements (i.e., a phenomenon in which stock prices react to earnings announcements of other firms in the same industry that are disclosed prior to the firm’s own). The results suggest that when product market competition with other firms in the same industry intensifies, the intra-industry information transfers associated with earnings announcements weakens and the stock market mispricing to the information transfers occur. Furthermore, this study also reveals that differences in business strategies among firms in the same industry affect the information transfers of earnings announcements.
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| Free Research Field |
会計学
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| Academic Significance and Societal Importance of the Research Achievements |
市場競争が企業にもたらすコストとベネフィットについて考察することは，学術研究の観点からだけでなく，企業の経営戦略上，あるいは規制緩和や関税などの政策決定上も重要であると考えられる。本研究は市場競争に関する研究蓄積が相対的に少ない会計学分野において，同業他社との市場競争が会計情報の有用性に及ぼす影響について明らかにした点で，意義を有していると期待される。
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