Non-financial information disclosure and medium- to long-term financial market reform: an empirical study

2023 Fiscal Year Final Research Report

• Project/Area Number: 18K01935
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: Kobe University
• Principal Investigator: Yosano Tadanori 神戸大学, 経営学研究科, 准教授 (80346410)
• Project Period (FY): 2018-04-01 – 2024-03-31
• Keywords: 統合報告 / 非財務情報 / 中長期的な投資および融資 / 価値創造 / マルチモダリティ / 統合報告書 / 事業性評価報告書

Outline of Final Research Achievements

The purpose of this study was to summarize the results of the analysis, with particular attention to the disclosure of non-financial information, in order to contribute to the development of a new reporting system that will function effectively in the medium- to long-term investment and financing environment.
In this research, the author focuses on the fact that the disclosure of non-financial information in Japan has made significant progress, especially in (1) integrated reports, which are a medium mainly for large companies, and (2) business valuation reports, which are mainly for small and medium-sized enterprises.
Regarding the disclosure items and forms of non-financial information in these disclosure media, we found that multimodality and signals regarding confidential information play an important role in communicating the medium- to long-term value creation process.

Free Research Field

国際会計

Academic Significance and Societal Importance of the Research Achievements

本研究課題の主な研究成果は，つぎの2つである。第一は，企業がメディア等による複数のモードを通じて財務と非財務の指標をステークホルダーに伝達すること － マルチモダリティ (multimodality) － が，わが国企業のマネジメント層と外部のステークホルダーとの間のコミュニケーションに有効に機能すること。第二は，とくに投資決定の情報媒体において，情報内容に秘匿性等がある場合であっても，シグナルの発信は将来の業績を予測するうえで重要な貢献を果たすこと。
これらの主な2つの成果は，わが国の中長期的な投資と融資の環境の整備に向上に貢献することが期待される。