2009 Fiscal Year Final Research Report

Construction of database for financial restatements and analysis on economic impact of restatements

Research Project

Project/Area Number	19530420
Research Category	Grant-in-Aid for Scientific Research (C)
Allocation Type	Single-year Grants
Section	一般
Research Field	Accounting
Research Institution	Waseda University
Principal Investigator	OKUMURA Masashi Waseda University, 商学部, 教授 (30247241)
Project Period (FY)	2007 – 2009
Keywords	財務会計 / 会計監査 / 訂正報告書 / 修正再表示
Research Abstract	The database of financial restatements during the period from 2004 to 2008 by Japanese listed firms was made. I analyzed the database, and found that restatements were made in various parts of the financial statements and the number of restatements increased rapidly during the period. And in general a restatement had negative impact to stock price, and especially restatement that decreased earnings had strong negative impact. In addition I also found governance factor that restricted earnings restatements efficiently was hiring internal auditor who had been the accounting manager of the firm..