A Study on the Effect of Strategic Disclosure on Capital Market

2022 Fiscal Year Final Research Report

• Project/Area Number: 19H01552
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: Waseda University
• Principal Investigator: Yaekura Takashi 早稲田大学, 商学学術院, 教授 (90308560)
• Co-Investigator(Kenkyū-buntansha): 奥村 雅史 早稲田大学, 商学学術院, 教授 (30247241) ; 中井 誠司 国士舘大学, 経営学部, 教授 (30631387) ; 亀岡 恵理子 東北大学, 経済学研究科, 准教授 (30806295) ; 藤谷 涼佑 東京経済大学, 経営学部, 准教授 (90880849)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: ディスクロージャー / 決算短信

Outline of Final Research Achievements

The purpose of this research is to investigate the actual situation of strategic information disclosure by companies and to broadly verify its impact on the capital market. This research focuses on the timing of earnings announcements in Kessan Tanshin,
Targeting the timing of earnings announcements of Japanese companies, we identified the existence and patterns of corporate disclosure strategies based on multiple indicators (number of days, days of the week, etc.). We analyzed the actual situation to see if it would change. The main findings of this research are: (1) the number of holidays due to the long holidays in May has a strong impact on the timing of earnings announcements; In most cases, the announcement of financial results is delayed contrary to the wish of the exchange.

Free Research Field

財務会計

Academic Significance and Societal Importance of the Research Achievements

本研究の発見事項を総合すると，（企業や市場の努力によって）日本企業の決算タイミングが早期化したという主張は妥当を欠くものと判断される．決算発表タイミングの長短を日数だけでなく，複数の戦略パターンから識別特定しようとする本論文の試みは将来，早期化に対する市場反応を検証する際，さらには早期化と簡素化等の各要素との間で生じるトレードオフの問題を検証する際に，重要な基礎を与えるものであると考える．