The Effects of Accounting Disclosure Regulations on Firms' Real Decisions

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K13854
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: University of the Ryukyus
• Principal Investigator: Ishikawa Toru 琉球大学, 国際地域創造学部, 講師 (40824628)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: 開示規制 / 投資効率性 / 情報獲得

Outline of Final Research Achievements

Recent disclosure regulations require firms to disclose more information. To evaluate disclosure regulations, it is necessary to consider their impact on real decisions, such as real investments by firms. Firms then have an incentive to obtain information to make better decisions. In this study, I assume that analysts and investors, who are participants in the capital market, are the stakeholders outside the firm who possess information that the firm does not have. This study shows that unintended consequences of disclosure regulation can occur under which firms have incentives to obtain information from outside sources.

Free Research Field

財務会計

Academic Significance and Societal Importance of the Research Achievements

本研究は、企業がアナリスト、投資家といった企業外部の利害関係者の保有する情報を入手するインセンティブを有する状況において、会計開示制度が企業の情報獲得の意思決定、さらに投資意思決定といった実態に与える影響を考察している。本研究の成果は、会計開示制度について、企業の実態に与える影響まで考慮して評価しており、今後の制度設計において重要であると考えられる。