Empirical research on the effect of managerial faithfulness on financial reporting on enterprise value

2014 Fiscal Year Final Research Report

• Project/Area Number: 23683008
• Research Category: Grant-in-Aid for Young Scientists (A)
• Allocation Type: Single-year Grants
• Research Field: Accounting
• Research Institution: Waseda University
• Principal Investigator: OSHIKA Tomoki 早稲田大学, 商学学術院, 教授 (90329160)
• Project Period (FY): 2011-04-01 – 2015-03-31
• Keywords: 財務報告 / 統合報告 / 企業価値 / 株主総会 / 温室効果ガス / 人的資産

Outline of Final Research Achievements

This research project aims to empirically test if the faithful managements of listed companies and the faithful financial reporting of their outcome yield the improvement of their enterprise value.
Within the project period, we conduct several empirical researches. Our empirical results showed that the firms with more active shareholders meetings, lower carbon emissions, and higher employee costs enjoy higher enterprise value. Even though these activities may reduce the earnings of current and/or near-future years, an implication of our results is that the shareholders focuses not on short-term earnings but on medium- and long-term earnings. We also suggested that information on these activities should be disclosed through the IR (Integrated Reporting).

Free Research Field

企業価値評価論