2013 Fiscal Year Final Research Report
An Empirical Study on the Usefulness of Quarterly Cash Flow Information
| Project/Area Number |
24830068
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| Research Category |
Grant-in-Aid for Research Activity Start-up
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| Allocation Type | Single-year Grants |
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| Research Field |
Accounting
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| Research Institution | Hokkaido Information University |
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Principal Investigator |
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| Project Period (FY) |
2012-08-31 – 2014-03-31
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| Keywords | 四半期財務情報 / 実証研究 / キャッシュ・フロー / 四半期報告制度 / 四半期開示 / 株式市場 |
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| Research Abstract |
Beginning on April 1, 2011, policies related to quarterly disclosures were simplified. Since that date, disclosures of first- and third-quarter cash flows information have become voluntary. In this study, I compared firms that voluntarily disclosed information related to their first- and third-quarter cash flows in the fiscal year ending in March of 2012 with those that did not. Results show that firms that voluntarily disclose information regarding their first- and third-quarter cash flows have higher returns-on-assets (ROA) and larger investment opportunity sets than firms that choose not to disclose information related to their first- and third-quarter cash flows.
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