2015 Fiscal Year Final Research Report
A further investigation and empirical study on financial restatement in Japan
| Project/Area Number |
25380624
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Waseda University |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2016-03-31
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| Keywords | 利益訂正 / 財務諸表の訂正 / 会計情報の訂正 |
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| Outline of Final Research Achievements |
The number of earnings restatements by the Japanese companies had been increasing rapidly from 2004 to 2007. After that the number of restatements caused by unintentional errors has decreased gradually, but the number of them caused by intentional errors have unchanged and occurred stably.
The results of analyses indicated that the stock market reacted negatively to earnings restatements announced by listed companies. It was also found that the reactions to the restatements that were caused by intentional errors were strongly negative and the size of reactions was proportional to the amount of revisions. Additionally, it was found that the externality of executives didn’t affect the probability of restatements. But the financial expertise of executives was one of the factors that affected to the probability of restatements. These findings are consistent with the results of the analyses that I conducted to the sample of earnings restatement occurred in 2000s.
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| Free Research Field |
会計学
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