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Relationship between Changes in the Economic Environment and Financial Ratios: Empirical Study of Bankrupt Firms

Research Project

Project/Area Number 12630161
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Accounting
Research InstitutionNihon University, College of Economies (2001-2002)
Tsukuba College of Technology (2000)

Principal Investigator

SHIRATA Yoshiko  Ninon University, College of Economies, Professor, 経済学部, 教授 (80289793)

Project Period (FY) 2000 – 2002
Project Status Completed (Fiscal Year 2002)
Budget Amount *help
¥3,400,000 (Direct Cost: ¥3,400,000)
Fiscal Year 2002: ¥400,000 (Direct Cost: ¥400,000)
Fiscal Year 2001: ¥1,100,000 (Direct Cost: ¥1,100,000)
Fiscal Year 2000: ¥1,900,000 (Direct Cost: ¥1,900,000)
KeywordsFinancial Ratios / Economic Environment / Bankruptcy Prediction / 交差相関 / 財務データ分布 / 企業倒産 / 時系列変化 / 得意傾向
Research Abstract

In this research, the relation between each financial ratio and changes in the economic environment has been elucidated through time-series observations of financial ratios in bankrupt companies. As a result, it has been demonstrated that some financial ratios are affected by changes in the economic environment and also that there are financial ratios in which figures fluctuate considerably depending on the time period, although it is yet to be adequately confirmed if they are directly affected by any change in the economic environment.
This research also uncovered the existence of financial ratios that are not affected by changes in the economic environment and also that distinctively present tendencies specific to companies near bankruptcy. Some criticize that an attempt to extract ratios that are statistically significant for bankruptcy detection in a univariate setting is not any different from Beaver[1967]'s research work. As, however, researchers have concentrated much on constructing a model and have used financial ratios that may show reverse distribution patterns, which contradict relevant theories, depending on some changes in the economic environment, as was the case in the Altman model [1968], analysis with regards to characteristics contained by each ratio has been unduly neglected up to now. This research revealed being statistically significant is different from being significant in the light of accounting.

Report

(4 results)
  • 2002 Annual Research Report   Final Research Report Summary
  • 2001 Annual Research Report
  • 2000 Annual Research Report
  • Research Products

    (21 results)

All Other

All Publications (21 results)

  • [Publications] 白田佳子: "経営者の意思決定リスクと企業倒産との関係"『亀井利明教授古希記念特集』関西大学商学論集. 45巻,第4号. 133-148 (2000)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Cindy Yoshiko Shirata: "Reliability of Financial Ratio Analysis : The Empirical Study of Bankrupt Firms in Japan"Proceeding of 2^<nd> Asian Academic Accounting Association Conference. 16 (2001)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Cindy Yoshiko Shirata: "The Relationship Between Business Failures and Decision Making by Manager : Empirical Analysis"Proceeding of 13^<th> Asian-Pacific Conference on International Accounting Issues. 20-23 (2001)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] 白田佳子: "企業の継続能力概念と企業倒産予測-ゴーイング・コンサーン規定の導入に向けて-"『企業会計』中央経済社. 11月号. 118-126 (2001)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] 白田佳子: "企業会計制度へのゴーイング・コンサーン規定導入に関わる検討課題-企業継続能力評価への倒産予知モデルの援用-"『経済集誌』日本大学経済学研究会. 第74巻第3号. 241-255 (2001)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Cindy Yoshiko Shirata: "Relationship between changes in the economic environment And financial ratios : empirical study of bankrupt firms"Proceeding of 14^<th> Asian-Pacific Conference on International Accounting Issues. 107 (2002)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] 白田佳子: "企業倒産予知モデル"中央経済社. 310 (2002)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Shirata, C.Y.: "Relationship between Management Decision Risk and Corporate Failure (in Japanese)"The Shogaku ronshu: the business review of Kansai University. 45 (4). 133-148 (2000)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Shirata, C.Y.: "Reliability of Financial Ratio Analysis: The Empirical Study of Bankrupt Firms in Japan"Proceedings of 2^<nd> Asian Academic Accounting Association Conference. 16 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Shirata, C.Y.: "The Relationship between Business Failures and Decision Making by Manager; Empirical Analysis"Proceedings of 13^<th> Asian-Pacific Conference on International Accounting Issues. 20-23 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Shirata, Y.: "The Relationship between going-concern opinion and bankruptcy prediction (in Japanese)"Accounting, Chuokeizaisha. 11. 118-126 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Shirata, C.Y.: "Relationship between changes in the economic environment And financial ratios: empirical study of bankrupt firms"Proceedings of 14^<th> Asian-Pacific Conference on International Accounting Issues. #107. (2002)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Shirata, Y.: "Issues on introducing going-concern opinion to Audition in Japan (in Japanese)"Keizai Shushi Nihon University. 74 (3). 241-255 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Shirata, Y.: "Bankruptcy Prediction Model (in Japanese)"Chuo Keizai Co., Ltd.. 310 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2002 Final Research Report Summary
  • [Publications] Cindy Yoshiko Shirata: "Relationship between changes in the economic environment And financial ratios : empirical study of bankrupt firms"Proceeding of 14^<th> Asian-Pacific Conference on International Accounting Issues. 107 (2002)

    • Related Report
      2002 Annual Research Report
  • [Publications] 白田佳子: "企業倒産予知モデル"中央経済社. 310 (2002)

    • Related Report
      2002 Annual Research Report
  • [Publications] Cindy Yoshiko Shirata: "Reliability of Financial Ratio Analysis:The Empirical Study of Bankrupt Firms in Japan"Proceeding of 2^<nd> Asian Academic Accounting Association Conference. 16 (2001)

    • Related Report
      2001 Annual Research Report
  • [Publications] Cindy Yoshiko Shirata: "The Relationship between Business Failures and Decision Making by Manager:Empirical Analysis"Proceeding of 13^<th> Asian-Pacific Conference on International Accounting Issues.. 20-23 (2001)

    • Related Report
      2001 Annual Research Report
  • [Publications] 白田佳子: "企業の継続能力概念と企業倒産予測-ゴーイング・コンサーン規定の導入に向けて-"企業会計中央経済社. 11月号. 118-126 (2001)

    • Related Report
      2001 Annual Research Report
  • [Publications] 白田佳子: "企業会計制度へのゴーイング・コンサーン規定導入に関わる検討課題-企業継続能力評価への倒産予知モデルの援用-"経済集志日本大学経済学研究会. 第74巻第3号. 241-255 (2001)

    • Related Report
      2001 Annual Research Report
  • [Publications] 白田佳子: "経営者の意思決定リスクと企業倒産との関係"『亀井利明教授古希記念特集』関西大学商学論集. 45巻、第4号. 133-148 (2000)

    • Related Report
      2000 Annual Research Report

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Published: 2000-04-01   Modified: 2016-04-21  

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