会計上の保守主義が企業の投資水準・リスクテイク・株主価値に及ぼす影響
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1 neutrality makoto.nakano@r.hit-u.ac.jp fumitaka.ootsubo@boj.or.jp cd121006@g.hit-u.ac.jp / /
2 1. accounting conservatism 1 4 neutrality International Accounting Standards Board: IASB Financial Accounting Standards Board: FASB 1 IASB [2010] FASB [2010] 1 OB2, QC12, 14 IASB FASB prudence BC3.27 Accounting Standards Board of Japan ASBJ ASBJ IASB FASB IASB /2015.1
3 500 Basu [1997] Givoly and Hayn [2000] Lobo and Zhou [2006] contracting explanation 3 Watts [2003a, b] 2 conditional conservatism unconditional conservatism Ishida and Ito [2014] litigation explanation income tax explanation regulatory explanation Watts [2003a, b] 101
4 Beaver and Ryan [2005] 102 /2015.1
5 1 different verifiability Watts [2003a] Basu [1997] asymmetric timeliness Basu [1997] Basu [1997] ex-post or news dependent conservatism Beaver and Ryan [2005] Ryan [2006] 2 ex ante or news independent conservatism Beaver and Ryan [2005] Beaver and Ryan [2005] R&D Net Present Value: NPV 103
6 Beaver and Ryan [2005] preemption 5 Basu[2001] 2 inverse relation 6 1 Beaver and Ryan [2005] Ryan [2006] Gassen, Fülbier, and Sellhorn [2006] accounting slack Beaver and Ryan [2005] FASB Statement of Financial Accounting Standards: SFAS Watts [2003a] Balance Sheet Conservatism Sunder, Sunder, and Zhang [2011] Gassen, Fülbier, and Sellhorn [2006] 104 /2015.1
7 Basu [1997] t+2 105
8 1 8 Ahmed et al. [2002] Ball, Robin, and Sadka [2008] 22 GNP Chen et al. [2010] 11 Nikolaev[2010] Tan [2013]... 8 earnings management Ohta [2013] 9 2 Lawrence, Sloan, and Sun [2013] 10 Ahmed et al. [2002] ROA Chen et al. [2010] 106 /2015.1
9 12 LaFond and Watts [2008] outside equity investors LaFond and Watts [2008] information asymmetry governance role information role Shuto and Takada [2010] 13 Shuto and Takada [2010] Shuto and Takada [2010] Shuto and Takada [2010] LaFond and Roychowdhury [2008] 107
10 Ahmed et al. [2002] Zhang [2008] Wittenberg-Moerman [2008] 2009 Li [2009] García Lara, García Osma, and Penalva [2011] 2 Ishida and Ito [2014] García Lara, García Osma, and Penalva [2010] Watts and Zuo [2012] 17 LaFond and Watts [2008] García Lara, García Osma, and Penalva [2010] Roychowdhury [2010] NPV 16 Jackson [2008] Jackson, Liu, and Cecchini [2009] invest in a replacement asset larger capital investment 17 Campello, Graham, and Harvey [2010] CFO1, /2015.1
11 Ahmed and Duellman [2011] future special items charges Watts and Zuo [2012] Francis, Hasan, and Wu [2013] 18 3 NPV NPV Jensen [1986] Francis, Hasan, and Wu [2013] 109
12 . NPV NPV Ball and Shivakumar [2005] Francis and Martin [2010] self-disciplining effect García Lara, García Osma, and Penalva [2010] Pinnuck and Lillis [2007] NPV divestment NPV /2015.1
13 R&D net investment NPV Kravet [2014] NPV acquisition riskiness 22 García Lara, García Osma, and Penalva [2010] 111
14 García Lara, García Osma, and Penalva [2010] 1-3. NPV NPV M&A /2015.1
15 Basu [1997] Basu [1997] (1)
16 NI i,t = α + β 1 D i,t + β 2 R i,t +β 3 D i,t xr i,t +ε i,t. (1) NI i,t i t R i,t t 3 t 3 D i,t R i,t 1 0 NI i,t R i,t β 2 β 3 β 3 β 3 (1) Khan and Watts [2009] Basu [1997] ( ) NI i,t = α + β 1 D i,t + β 2 R i,t γ1 + γ 2 MV i,t + γ 3 MtoB i,t + γ 4 Leverage i,t + β 3 D i,t xr i,t ( δ1 + δ 2 MV i,t + δ 3 MtoB i,t + δ 4 Leverage i,t ) + ( μ 1 MV i,t + μ 2 MtoB i,t + μ 3 Leverage i,t ) + μ4 D i,t xmv i,t + μ 5 D i,t xmtob i,t + μ 6 D i,t xleverage i,t +ε i,t. (2) MV i,t i t MtoB i,t t Leverage i,t t t (2) MV i,t MtoB i,t Leverage i,t 3 Khan and Watts [2009] 114 /2015.1
17 (2) Khan and Watts [2009] Khan and Watts [2009] 3 (2) 3 δˆ 1 ˆ δ 2 ˆ δ 3 ˆ δ 4 (3) CSCORE i,t 25 CSCORE i,t = ˆ δ 1 + ˆ δ 2 MV i,t + ˆ δ 3 MtoB i,t + ˆ δ 4 Leverage i,t. (3) CSCORE i,t 26. Beaver and Ryan [2000] BtoM i,t = α t + α i + 6 β j RETURN i,t j + ε i,t. (4) j= (2) ( δ 1 + δ 2 MV i,t + δ 3 MtoB i,t + δ 4 Leverage i,t ) 3 CSCORE i,t 26 CSCORE i,t Khan and Watts [2009] CSCORE i,t 10 (1) CSCORE i,t β 3 Basu [1997] CSCORE i,t 115
18 BtoM i,t t t RETURN i,t j t j t j 12 (4) α t α i Beaver and Ryan [2000] α i BtoM i,t (4) Beaver and Ryan [2000] t t 3 t 4 27 α i 28 α i 1. (5) RETURN i,t 6 t t 9 t 28 2 A B A MtoB i,t B A B A (4) α i Beaver and Ryan [2000] BtoM i,t (4) 116 /2015.1
19 NETINV i,t+1 = α 0 + β 1 Conservatism i,t + β 2 NETINV i,t + β 3 CASH i,t + β 4 SIZE i,t + β 5 LEV i,t + β 6 PPE i,t + β 7 SG i,t + β 8 VSG i,t + β 9 CFO i,t + β 10 COD i,t + β 11 FOREIGN i,t + β 12 BANK i,t + α i +Σα t Year + ε i,t. Conservatism i,t {STCC i,t, STUCC i,t } (5) NETINV i,t+1 t+1 R&D t+1 R&D CSCORE i,t UCC i,t Zhang [2008] Louis, Sun, and Urcan [2012] Ishida and Ito [2014] STCC i,t STUCC i,t (5) Conservatism i,t Conservatism i,t STCC i,t STUCC i,t β 1 (5) NETINV i,t CASH i,t SIZE i,t LEV i,t PPE i,t SG i,t VSG i,t CFO i,t COD i,t FOREIGN i,t BANK i,t CASH i,t t t SIZE i,t t LEV i,t t t PPE i,t 117
20 SG i,t t 4 t VSG i,t t 4 t CFO i,t t t COD i,t t FOREIGN i,t t 2001 BANK i,t t. (6) TVOL i,t t+3 = α 0 + β 1 Conservatism i,t + β 2 Conservatism i,t xnetinv i,t + β 3 NETINV i,t + β 4 CASH i,t + β 5 SIZE i,t + β 6 LEV i,t + β 7 VSG i,t + β 8 CFO i,t + β 9 FOREIGN i,t + β 10 BANK i,t + α i +Σα t Year + ε i,t. (6) Conservatism i,t {STCC i,t, STUCC i,t } TVOL i,t t+3 TVOL i,t t+3 t 6 t+3 6 (6) Conservatism i,t NETINV i,t β /2015.1
21 β 2 β 2 (6) CASH i,t SIZE i,t LEV i,t VSG i,t CFO i,t FOREIGN i,t BANK i,t CASH i,t SIZE i,t LEV i,t VSG i,t CFO i,t 29 FOREIGN i,t BANK i,t. (7)
22 BHAR i,t t+3 = α 0 + β 1 Conservatism i,t + β 2 Conservatism i,t xnetinv i,t + β 3 NETINV i,t + β 4 CASH i,t + β 5 SIZE i,t + β 6 LEV i,t + β 7 SG i,t + β 8 VSG i,t + β 9 CFO i,t + β 10 FOREIGN i,t + β 11 BANK i,t + α i +Σα t Year + ε i,t. (7) Conservatism i,t {STCC i,t, STUCC i,t } BHAR i,t t+3 BHAR i,t t+3 t 6 t t 6 t+3 6 PBR 31 (6) (7) Conservatism i,t NETINV i,t β 2 β 2 (7) CASH i,t SIZE i,t LEV i,t SG i,t VSG i,t CFO i,t FOREIGN i,t BANK i,t CASH i,t Jensen [1986] SIZE i,t Q PBR Q PBR Q 31 t 6 5 t 6 t 3 PBR 5 25 PBR 6 32 Fama and French [1993, 1995] 120 /2015.1
23 LEV i,t SG i,t PBR 33 VSG i,t CFO i,t FOREIGN i,t BANK i,t (5) (7) Hausman α i (5) (7) Year 2 Financial QUEST (5) (7) PBR Fama and French [1993, 1995] 121
24 (5) (7) 12,880 13,170 13,032 (2) (4) (2) 1 3 a 0 b (2) c 0.5 (4) 1 3 d 0 e RETURN i,t j 3 f BtoM i,t 4 g RETURN i,t j 3 BtoM i,t A VIF Variance Inflation Factor FOREIGN i,t BANK i,t d g (4) Beaver and Ryan [2000] 122 /2015.1
25 1 A CSCORE t UCC t NETINV t CASH t SIZE t LEV t PPE t SG t VSG t CFO t COD t FOREIGN t BANK t = Khan and Watts [2009] = Beaver and Ryan [2000] = t t = t t = t = t t = t t = t 4 t = t 4 t = t t = t = t = t B TV t t+3 = t 6 t
26 1 C BHAR t t+3 = t 6 t A STCC t = CSCORE t STUCC t = UCC t Pearson Spearman /2015.1
27 2 B Pearson Spearman 5 C Pearson Spearman NETINV i,t+1 (5) 125
28 3 *** ** * Ishida and Ito [2014] SIZE t PPE t Ishida and Ito [2014] /2015.1
29 2 4 TVOL i,t t+3 (6) NETINV i,t *** ** *
30 VSG i,t FOREIGN i,t BANK i,t 3 5 BHAR i,t t+3 (7) /2015.1
31 5 *** ** * CASH i,t SIZE i,t LEV i,t NETINV i,t FOREIGN i,t BANK i,t
32 t+1 3 t t A B /2015.1
33 6 A *** ** * R&D R&D R&D NETCAPEX i,t t t 131
34 6 B *** ** * NETCAPEX i,t /2015.1
35 7 A *** ** * B *** ** *
36 7 C *** ** * García Lara, García Osma, and Penalva [2010] t 1 t+1 t 2 t A B 134 /2015.1
37 8 A *** ** * B *** ** *
38 8 C *** ** * C /2015.1
39 García Lara, García Osma, and Penalva [2010]
40 /2015.1
41 FOREIGN i,t BANK i,t Ball, Kothari, and Robin [2000] code law 2 3 Solomons [1978]
42 Solomons [1978] Solomons [1978] R&D 2 Beaver and Ryan [2000] Khan and Watts [2009] /2015.1
43
44 Ahmed, Anwer S., Bruce K. Billings, Richard M. Morton, and Mary Stanford-Harris, The Role of Accounting Conservatism in Mitigating Bondholder Shareholder Conflicts over Dividend Policy and in Reducing Debt Costs, The Accounting Review, 77(4), 2002, pp , and Scott Duellman, Evidence on the Role of Accounting Conservatism in Monitoring Managers Investment Decisions, Accounting & Finance, 51(3), 2011, pp Ball, Ray, S. P. Kothari, and Ashok Robin, The Effect of International Institutional Factors on Properties of Accounting Earnings, Journal of Accounting and Economics, 29(1), 2000, pp , Ashok Robin, and Gil Sadka, Is Financial Reporting Shaped by Equity Markets or by Debt Markets? An International Study of Timeliness and Conservatism, Review of Accounting Studies, 13, 2008, pp , and Lakshmanan Shivakumar, Earnings Quality in UK Private Firms: Comparative Loss Recognition Timeliness, Journal of Accounting and Economics,39(1),2005, pp Basu, Sudipta, The Conservatism Principle and the Asymmetric Timeliness of Earnings, Journal of Accounting and Economics, 24(1), 1997, pp , Discussion of On the Asymmetric Recognition of Good and Bad News in France, Germany and the United Kingdom, Journal of Business Finance & Accounting, 28(9 10), 2001, pp Beaver, William H., and Stephen G. Ryan, Biases and Lags in Book Value and Their Effects on the Ability of the Book-to-Market Ratio to Predict Book Return on Equity, Journal of Accounting Research, 38(1), 2000, pp ,and, Conditional and Unconditional Conservatism: Concepts and Modeling, Review of Accounting Studies, 10(2 3), 2005, pp Campello, Murillo, John R. Graham, and Campbell R. Harvey, The Real Effects of Financial Constraints: Evidence from a Financial Crisis, Journal of Financial Economics, 97(3), 2010, pp Chen, Hanwen, Jeff Zeyun Chen, Gerald J. Lobo, and Yanyan Wang, Association Between Borrower and Lender State Ownership and Accounting Conservatism, Journal of 142 /2015.1
45 Accounting Research, 48(5), 2010, pp Fama, Eugene F., and Kenneth R. French, Common Risk Factors in the Returns on Stocks and Bonds, Journal of Financial Economics, 33(1), 1993, pp ,and, Size and Book-to-Market Factors in Earnings and Returns, The Journal of Finance, 50(1), 1995, pp Financial Accounting Standards Board (FASB), Statement of Financial Accounting Concepts No.8: Conceptual Framework for Financial Reporting, Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information, FASB, Francis, Bill, Iftekhar Hasan, and Qiang Wu, The Benefits of Conservative Accounting to Shareholders: Evidence from the Financial Crisis, Accounting Horizons, 27(2), 2013, pp Francis, Jere R., and Xiumin Martin, Acquisition Profitability and Timely Loss Recognition, Journal of Accounting and Economics, 49(1 2), 2010, pp García Lara, Juan Manuel, Beatriz García Osma, and Fernando Penalva, Accounting Conservatism and Firm Investment Efficiency, working paper, 2010.,,and, Conditional Conservatism and Cost of Capital, Review of Accouting Studies, 16(2), 2011, pp Gassen, Joachim, Rolf Uwe Fülbier, and Thorsten Sellhorn, International Differences in Conditional Conservatism: The Role of Unconditional Conservatism and Income Smoothing, European Accounting Review, 15(4), 2006, pp Givoly, Dan, and Carla Hayn, The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting become more Conservative? Journal of Accounting and Economics, 29(3), 2000, pp International Accounting Standards Board (IASB), Conceptual Framework for Financial Reporting 2010, IASB, Ishida, Souhei, and Kunio Ito, The Effect of Accounting Conservatism on Corporate Investment Behavior, in Kunio Ito and Makoto Nakano, eds. International Perspectives on Accounting and Corporate Behavior, Chapter 3, Springer, 2014, pp Jackson, Scott B., The Effect of Firms Depreciation Method Choice on Managers Capital Investment Decisions, The Accounting Review, 83(2), 2008, pp , Xiaotao (Kelvin) Liu, and Mark Cecchini, Economic Consequences of Firm s Depreciation Method Choice: Evidence from Capital Investments, Journal of Accounting and Economics, 48(1), 2009, pp Jensen, Michael C., Agency Costs of Free Cash Flow, Corpotrate Finance, and Takeovers, The American Economic Review, 76(2), 1986, pp
46 Khan, Mozaffar, and Ross L. Watts, Estimation and Empirical Properties of a Firm-Year Measure of Accounting Conservatism, Journal of Accounting and Economics, 48(2 3), 2009, pp Kravet, Todd D., Accounting Conservatism and Managerial Risk-Taking: Corporate Acquisitions, Journal of Accounting and Economics, 57(2 3), 2014, pp LaFond, Ryan, and Sugata Roychowdhury, Managerial Ownership and Accounting Conservatism, Journal of Accounting Research, 46(1), 2008, pp , and Ross L. Watts, The Information Role of Conservatism, The Accounting Review, 83(2), 2008, pp Lawrence, Alastair, Richard Sloan, and Yuan Sun, Non-discretionary Conservatism: Evidence and Implications, Journal of Accounting and Economics, 56(2 3), 2013, pp Li, Xi, Accounting Conservatism and Cost of Capital: International Analysys, working paper, London Business School, Lobo, Gerald J., and Jian Zhou, Did Conservatism in Financial Reporting Increase after the Sarbanes-Oxley Act? Initial Evidence, Accounting Horizons, 20(1), 2006, pp Louis, Henock, Amy X. Sun, and Oktay Urcan, Value of Cash Holdings and Accounting Conservatism, Contemporary Accounting Research, 29(4), 2012, pp Nikolaev, Valeri V., Debt Covenants and Accounting Conservatism, Journal of Accounting Research, 48(1), 2010, pp Ohta, Yasuhiro, Accounting Conservatism and Firm Characteristics, working paper, Keio University, Pinnuck, Matt, and Anne M. Lillis, Profits Versus Losses: Does Reporting an Accounting Loss Act as a Heuristic Trigger to Exercise the Abandonment Option and Divest Employees? The Accounting Review, 82(4), 2007, pp Roychowdhury, Sugata, Discussion of: Acquisition Profitability and Timely Loss Recognition by J. Francis and X. Martin, Journal of Accounting and Economics, 49(1 2), 2010, pp Ryan, Stephen G., Identifying Conditional Conservatism, European Accounting Review, 15(4), 2006, pp Shuto, Akinobu, and Tomomi Takada, Managerial Ownership and Accounting Conservatism in Japan: A Test of Management Entrenchment Effect, Journal of Business Finance & Accounting, 37(7 8), 2010, pp Solomons, David, The Politicization of Accounting, Journal of Accountancy, November, 1978, pp /2015.1
47 Sunder, Jayanthi, Shyam V. Sunder, and Jingjing Zhang, Balance Sheet Conservatism and Debt Contracting, working paper, Tan, Liang, Creditor Control Rights, State of Nature Verification, and Financial Reporting Conservatism, Journal of Accounting and Economics, 55(1), 2013, pp Watts, Ross L., Conservatism in Accounting Part I: Explanations and Implications, Accounting Horizons, 17(3), 2003a, pp , Conservatism in Accounting Part II: Evidence and Research Opportunities, Accounting Horizons, 17(4), 2003b, pp , and Luo Zuo, Accounting Conservatism and Firm Value: Evidence from the Global Financial Crisis, working paper, Wittenberg-Moerman, Regina, The Role of Information Asymmetry and Financial Reporting Quality in Debt Trading: Evidence from the Secondary Loan Market, Journal of Accounting and Economics, 46(2 3), 2008, pp Zhang, Jieying, The Contracting Benefits of Accounting Conservatism to Lenders and Borrowers, Journal of Accounting and Economics, 45(1), 2008, pp
48 146 /2015.1
ID JJF00296 Earnings management and market timing: The case of Japanese management buyouts Yasutomo Tsukioka 2-16 Japan Journal of Finance Vol.
ID JJF00296 Earnings management and market timing: The case of Japanese management buyouts Yasutomo Tsukioka 2-16 Japan Journal of Finance 331.2 Vol.33 / No. 1.2. 201312 Dec. 2013 Japan Finance Association
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