neutrality... 2014 3 17 E-mail:makoto.nakano@r.hit-u.ac.jp E-mail:fumitaka.ootsubo@boj.or.jp E-mail:cd121006@g.hit-u.ac.jp / /2015.1 99
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 2006 2 2006 2007... 1 IASB FASB 1 2010 9 2012 IASB 2 2013 100 /2015.1
500 Basu [1997] Givoly and Hayn [2000] Lobo and Zhou [2006] contracting explanation 3 Watts [2003a, b] 2 conditional conservatism unconditional conservatism 2 2009 Ishida and Ito [2014] 2 2 2... 3 litigation explanation income tax explanation regulatory explanation Watts [2003a, b] 101
2 2 2 2 3 4 5 6 7 2. 2 1 2 1 1 Beaver and Ryan [2005] 102 /2015.1
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
4 3 2 2 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] 2009 1973 2002 FASB Statement of Financial Accounting Standards: SFAS 4 2009 Watts [2003a] 30... 4 Balance Sheet Conservatism Sunder, Sunder, and Zhang [2011] 5 6 2008 Gassen, Fülbier, and Sellhorn [2006] 104 /2015.1
1 2 7 2 3 1 Basu [1997] 3. 2... 7 1 2 3 3 t+2 105
1 8 Ahmed et al. [2002] 2004 9 10 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 3 2004 2 2004 11 Chen et al. [2010] 106 /2015.1
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] 14 2 1 2 3 3... 12 2009 2000 2014 2014 13 Shuto and Takada [2010] 50 2 50 14 Shuto and Takada [2010] LaFond and Roychowdhury [2008] 107
Ahmed et al. [2002] Zhang [2008] Wittenberg-Moerman [2008] 2009 Li [2009] García Lara, García Osma, and Penalva [2011] 2 Ishida and Ito [2014] 15 16 García Lara, García Osma, and Penalva [2010] Watts and Zuo [2012] 17 LaFond and Watts [2008] García Lara, García Osma, and Penalva [2010]... 15 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] CFO1,050 86 108 /2015.1
Ahmed and Duellman [2011] future special items charges Watts and Zuo [2012] Francis, Hasan, and Wu [2013] 18 3 NPV NPV Jensen [1986] 2 2... 18 Francis, Hasan, and Wu [2013] 109
. 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 19... 19 2015 15 16 2015 110 /2015.1
R&D net investment 20 1-1 NPV 21 1-2 22... 20 2013 3 2 21 Kravet [2014] NPV acquisition riskiness 22 García Lara, García Osma, and Penalva [2010] 111
García Lara, García Osma, and Penalva [2010] 1-3. NPV 2 3 23 NPV 24... 23 M&A 2015 24 2013 19 112 /2015.1
2-1 2-2 2-3 4. 1. Basu [1997] Basu [1997] (1)... 113
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
(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=0... 25 (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
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] 4 8 13 3 4 t t 3 t 4 27 α i 28 α i 1. (5)... 27 6 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
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
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 2 118 /2015.1
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)... 29 119
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+3 6 30 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 32... 30 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
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 QUEST2.0 1990 3 2013 3 (5) (7) 2000 3 2000 1 3 2 12... 33 PBR Fama and French [1993, 1995] 121
3 4 5 0.5 34 (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 4 3 4 35 1 2 2 A 2 2 2 2 VIF Variance Inflation Factor 10... 34 FOREIGN i,t BANK i,t 0.5 0 35 d g (4) Beaver and Ryan [2000] 122 /2015.1
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+3 6 123
1 C BHAR t t+3 = t 6 t+3 6 2 A STCC t = CSCORE t STUCC t = UCC t Pearson Spearman 5 124 /2015.1
2 B Pearson Spearman 5 C Pearson Spearman 5 5. 1 3 NETINV i,t+1 (5) 125
3 *** ** * 1 5 10 1-1 2-1 Ishida and Ito [2014] SIZE t PPE t Ishida and Ito [2014] 4 1 126 /2015.1
2 4 TVOL i,t t+3 (6) NETINV i,t 1-2 2-2 4 *** ** * 1 5 10 127
VSG i,t FOREIGN i,t BANK i,t 3 5 BHAR i,t t+3 (7) 3 3 3 3 128 /2015.1
5 *** ** * 1 5 10 CASH i,t SIZE i,t LEV i,t NETINV i,t FOREIGN i,t BANK i,t 4 1 129
6. 1 1 t+1 3 t t+3 2 1 2 4 5 6 A 1 2 4 B 4 4 6 130 /2015.1
6 A *** ** * 1 5 10 2 2 R&D R&D R&D NETCAPEX i,t t t 131
6 B *** ** * 1 5 10 7 NETCAPEX i,t 3 132 /2015.1
7 A *** ** * 1 5 10 B *** ** * 1 5 10 133
7 C *** ** * 1 5 10 García Lara, García Osma, and Penalva [2010] t 1 t+1 t 2 t 2 2 8 A B 134 /2015.1
8 A *** ** * 1 5 10 B *** ** * 1 5 10 135
8 C *** ** * 1 5 10 C 4 136 /2015.1
García Lara, García Osma, and Penalva [2010] 7. 2 2 137
3 2 1 1 36 2009 2 4... 36 2014 25 138 /2015.1
1 37 2 FOREIGN i,t BANK i,t Ball, Kothari, and Robin [2000] code law 2 3 Solomons [1978]... 37 2015 139
Solomons [1978] Solomons [1978] R&D 2 Beaver and Ryan [2000] Khan and Watts [2009] 38... 38 2015 16 140 /2015.1
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