財務報告の質と労働投資の効率性

清水, 俊希

doi:10.51094/jxiv.859

##article.authors##

清水, 俊希一橋大学大学院経営管理研究科博士後期課程 https://researchmap.jp/toshiki.shimizu

DOI:

https://doi.org/10.51094/jxiv.859

キーワード:

財務報告の質、会計発生高の質、労働投資、投資の効率性

抄録

本稿は、日本企業を題材に、財務報告の質が労働投資の効率性に及ぼす影響を検証している。検証の結果、財務報告の質と労働投資の効率性の間には正の関係性があることが明らかとなった。また、財務報告の質に関する複数の代替的な指標を用いた分析においても、主検証と同様の結果が確認された。これらの発見事項は、高品質の財務報告が労働投資の効率性の向上に関連することを示唆している。

利益相反に関する開示

本論文に公表すべきCOIはない。

ダウンロード *前日までの集計結果を表示します

ダウンロード実績データは、公開の翌日以降に作成されます。

引用文献

Balakrishnan, K., Watts, R., Zuo, L., (2016). The effect of accounting conservatism on corporate investment during the global financial crisis. Journal of Business Finance & Accounting, 43 (5-6), 513-542.

Ball, R., and L. Shivakumar. (2006). The role of accruals in asymmetrically timely gain and loss recognition. Journal of Accounting Research, 44 (2): 207–42.

Baker, M., J. Stein, and J. Wurgler. (2003). When does the market matter? Stock prices and the investment of equity-dependent firms. Quarterly Journal of Economics, 118 (3): 969–1005.

Bertrand, M., and S. Mullainathan. (2003). Enjoying the quiet life? Corporate governance and managerial preferences. Journal of Political Economy, 111 (5): 1043–75.

Bharath, S. T., Sunder, J., and Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1–28.

Biddle, G. C., and Hilary, G. (2006). Accounting quality and firm‐level capital investment. The accounting review, 81(5), 963-982.

Biddle, G. C., Hilary, G., and Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency?. Journal of accounting and economics, 48(2-3), 112-131.

Bushman, R. M. and A. J. Smith (2001). Financial Accounting Information and Corporate Governance, Journal of Accounting and Economics, 31 (1-3), 237-333.

Cheng, M., Dhaliwal, D. and Zhang, Y., (2013). Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting? Journal of Accounting and Economics, 56 (1), 1-18.

Dechow, P. M., and Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77(Supplement), 35–59.

Dechow P., Schrand, W. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences .Journal of Accounting and Economics 50,344–401

Dixit, A. (1997). Investment and employment dynamics in the short run and the long run. Oxford Economic Papers, 49 (1): 1–20.

Hamermesh, D. (1989), Labor Demand and the Structure of Adjustment Costs, The American Economic Review, 79, 674–689.

Healy, P., and K. Palepu. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31 (1– 3): 405–40.

Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76 (2): 323–29.

Jung, B., Lee, W. J., and Weber, D. P. (2014). Financial reporting quality and labor investment efficiency. Contemporary Accounting Research, 31(4), 1047-1076.

Kothari, S. P, Leone, A. J, and Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163–197.

Lu, H., G. Richardson, and S. Salterio. (2011). Direct and indirect effects of internal control weaknesses on accrual quality: Evidence from a unique Canadian regulatory setting. Contemporary Accounting Research, 28 (2): 675–707.

McNichols, M. F. (2002). Discussion of the quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77(Supplement), 61–69.

Modigliani, F., and M. Miller. (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review, 48 (3): 261–97.

Myers, S., and N. Majluf. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13 (2): 187–221.

Oi, W. (1962). Labor as a quasi-fixed factor. Journal of Political Economy, 70 (6): 538–55.

Petersen, M. A. (2009). Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches. Review of Financial Studies 22 (1): 435-480.

Pinnuck, M., and A. Lillis. (2007). 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): 1031–53.

Rhee, S. G., Enomoto, M., Jung, B., and Shuto, A. (2024) The Impact of Accounting Quality on Investment Efficiency: Evidence from the 2001 Bank Shareholding Limitation Act of Japan. Available at SSRN 4765084.

Roychowdhury, S., Shroff, N., and Verdi, R. S. (2019). The effects of financial reporting and disclosure on corporate investment: A review. Journal of Accounting and Economics, 68(2-3), 101246.

Stein, J. (2003). Agency, information and corporate investment. In Handbook of the Economics of Finance, eds. G. Constantinides, M. Harris, and R. Stulz, 111–65. Elsevier.

Teoh, S. H., Welch, I. V., and Wong, T. J. (1998). Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics, 50(1), 63–99.

Wang, F., Z. Zhu, and J. Hoffmire. (2015). Financial reporting quality, free cash flow, and investment efficiency. ICMETM 2015 - International Conference on Modern Economic Technology and Management, SHS Web of Conferences 17.

Williamson, O. E. (1964). The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm. Englewood Cliffs, Prentice Hall.

榎本正博 (2016) 「投資の効率性と財務報告の質の関係：サーベイと今後の展開可能性」.『早稲田商学』,446: 514-544.

大沼宏・石黒武秀・藤田健人（2023）「日本の経済環境における利益の質による労働投資の効率性の向上」.『中央大学企業研究所』WorkingPaperSeries No.68.

金鉉玉, 藤谷涼佑 (2022) 「長期負債の返済と雇用水準の変化」.『現代ファイナンス』,45: 59–87.