I surveyed corrections in financial statements of the Japanese listed firms, compared it with financial restatements of the american listed firms. And especially I analyzed deeply corrections of reported earnings. From the analyses, I showed the facts as follow. (1) The Japanese stock market reacted efficiently to the information of correction. (2) The probability of occurrence of correction is affected by the characteristics of corporate governance. (3) The book-tax conformity rule heightened the probability of corrections of earnings in Japan. (4) The information about corporate governance is useful to predict the correction of earnings

In this study, we conducted a comparative analysis of basic theories in Financial Accounting prevailing in the world. We also examined the current worlwide discussion on Conceptual Framework of Financial Accounting and IFRSs, from an academic view point. As a result of this study, we clarified that the views, basic accounting theory in Japan is isolated in the world, are not substantiated. We uploaded our results that had been obtained during past 3 years in the ‘Waseda Accounting Research Center (W-ARC)’ web-cite (i.e. http://w-arc.jp/)

In 2004, the investigators researched on the theory of the Balanced Scorecard. Our main concern was if the Balanced Scorecard theory could be adapted to each investigator's academic field. We reviewed the preceding Balanced Scorecard researches, according to the state of the art of each investigator's research field. As a result, Shimizu edited and published The Strategic Management System : The Balanced Scorecard for Companies and Nonprofit Organizations, to which Hasegawa contributed "The Fundamental Theory of the Balanced Scorecard." Hasegawa and Shimizu also reported at the 1st or 2nd annual meetings of the Japan Association for Healthcare Balanced Scorecard Studies as panelists of the symposia, respectively.
August 2005, we conducted a questionnaire research, asking 247 local governments all over the nation about their performance evaluation systems. 206 local governments responded and the response rate was up to 83.4%. Depending on the responses we found the fact that a few local governments introduced or intended to introduce the Balanced Scorecard, whereas we concluded that few local governments used the Balanced Scorecard as a strategic management system.
We made another questionnaire research about strategic management systems in hospitals in 2006. Because companies want to keep their strategic issues secret, we gave up asking them about their strategic management systems. Otherwise, we requested four hospitals, which were implementing or intending to implement the Balanced Scorecard as a strategic management system, to deliver questionnaires to their employees. The questionnaires were asking about employees' attitudes to their jobs, bases of their performance evaluations and the relationships between the both. We also asked the employees if the cause-and-effect chains on their Strategy Maps worked well. According to their answers, the result showed that there were the cause-and-effect chains effective among the learning and growth, customer and financial perspectives on the Strategy Map of one hospital.

従来から内外の文献でとりあげられているキャッシュフロー概念について整理した。結果として、従来から実務的に利用されているキャッシュフロー、営業キャッシュフロー、フリーキャッシュフローおよび資金収支表上の収支を取り上げることにした。相関分析及び因子分析によるパイロットテストからは、利益情報と従来から利用されているキャッシュフローの変動に類似性がありその意味で後者のキャッシュフローは利益情報と情報内容において大きな差がないであろうと推測できた(この点については他の研究と同様の結果であった)。また、営業キャッシュフローとフリーキャッシュフローが利益情報とは異なる情報内容を有することを示唆する結果も得た。これら複数のキャッシュフローにおける関係を再度サンプル数を増やして統計的に分析した結果を、研究資料として公表する予定である。さらに、フリーキャッシュフローおよび事業収支尻については、配当という株主への現金流出を考慮している点で他のキャッシュフローとは大きくその性質を異にしていると思われる。そこで、配当についてとくにその情報内容を別個に検討することにした。キャッシュフロー計算には直接には関わらせないで、シグナル機能を検証した。1992年と1993年度に配当異動を公表した企業について株価との関連で分析したところ、配当は基本的に独自の情報内容を有するということがわかつた。これについては、論文「シグナルとしての配当について-わが国企業の配当に関する実証研究-」にまとめた。今後、さらに、資金調達行動についても検討する予定である

Feltham/Ohlsonモデルを拡張することによって、減価償却とフロー関連発生項目(具体的には、売上債権、仕入債務、棚卸資産、引当等)の発生項目(残高)に関して分析・検討した。また、そこで展開したモデルをもとに期待外収益と各種発生項目との関連を導き出し発生項目の情報内容について検討した。そこでは、報告利益管理を含めた会計政策的決定が発生項目における期待外の部分を構成し、さらに情報内容を有することが確認できた。報告利益管理の実証的研究に関しては、製造業の全業種を対象にサンプルを収集し業績水準と報告利益管理の関係を分析した。純利益と営業キャッシュフローとの差を発生項目総額と定義し、全体サンプルを利益水準に基づいて5つのポートフォリオに区分し分析した結果、利益がプラスの企業および若干の損失を計上している企業から構成される4つのポートフォリオにおいては、利益平準化現象が観測された。これは電力業において以前に分析した結果と同様のものであった。しかし、大きく損失を出した企業からなるポートフォリオにおいては逆に損失を増大させる、すなわち、裁量的に発生項目を増大させていることが観測された。これは、いわゆるbig bathといわれる現象でありリストラ等に伴う発生項目の増大があるものと推測される。さらに、この損失企業のポートフォリオについて裁量的発生項目の情報内容を検討した。月次の異常収益率の累積値で見ると損失計上年度においては負となるものの翌年以降にプラスとなり、また5年後にはある程度大きいプラスの累積値をとなった。このことをどのように解釈するかは、今後の課題である

By analyzing the Japanese firm data, we investigated the theoretical measures that were firm values calculated by inputting the accounting figures into the Ohlson model. First, in the viewpoint of difference of posited assumptions, extant empirical models based on the Ohlson model were surveyed, and we presented a new empirical model incorporating 'the residual income dynamics' additionally. Next, we calculated several theoretical measures of every sample firm by using surveyed empirical models, and examined. (1) Value relevance analysis and (2) Investment performance analysis about those measures.(1) We examined the correlation between the theoretical values and stock prices. Book value of net assets was relatively higher correlation than the theoretical measures in both cases of consolidated accounting data and parent-only accounting data, that was different from the result by Frankel and Lee (1998 and 1999, henceforth FL). The theoretical measures using analysts' earnings forecasts had higher value relevance than those using actual earnings, and we found incorporating 'the residual income dynamics' into the Ohlson model improved the value relevance.(2) The ability of the theoretical measure to predict future stock returns was analyzed. Our result showed that the ability of the theoretical measures was worse than Book to Market ratio for overall period. This result was not the same as FL, and we found only the result for the 1994-1995 sub-period was consistent with FL. Our sample periods included the bubble and post-bubble period, therefore we thought the results may be strongly effected by economic conditions

本研究では、とくにキャッシュフロー、会計利益および発生項目における関係に着目し、これまでの米国等での研究にない斬新なモデルを開発することを目的としている。Dechow[1994]は、発生項目がキャッシュフロー変化における負の時系列相関を大きく緩和することを統計的に発見している。さらに、Dechow, Kothari, Watts[1998]はこの発見をモデルによって理論的に説明している。本研究はこれらのアイデアを展開することによって、特に、キャッシュフローと発生項目の関係に基づいたモデル構築を試みた。昨年度は、論文"Discretionary Accrual Models and the Accounting Process(裁量発生項目モデルと会計プロセス)"にまとめ、平成12年10月23日、第12回アジア・太平洋国際会計学術会議・北京会議において、バーノン・ジマーマン優秀論文賞(The Vernon Zimmerman Best Paper Awards)を受賞した。昨年度と本年度は、まず、奥村論文「運転資本発生項目の推定:推定モデルの比較」では、このアイデアを発展させたモデルを用いて、本会計プロセス・モデルの優位性を検証した。また、國村は発生項目にリスク概念を導入し、主論文"Reexamining the Relationship between accruals and stock returns(発生項目と株式収益率の関係の再吟味)"をほぼ仕上げ、abnormal returnの一部をリスクで説明することにほぼ成功した。この論文は、國村が主催するinternational workshop(平成14年12月14日)に提示された

I surveyed extant empirical researches and theoretical models that addressed discretion in corporate accounting disclosure. In addition, I made the database which was useful to analyze it and by using this I tested discretion in corporate pension accounting.In the survey of empirical researches, I summarized managers' motives of managing reported earnings and pointed out empirical issues relating to some important accrual models estimating discretionary accruals. And I examined their merits and demerits to measure the discretionary parts of accruals. In conclusion I insisted that to address the low power of the models to test the existence of discretionary accounting decision, it is important to apply several models to increase the precision of the result of the test. Especially, We have to use some other models than Jones[1991] based models.Next I made a database to analyze discretion in corporate disclosure. The database includes some items relate to earnings management motives. By using the database, I analyzed managers' motives of manipulating the pension obligation some business journals criticized in Japan. The results are summarized in the paper "Discretion in the choice of pension discount rate and stock price", which analyzed the relations among discretion in pension accounting, managers' motives and stock prices. The main findings were as follows : (1)relative level of unfunded pension obligation, firm profitability and firm scale influenced the choice of the discount rate by managers, (2)discretionary part of the pension obligation estimated through estimated discretionary part of the discount rate correlated to the stock price, (3)the sample that had high unfunded pension obligation and high leverage are related to low stock price compared to other samples with low unfunded pension obligation and low discount rate. In the future, we should analyze whether the results is due to the fixation or not.Finally, I surveyed several analytical models that explain accounting discretion by management in a framework of agency theory. In the spirits of Arya, Glover and Sunder[1998], I categorized recent analytical models and recognized them

The database of financial restatements during the period from 2004 to 2008 by Japanese listed firms was made. I analyzed the database, and found that restatements were made in various parts of the financial statements and the number of restatements increased rapidly during the period. And in general a restatement had negative impact to stock price, and especially restatement that decreased earnings had strong negative impact. In addition I also found governance factor that restricted earnings restatements efficiently was hiring internal auditor who had been the accounting manager of the firm.

We conducted several empirical studies in this research project. In particular, we studied on the following research topics : (1) accruals anomaly and the quality of accounting earnings, (2) information contents of other comprehensive income items, (3) taxation and adjusted Tobin's q ratio, (4) time series property of accounting figures and applications of Monte-Carlo simulation method in accounting research, (5) accounting standard for retirement benefit and discovery process of stock price. Those findings we obtained in above studies are informative and helpful for accounting standard setters and auditors

In this research, we first have put in place the infrastructure necessary for financial reporting and surrounding area, discussed issues on disclosure diversification and overload, and finally considered what accounting should do on various issues on financial reporting. We have published our findings both in Japanese and in English, and have organized six symposiums and three round tables in 70th JAA annual meetings

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