兼松セミナー

15:00 ～ 16:20

論題

Estimating a Firm-Year Measure of Conditional Conservatism for Japanese Listed Firms

報告者

山下　知晃（福井県立大学経済学部）

概要

The firm-year-level accounting conservatism measure known as C_Score, developed by Khan and Watts (2009), is frequently used in accounting research internationally. However, Khan and Watts themselves note that that, as the measure was developed for the U.S., it may not be an appropriate measure for other countries. This study investigates the validity of C_Score in the Japanese context, where the institutional features are substantially different from those in the U.S. We begin by replicating the tests used by Khan and Watts and find that C_Score of Japanese data appears to be consistent with that of the U.S. However, additional evidence suggests that the use of C_Score in Japan is not necessarily appropriate. Specifically, we conduct three additional tests. First, in many years during our sample period, the coefficients of C_Score are not statistically significant, and their signs are different from their predictions. Second, we investigate the extent to which each factor—namely firm size, market-to-book ratio, and leverage—determines C_Score and find that the relationships between C_Score and these three factors are not stable and vary over time; furthermore, firm size is the sole determinant of C_Score for many investigated years. Finally, we examine the association between C_Score and asset impairment losses, which are conditionally conservative accruals, and find no positive association—contrary to prior research findings regarding U.S. goodwill impairments. Overall, our findings suggest that C_Score is not valid for measuring firm-year-level accounting conservatism for Japanese listed firms.

16:30 ～ 17:50

論題

ROE 改善を目的とした自社株買い実施タイミングの検証

報告者

河瀬　宏則（横浜市立大学学術院国際総合科学群）

概要

本研究は日本企業がROE 改善を目的に自社株買いを実施しているかどうかを検証している。分析の結果、企業は直近の経営者予想ベースの四半期ROE が好調であればその後の自社株買い量を増やす一方で、四半期ROE が5% 周辺であるとき、この関係が反転するという不連続性が観察された。