This study examines whether the quality of management investment forecasts is associated with corporate investment efficiency. The main result finds that firms with more accurate management forecasts about capital expenditure and R¥&D expense make more efficient investments that are closer to...

This study constitutes an examination of the effects of political connectedness on management forecast revisions. Two types of management forecasts (e.g. sales revenue and net income) are examined by focusing on the change in the Japanese government. Using Japanese soft contribution data as a...

This study examines the effects of environmental protection activities on corporate tax avoidance. Focusing on environmental responsibility, we show an association between actual outlay on environmental protection activities and tax avoidance, as measured by the effective tax rate (ETR). We also...

This paper examines how management forecasts, the cost of equity capital and corporate governance are related, using Japanese data. As management forecasts, capital investment forecasts as well as earnings forecasts are comprehensively available in Japan. They reveal the following: First, better...

This study examines the economic consequences of voluntary disclosures for investment forecasts. Using Japanese data, I examine whether voluntary disclosure of management forecasts of capital investments and research and development investments is related to the cost of capital in the same and...

For quite some time there has been a debate surrounding the issue requiring companies to disclose not only financial information but also non-financial information, as shown in recent efforts for enhanced business reporting (EBR). This discussion paper explores non-financial information in three...

In this paper, we found a strong positive post-rescue performance for acquiring firms. Furthermore, we observed even more dramatic recovery effects when we focused on accounting accrual components, such as the credit sale increases or reduction of PPE depreciation value. We found that investors...

In this paper, we investigated the affect of tender offer transactions in Japan from four perspectives. The first one is in regards to the Pecking Order Theory, and the second one concerns the Method-of-Payment Hypothesis. Both of these first two perspectives are related to manager payment...

The purpose of this paper is to explore, through M&As accounting policies, whether the Japanese adoption of IFRS is favorable for market participants. M&As are excellent prototypes for this study, because they have a substantial impact upon firms’ financial statements. Additionally, Japanese...