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4 2013 - 3 2016

Grant number：25380589

Grant amount：\3250000 （ Direct Cost: \2500000 、 Indirect Cost：\750000 ）

The purpose of this study is to examine the influence of book-tax conformity on earnings quality. Book-tax conformity is estimated by each country-year, following Atwood et al. (2010). I use some different measures of earnings quality: earnings smoothness, estimation error in current accruals, and absolute value of discretionary accruals. The results show that higher levels of book-tax conformity are associated with more earnings smoothness, less estimation error in current accruals, and less absolute value of discretionary accruals.

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11 2011 - 3 2014

Grant number：23243060

Grant amount：\28990000 （ Direct Cost: \22300000 、 Indirect Cost：\6690000 ）

Under the current economic environment such as market requires the expansion of the risk information disclosure, this study examined how the institutional design of the financial reporting is explored and how companies, which engaged in international business activities, correspond to the market environment changes. This study has the three following theoretical and institutional perspectives. First is the design of financial accounting system, second is the design of audit and assurance systems, and third is the tax system design. This study also executed an empirical research based on the above-mentioned theoretical and institutional perspectives.

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2011 - 2012

Grant number：23730426

Grant amount：\1690000 （ Direct Cost: \1300000 、 Indirect Cost：\390000 ）

This study focuses on the value relevance of tax information, and reveals following three points. First, I find that managers use the valuation allowance for deferred tax assets to meet their forecast earnings. Second, I show that the large positive (negative) book-tax differences are caused by the income smoothing behavior. Third, my research indicates that Japanese stock market reflects such tax-related information as an indicator of earnings quality.

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2009 - 2010

Grant number：21730371

Grant amount：\2470000 （ Direct Cost: \1900000 、 Indirect Cost：\570000 ）

This study investigated the influence of the tax management on the financial reporting. Two main findings are obtained from this research. First, changes in the annual effective tax rate are persistent for future earnings, and stock prices fail to fully reflect the persistence. Second, although companies might achieve a reduction the annual effective tax rate by getting the tax benefits (e.g. R&D tax credits), I could not observe the explicit evidence that they would change the existing investment plan for the purpose of getting the tax benefits.

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2008 - 2010

Grant number：20330094

Grant amount：\18200000 （ Direct Cost: \14000000 、 Indirect Cost：\4200000 ）

The objective of this research is to empirically examine economic effects of voluntary disclosures in Japanese firms. To study these, we constructed some databases and analyzed them. We found the following facts from our research. First, great disclosure corporations can get the low cost of capital or low value of market beta. Second, great disclosure corporations can convey their intangible assets through disclosures. Third, great disclosure corporations make earnings forecasts by management more accurate than others.

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2006 - 2007

Grant number：18830045

Grant amount：\2300000 （ Direct Cost: \2300000 ）

本年度は、会計利益と課税所得の差額(Book-Tax Differences:BTD)の情報内容を明らかにするために、とりわけ2003年度の研究開発税制の導入に焦点を当て、それによる税便益と株価の関係を分析した。まず、医薬品企業をサンプルとし、その税便益が財務指標をどの程度改善させたのか、それに伴って予想利益や株価は変化したのかを分析した。その結果、財務指標への影響は大きいが、税制変更の前後で予想利益や株価に一貫した変化を確認できなかった。これは19th Asian-Pacific Conference on International Accounting Issuesにおいて、"Did the Japanese 2003 Tax Reform Act of R&D Tax credit affect firm's value?-The case of Japanese Pharmaceutical firms"という題目・で報告した。また、サンプルを全製造業に拡大し、研究開発税制の効果と株価の関係を企業規模の相違に着目して分析した。研究開発税制による便益は大企業ほど大きいが、変更の前後で株価に一貫した変化を確認できなかった。これはThe 4th International Conference on Innovation & Management(ICIM)において、"The R&D tax credits andfirms'valuation"という題目で報告した。さらに、税制変更による企業行動の変化とそれに伴う予想利益および株価の変化の関係を明らかにするために、市場で暗黙的に設定される資本コストと研究開発税制による税便益の関係を分析した。その結果、税制変更の前後で資本コストと税便益の関係が変化した可能性があることを確認した。これは『産業経理』に「研究開発税制と資本コスト」という題目でまとめた。

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