Incorporating Piecewise-Linear Variables into an Empirical Model of Non-Current Asset Impairment Timeliness
Incorporating Piecewise-Linear Variables into an Empirical Model of Non-Current Asset Impairment Timeliness
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将分段线性变量纳入非流动资产减值时效性实证模型
DOI：
10.11640/tjar.12.2022.01
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发表时间：
2022
期刊：
影响因子：
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通讯作者：
Fujiyama Keishi
中科院分区：
文献类型：
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作者：
Takeshi Matsui;Akiko Masuda;Masayuki Tsumura;鎌田直矢;吉永 裕登;Fujiyama Keishi
虽然以前的研究采用线性股票收益率作为经济损失的代理，本研究使用分段线性股票收益率来区分积极和消极的股票收益率。它还研究了非流动资产减值与销售和经营现金流量变化之间的关系，这些变化可被视为经济减值的短期指标。与先前的研究一致，我发现非流动资产减值和负股票收益率之间的负关系，在五年前确认。与先前的研究相反，我在认可年龄中也发现了这种关系。研究结果表明，在企业被认定前1 ~ 2年，企业与企业之间的关联性比被认定当年和被认定前3年更强。这些结果表明，日本企业报告的非流动资产减值损失与日本会计准则一致，尽管这种损失不一定及时报告。此外，我发现有证据表明，在确认年度的销售和经营现金流量的变化是非流动资产减值的短期指标。总体而言，纳入分段线性变量改善了非流动资产减值及时性的经验模型。
While prior research employs linear stock returns as a proxy for economic losses, this study uses piecewise-linear stock returns to separate positive and negative stock returns. It also examines the relationships between non-current asset impairments and changes in sales and cash flows from operations, which can be viewed as short-term indicators of economic impairments. Consistent with prior research, I find a negative relationship between non-current asset impairments and negative stock returns in five years before their recognition. Contrary to prior research, I also find such a relationship in the recognition years. e results indicate that th e relationships are stronger one or two years before their recognition than in the recognition years and three years before their recognition. ese results suggest that the non-current asset impairment losses reported by Japanese firms are consistent with the Japanese accounting standard, although such losses are not necessarily reported in a timely manner. In addition, I find evidence suggesting that changes in sales and cash flows from operations in recognition years are short-term indicators of non-current asset impairments. Overall, incorporating piecewise-linear variables improves the empirical model of non-current asset impairment timeliness.