Influence of Ownership Structure on Accounting Conservatism-Evidence from Japanese Listed Companies -
Influence of Ownership Structure on Accounting Conservatism-Evidence from Japanese Listed Companies -
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2018
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日本在公司治理和信息环境方面具有独特性的观点在学术界已经得到了公认。本文旨在探讨股权结构的独特性如何影响会计稳健性。特别是，本研究还调查了所有权结构和会计稳健性的其他主要决定因素（即，债务合同和会计准则的监管效力）对管理层遵守保守原则的影响。研究发现，日本上市公司的稳定持股与会计保守程度呈负相关。此外，债务收缩对保守会计实务的约束是潜在的，这可能归因于日本独特的融资安排。另一方面，事实证明，会计准则在规范保守报告盈利的会计决策方面相对有效，从而恢复了日本会计报告的可信度。
The notion that Japan is unique in its corporate governance and information environment has been well established in the academic field. This study seeks to explore how such uniqueness in ownership structure, one of the most important building blocks of corporate governance, affects accounting conservatism. In particular, this study also investigates the combined effects of ownership structure and other primary determinants of accounting conservatism (i.e., debt contracting and the regulatory efficacy of accounting standards) on navigating management's compliance to the conservative principal. I find that stable shareholdings are negatively related with the degrees of conservative accounting in Japanese listed firms. Moreover, debt contracting is latent in disciplining conservative accounting practice, which could be attributed to the unique financing arrangements in Japan. On the other hand, accounting standards prove to be relatively effective in regulating accounting decisions to report earnings conservatively, thus restoring the credibility of accounting reports in Japan.