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IFRS任意適用の公表に対する株式市場の反応 : 企業間の差異を中心に, Stock Market Reaction to the Announcement of Voluntary Adoption of IFRS: The Existence of Cross-sectional Heterogeneity

Author

Listed:
  • 金, 鐘勲
  • KIM, Jonghoon

Abstract

本稿では、IFRSの任意適用を公表する日本企業が増加していることを背景に日本企業によるIFRS任意適用の公表に対して株式市場がどのように反応しているのか、またその反応には企業間で差異が存在するのか否かをイベントスタディの分析手法を用いて調査した。分析の結果は次の通りである。第1に、日本企業によるIFRS任意適用の公表に対して株式市場は平均的には有意な反応を示していないことが確認された。第2に、日本企業によるIFRS任意適用の公表に対する株式市場の反応には企業間で差異が存在することが確認された。具体的には、米国基準からIFRSに移行した企業に対して株式市場は負の反応を示していること、総資産に占めるのれんの割合の大きい企業ほどIFRS任意適用の公表に対して株式市場は負の反応を示していることが確認された。また、規模の大きい企業ほどIFRS任意適用の公表に対して株式市場は正の反応を示すことが確認された。, Using event study method, this paper investigates how stock market reacts to the announcement of voluntary adoption of IFRS and whether there exists cross-sectional heterogeneity in the market’s reaction in Japanese firms. First, I find that on average the reaction of the stock market to the announcement of voluntary adoption of IFRS is statistically insignificant for the Japanese firms. Second, I find heterogeneous stock market reaction according to firm characteristics. Specifically, the stock market reacts negatively for the firms that convert from US GAAP to IFRS, negatively when firms have large goodwill, and positively when firm size is large.

Suggested Citation

  • 金, 鐘勲 & KIM, Jonghoon, 2016. "IFRS任意適用の公表に対する株式市場の反応 : 企業間の差異を中心に, Stock Market Reaction to the Announcement of Voluntary Adoption of IFRS: The Existence of Cross-sectional Heterogeneity," Working Paper Series 204, Center for Japanese Business Studies (HJBS), Graduate School of Commerce and Management Hitotsubashi University.
    • Handle: RePEc:hit:hjbswp:204
    Note: 『年報 経営ディスクロージャー研究』第16号に掲載予定のため、論文データ（PDF）を取り下げ。[2017/1/18], Withdrawn due to publication in 『年報 経営ディスクロージャー研究』 Vol.16. [Jan. 18, 2017]
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