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Corporate governance in Japan in the 1930s and its impact on financial reporting practice
Accounting History Review Pub Date : 2021-07-26 , DOI: 10.1080/21552851.2021.1956980
Noguchi Masayoshi 1 , Takashi Kitaura 2 , Yuta Sumi 3 , Yasuhiro Shimizu 4
Affiliation  

ABSTRACT

Japan’s financial reporting system during the 1930s is an essential analytical subject as it provides an indispensable opportunity for scholars to identify the determinants of financial reporting practice adopted in an unregulated disclosure setting. This study examines the claim that the number of items disclosed in the income statement produced by Japanese heavy chemical companies during this period was materially affected by the period’s national economic policy put in place to rationalise the sector through business combinations. To test this proposition, we conduct an ordered logit analysis using 1651 panel data sets consisting of income statements issued by 104 industrial companies available from the Integrated Database of Corporate Historical Materials provided by the Japan Digital Archives Center (J-DAC). Our evidence suggests the possibility that an inherent motivation existed on the part of the owner-managers in the heavy chemical industry to withhold performance information from the public as a consequence of the business combination movement promoted by the National Industrial Rationalization initiative. One possible explanation is the desire of the corporate managers to protect their dominant position from hostile takeovers by providing less-transparent information and thus amplifying the uncertainty associated with acquisitions.



中文翻译:

1930 年代日本的公司治理及其对财务报告实践的影响

摘要

1930 年代日本的财务报告制度是一个重要的分析主题,因为它为学者们提供了一个不可或缺的机会来确定在不受监管的披露环境中采用的财务报告实践的决定因素。本研究调查了这样一种说法,即日本重化公司在此期间产生的损益表中披露的项目数量受到了该期间通过业务合并使该部门合理化的国家经济政策的重大影响。为了验证这一命题,我们使用 1651 个面板数据集进行了有序对数分析,这些数据集由 104 家工业公司发布的损益表组成,这些数据集来自日本数字档案中心 (J-DAC) 提供的企业历史资料综合数据库。我们的证据表明,由于国家工业合理化倡议推动的企业合并运动,重化工行业的所有者经理可能存在内在动机不向公众公开绩效信息。一种可能的解释是,公司管理者希望通过提供不透明的信息来保护其主导地位免受恶意收购,从而放大与收购相关的不确定性。

更新日期:2021-09-06
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