Faculty of Economics

本川 勝啓

モトカワ カツヒロ  (Motokawa Katsuhiro)

基本情報

所属
学習院大学 経済学部 経営学科 教授
学位
京都大学博士(経済学)

J-GLOBAL ID
201601004868039808
researchmap会員ID
B000256723

研究キーワード

 2

論文

 3
  • 本川 勝啓
    Journal of Financial Reporting and Accounting 13(2) 159-178 2015年  査読有り
  • 本川 勝啓
    The Kyoto Economic Review 83(1-2) 2-26 2014年  査読有り
    This study focuses on the impact of nonfi nancial intellectual capital (IC) information on investor decisions. There are three types of IC-namely, human capital (HC), structural capital (SC), and relational capital (RC). IC is becoming an increasingly important resource for companies, and so IC information-besides that provided in fi nancial statements-should play an important role in serving as complementary data. Japan is one of only a few countries to have introduced guidelines for the disclosure of IC information. Using the large amount of IC information available in Japan, we study the information provided in annual reports and standalone IC reports that adhere to these guidelines. The objective of this study is to determine whether the voluntary disclosure of IC had a material impact on the capital market and equity analysts between 2004 and 2006-and, if so, whether it was favorable for investors and managers. We found evidence that the use of all three categories of IC information leads to a lower cost of capital. These fi ndings imply that all three types of IC information should be disclosed together in order to reduce information asymmetry.

共同研究・競争的資金等の研究課題

 2