THE IMPACT OF CORPORATE GOVERNANCE ON THE MANAGEMENT FORECASTS ACCURACY OF COMPANIES IN BANKRUPTCY IN JAPAN

被引：0

作者：

Enomoto, Takuma ^{[1
]}

Tsubouchi, Ryuta ^{[1
]}

Feng, Ling ^{[1
]}

机构：

[1] Tokyo Univ Sci, Grad Sch Sci & Technol, Chiba 2788510, Japan

来源：

ICIM'2016: PROCEEDINGS OF THE 13TH INTERNATIONAL CONFERENCE ON INDUSTRIAL MANAGEMENT | 2016年

关键词：

Management forecasts accuracy; Corporate governance; Characteristics of management forecasts; Asymmetry of information;

D O I：

暂无

中图分类号：

T [工业技术];

学科分类号：

08 ;

摘要：

Management forecasts incorporating information that cannot be known externally include discretionary information held by management. The role of corporate governance is regarded as critical by the movement to mitigate the asymmetric nature of information given to investors. This paper focused on management forecasts of bankrupt companies that were considered to be excessively optimistic and conducted an analysis to clarify the existence of corporate governance thought to influence the accuracy of those forecasts. A multiple regression analysis was conducted to investigate the impact of corporate governance on the management forecasts accuracy at bankrupt companies. The results of this analysis showed a trend toward increased accuracy of management forecasts when financial institutions and major shareholders were involved in corporate governance. Financial institutions, such as banks, and major shareholders provide financing to, and invest in, corporations and are thus thought to increase their surveillance of companies that are on the verge of bankruptcy.

引用

页码：416 / 424

页数：9