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030 Department Bulletin Papers = 本学紀要論文
*Hitotsubashi journal of commerce and management
Vol. 57, no. 1 (Oct. 2023)
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Identifier to cite or link to this item: https://doi.org/10.15057/28854
Identifier to cite or link to this item: https://hdl.handle.net/10086/28854
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Title
IMPACT OF FAIR VALUE MEASUREMENT ON CORPORATE INVESTMENT: OTHER COMPREHENSIVE INCOME
Creator
Creator Name
SUZUKI, TOMOHIRO
SUZUKI, TOMOHIRO
Affiliation
Affiliation Name
Asia University
Creator Name
KOCHIYAMA, TAKUMA
KOCHIYAMA, TAKUMA
河内山, 拓磨
河内山, 拓磨
Affiliation
Affiliation Name
Hitotsubashi University
Key Word
fair value measurement
comprehensive income
investment
JEL
G31
M41
Abstract
Fair value measurement (FVM) has been criticized for its pro-cyclical effect, especially during the financial crisis of 2008. In this study, we extend the concept of pro-cyclicality to business firms and explore whether and how such FVM affects corporate investment. Specifically, we use other comprehensive income (OCI) as an aggregated metric of fair value adjustments and regard this as a potential financing constraint on investment. In a sample of Japanese listed firms, we find that negative OCI ̶ in particular, negative OCI on foreign currency translations ̶ results in lower capital investment. Moreover, we report that a decline in foreign currency translations is more likely to inhibit a firmʼs over-investment rather than to encourage under-investment. Overall, our findings suggest that FVM provides timely and useful information to managers in terms of their investment decision-making.
Description
Topics: Financial Accounting, Corporate Finance
Publisher
Hitotsubashi University
Issued Date
2017-10
Language
English(eng)
Resource Type
departmental bulletin paper
Version Type
VoR
selfDOI
10.15057/28854
ISSN
0018-2796
NCID
AA00207536
Source Title
Hitotsubashi journal of commerce and management
Volume Number
51
Issue Number
1
Page Start
17
Page End
37
Appears in Collections
Vol. 51, no. 1 (Oct. 2017)
URL
https://hdl.handle.net/10086/28854
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