セキ　コレヨシ   SEKI Koreyoshi   積　惟美    所属   経営学部 経営学科    職種   講師
言語種別	英語
発行・発表の年月	2017
形態種別	論文その他
標題	Discretion in the Deferred Tax Valuation Allowance and Its Impact on Firms' Dividend Payouts
執筆形態	共著
掲載誌名	MIC Working Paper Series
掲載区分	国内
巻・号・頁	209
概要	Prior studies document that firms manage earnings by exercising discretion in valuing deferred tax assets. Drawing from a hand-collected sample of more than 10,000 firm-year observations of Japanese listed firms, we extend the literature by focusing on dividend policy as a motive to manage earnings. We test whether and how firms exercise discretion in valuation allowance account for deferred tax assets in order to manage earnings. We find that discretionary changes in the valuation allowance are related to dividends, particularly among firms that favor increased and stable dividends. We also find that firms likely establish lower valuation allowance when pre-managed earnings and distributable profits fall short of levels needed to maintain dividends. We provide new evidence of dividend-based earnings management and the economic consequences of using managerial estimates as measurement inputs.