The Usefulness of Current Cost Accounting from the Perspective of View on the Operating Capacity of the Firm Capital Maintenance Concept
山田 哲弘五十川 陽
76 , 2018-02-28
In this paper, we examined the relationship current cost accounting and the operating capacity of the firm capital maintenance. The operating capacity of the firm capital maintenance is the concept of capital of current cost accounting, which had been discussed mainly by Gynther. We use Tobin’s q as a proxy of the operating capacity of the firm capital maintenance, and rotation period of inventory assets and tangible fixed assets as a proxy of the influence of the holding gain. Our results indicate that not consistents with Gynther’s predictions, Tobin’s q became large in a phase where the holding gain became large. Gynther did not consider dividend policy. Therefore, we focuse on the firm’s dividend policy and investigate additional tests. As a result, it became clear that firms with large holding gain tend to not to pay dividends. Therefore, we retested the subsamples of the dividend firms and the undeployed firms. The result indicates that Gynther’s prediction is not denied for the subsample of the dividend firms.