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Do public account financial statements matter? Evidence from Japanese municipalities |
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| Institution: | 1. Department of Economics, Jahangirnagar University, Bangladesh;2. Global Development Institute, The University of Manchester, UK;3. United Nations University -World Institute for Development Economics Research, Finland;1. ISDC – International Security and Development Center, Auguststr. 89, 10117, Berlin, DE, Germany;2. Pforzheim University, Tiefenbronner Straße 65, 75175, Pforzheim, DE, Germany;1. Keio University, 2-15-45 Mita, Minato-ku, Tokyo 1088345, Japan;2. Nagoya University, Furocho, Chikusaku, Nagoya 4648601, Japan |
| Abstract: | Many governments are introducing business-like accounting systems. This paper examines the fiscal effects of compiling business-like financial statements on the expenditures of local governments in Japan as a complement to cash-based reporting. Using the variation in the deadlines for compiling new statements given by the central government in a difference-in-differences instrumental variable approach, we found that business-like financial statements have limited effects on municipalities’ expenditures but have short-run effects on social assistance expenses. This might be a part of the reconstruction of their expenditure structure. |
| Keywords: | Accounting standard Financial statement Expenditure Difference-in-differences with instrumental variables |
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