The Avoidance of Lease On-Balance and the Economic Consequences

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  • リース取引のオンバランス化回避行動とその経済的帰結
  • リース トリヒキ ノ オンバランスカ カイヒ コウドウ ト ソノ ケイザイテキ キケツ

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This paper examines whether the change in accounting for lease influences risk assessments of investors using data from Japanese firm. The results show that firms avoiding lease on-balance, defined as decreasing finance lease and increasing operating lease, are negatively assessed by investors in terms of risk. This negative impact is salient when the firms’ leverage level is higher before the avoidance behavior. This paper suggests that negative economic consequence occurs when firms avoid lease on-balance.

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