We empirically examine firms’ myopic behaviors of inflating current earnings at the expense of long-term earnings by comparing Japanese listed with unlisted firms. We find that listed firms are more likely to engage in earnings management than unlisted firms. We also find that firms are more...

We provide the first large sample comparison of investment by Japanese listed and unlisted public firms. We show that listed firms invest more and have greater sensitivity to investment opportunities than comparable unlisted companies. Our findings suggest that the role of listing in alleviating...

We provide the first large sample comparison of investment by Japanese listed and unlisted public firms. We show that listed firms invest more and have greater sensitivity to investment opportunities than comparable unlisted companies. Our findings suggest that the role of listing in alleviating...