The reason for performing the announcement on the same day and other companies

In listed companies the majority of the end of March closing of Japan, there is a duty to make the earnings announcement in mid-May, but many companies have made a presentation on the same day. For example, in fiscal 2010, has been to about 3% of the company May 14 announcement of the TSE of the end of March settlement companies.

TSE has requested to be "me more dispersed", but does not have the ears to hear the side of the companies, companies that make the earnings announcement to concentrate date has been increasing year by year. Intensive day that was about 200 companies in fiscal 2006, fiscal 2010, I was increased to 508 companies. This trend is the same in the Osaka Securities Exchange, announced company of intensive day of fiscal 2010, seems unprecedented.

Why would carry out the earnings announcement on the same day as the other companies? The reason is, it will be due to the fact that the lower the degree of attention from the media and shareholders.

In response to the earnings announcement "sales decreased cause" but of the "should be cost-cutting?" Incurred in the defense been pursued as it is, it is extremely troublesome for companies. But it is possible to match the other large companies and financial results announcement date, you will be able to deceive the media of the eye, even a little. Cause intensive date occurs, is also a manifestation of conservative and backward idea of such companies.

It is also, why similar financial results of most companies is the end of March tighten. Individual employer has stipulated rules and submission (tax return) at the end of March of the end of December tightening, but corporation is free to attempt to what month tightening.

Still reason that more than 80% of Japanese corporations is at the end of March financial results, it is possible to carry out a tax return together at the same time, it is said that because they expect that the tax office check is sweet. Because you are limited tax office labor of, because relatively but in time that vacant hand are expected to be checked carefully if I submit a settlement, the end of March tightening of companies too much to huge, in-house it is because they expect that the tax office of the eye is not Ikitodoka.

Also the shareholders' meeting is to focus on the same day, it is the same reason. In particular, since until '90 stand late had Nosaba~tsu is "racketeers", there was a aim of trying to avoid the onslaught of racketeers by to other companies the same day.

In recent years, although racketeers of business-as-usual seems almost destroyed, "activist shareholder (Activities Fund)" instead because now pose a request to the company at the shareholders' meeting, eventually shareholders meeting specific day tendency to focus on is not much changed.