Abstract

To prove the direct/indirect effects of the working conditions on stock value, we analyzed the direct effects of the working conditions on stock value, and if there is a difference on a accounting information’s relevance of stock price as the difference of working conditions. For working conditions, wage, tenure of office, and the rate of permanent position have used. To prove this, the study period is from 2011 to 2015, and analyzed 2,272 companies/yearly stock market listed company as a sample. The major analysis results of the study are；firstly, as the result of the analysis about the direct influence of working condition on stock value, it represented that the stock value gets higher as the wage gets high or tenure of office gets long. However, the influence of the rate of permanent position on stock value is none. Secondly, as the result of the analysis about the influence of working conditions on the account information‘s relevance of stock price, it represented that only net assets‘ relevance of stock price gets higher, as the wage gets high and the abnormal earning‘s relevance of stock price gets higher, as tenure of office and the rate of permanent position gets high. Finally, as the result about the influences of more than 2 working conditions on accounting information‘s relevance of stock value at the same time, both abnormal earnings and net assets‘ relevance of stock values are high, when wage is high and tenure of office is long at the same time. For the other cases, only abnormal earning‘s relevance of stock price is high. Showing that there is a direct influence of wage and tenure of office on the stock value and there is a difference on the account information‘s relevance of stock price as the difference of working conditions, it has a meaning on showing influence of working conditions on stock value decision.

Keywords

• working conditions
• wage
• tenure of office
• the rate of permanent position
• stock value

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