東京證券交易所鼓勵企業發布盈餘預測，日本金融商品交易法也強制企業在預見重大變動時修正先前所發布之盈餘預測。本研究以2005年至2019年之東京證券交易所上市公司為研究對象，旨在探討於強制性盈餘預測修正的環境之中，企業揭露品質與經理人能力之關聯。
本研究採用盈餘預測修正次數多寡和是否於最後一刻修正盈餘預測（會計年度結束後至發布下一年度盈餘預測之間）作為衡量企業揭露品質的指標。實證結果發現，經理人能力越佳，越有可能多次修正盈餘預測，同時也越有可能在最後一刻修正盈餘預測。

Listing firms in Japan are strongly encouraged by the Tokyo Stock Exchange to provide next year’s management earnings forecasts. Once forecasts are issued, firms are required by the Financial Instruments and Exchange Act to immediately revise previous issued forecasts when they foresee any significant changes in earnings. Using data from firms listed in the Tokyo Stock Exchange from 2005 to 2019, I investigate the association between disclosure quality and managerial ability where the management earnings forecasts revisions are mandatory.
I use two measures as proxies for the firm’s disclosure quality: (1) how often a firm revises its previous earnings forecasts; and (2) whether a firm issues last minute revisions between the end of fiscal year and the announcement of its earnings forecasts for the next fiscal year. The results show that firms with higher managerial ability are more likely to provide frequent revisions to their earnings forecasts, and are also more likely to revise earnings forecasts at the last minute.

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