Kyushu University Academic Staff Educational and Research Activities Database
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Konari Uchida Last modified date:2018.04.10

Professor / Fields in Economic Analysis and Policy
Department of Economic Engineering
Faculty of Economics

Graduate School
Undergraduate School

Academic Degree
Ph.D. of Economics
Field of Specialization
Corporate Finance
Research Interests
  • Empirical corporate finance
    keyword : Capital structure; corporate financing; Dividend policy; Private debt restructuring
  • Empirical corporate governance
    keyword : Corporate governance; Corporate boards; Corporate ownership structure; Managerial compensation; Mergers and acquisitions
  • Corporate social responsibility and capital markets
    keyword : Corporate social responsibility; Socially responsible investments; Firm value
Current and Past Project
  • Investment behaviors and performance of venture capital: With focus on Japan and Korea
Academic Activities
1. Sabri Boubaker, Duc Khuong Nguyen, Sabri Boubaker and Duc Khuong Nguyen (eds.) Corporate Governance in Emerging Markets, Springer, Yuyang Zhang, Konari Uchida, and Hua Bu, Regional Legal Protection and Earnings Management: Evidence from China, pp.133-155, 2014.04, [URL].
2. Narjess Boubakri, Jean-Calude Cosset (eds.), Institutional Investors in Global Capital Markets (International Finance Review Vol. 12), Emerald Publishing, Yuhua Li, Konari Uchida, "Divestment of foreign strategic investment in China's banking sector: causes and consequences", 83-110, 2011.12, [URL].
3. Xiuping Sun, Jim Stewat, and David Pollard (eds.), Corporate Governance and Global Financial Crisis, Cambridge University Press, Chunyan Liu, Jianlei Liu, and Konari Uchida, "Do independent boards effectively monitor management? Evidence from Japan during the financial crisis", 188-214., 2011.07, [URL].
4. Akinori Tomohara, Molly Sherlock (eds.), Financial Crisis in the Global Bubble Economy, NOVA Science Publishers, Daisuke Nogata, Konari Uchida, and Hiroshi Moriyasu, "Corporate governance and stock price performance during the financial crisis: Evidence from Japan", 43-73, 2011.10, [URL].
5. Corporate Finance.
6. Pauline V. Urlacher (eds.), New Issues in Corporate Governance, NOVA Science Publishers, (Konari Uchida, "Managerial ownership, debt, and firm performance in Japan," 129-142), 2008.02.
1. Liping Dong,Konari Uchida,Xiaohong Hou, Are future capital gain opportunities important in the market for corporate control? Evidence from China, Journal of Corporate Finance, 10.1016/j.jcorpfin.2017.10.006, 2017.12, [URL].
2. Shinya Shinozaki, Hiroshi Moriyasu, Konari Uchida, Shareholder Composition and Managerial Compensation, Journal of Financial and Quantitative Analysis,, 51, 5, 1719-1738, 2016.10, [URL].
3. Yong Huang, Konari Uchida, Daolin Zha, Market timing of seasoned equity offerings with long regulative process, Journal of Corporate Finance, 10.1016/j.jcorpfin.2016.05.001, 39, 278-294, 2016.08, [URL].
4. Jianlei Liu, Konari Uchida, Ruidong Gao, Earnings management of IPO companies: Evidence from regulation changes in China, Accounting and Finance, 10.1111/acfi.12006, 54, 2, 505-537, 2014.06, [URL], Discretionary current accruals of Chinese initial public offering (IPO) firms decreased after the abolition of fixed-price offering systems that directly linked offering price to reported earnings. Results suggest IPO firms that decrease managerial ownership manage earnings upward during the fixed-price offering period, but this relationship disappeared after the introduction of a book-building system. We also find that bank debt is negatively related to discretionary current accruals during the fixed-price offering period, but no relation exists for the book-building period. Leverage has a significant positive relationship with earnings management. However, this finding is potentially attributable to nonoffering price objectives or endogeneity biases..
5. Liping Dong, Konari Uchida, Xiaohong Hou, Block trade targets in China, Journal of Corporate Finance,, 25, 188-201, 2014.04, [URL], 本論文は、中国の企業支配権取引について、どのような企業がターゲットになるのかを分析している。分析の結果、非流通株改革の前においては、発行済株式に占める非流通株式の割合がターゲットになる確率に正の影響を与えていた。さらに、株主の集中度、役員持株比率、企業規模がターゲットになる確率に負の影響を与えるとともに、フリーキャッシュフローの大きさがターゲットになる確率に正の影響を与えていた。また、非流通株改革の前では、買い手が非常に高いプレミアムを支払っていた。しかしながら、非流通株改革以降は、企業支配権取引のコストが大幅に上昇し、その頻度が大幅に下落した。これらの結果は、非流通株改革前において、中国の買収企業は収益性の高い取引によるキャピタルゲインではなく、私的便益を追求していたことを示している。.
6. Jianlei Liu, Konari Uchida, Ruidong Gao, Legal protection and underpricing of IPOs: Evidence from China, Pacific-Basin Finance Journal, 10.1016/j.pacfin.2014.02.006, 27, 163-187, 2014.04, [URL].
7. Chunyan Liu, Konari Uchida, Yufeng Yang, Controlling shareholder, Split-share structure reform and cash dividend payments in China, International Review of Economics and Finance, 10.1016/j.iref.2013.06.008, 29, 339-357, 2014.01, [URL], We investigated the relationship between changes in cash dividend payments, non-public tradable shares, and the percentage ownership of the controlling shareholder in Chinese firms before and after the Split-share structure reform. We found a significant reduction in cash dividends before and after the reform. Importantly, the reduction in cash dividends is significantly related to the reduction in the largest shareholder’s ownership; however, it is not associated with the decline in non-publicly tradable shares. These results suggest Chinese controlling shareholders’ preference for cash dividends is attributable to the inherent illiquidity of their shares rather than non-tradability of shares..
8. Yue Sun, Konari Uchida, Mamoru Matsumoto, The dark side of independent venture capitalists: Evidence from Japan, Pacific-Basin Finance Journal,, 24, 279-300, 2013.09, [URL], Using Japanese firms that went public during the period 1998–2006, we find that independent venture capitalist-backed IPO firms are significantly younger and smaller than IPO companies backed by venture capital firms that are subsidiaries of financial institutions. IPOs backed by independent venture capitalists also tend to use less reputable underwriters and go public on stock exchanges with less strict listing requirements due to their immaturity. Young and small IPO companies experience significantly greater underpricing and poorer long-term operating performance. Taken all together, independent venture capitalists make lower quality companies go public than finance-affiliated venture capitalists..
9. Yuyang Zhang, Konari Uchida, Hua Bu, How do accounting standards and insiders' incentives affect earnings management? Evidence from China, Emerging Markets Review,, 16, 78-99, 2013.09, [URL].
10. Jianlei Liu, Konari Uchida, Ruidong Gao, Political connections and the long-term stock performance of Chinese IPOs, Journal of International Financial Markets, Institutions, & Money,, 22, 4, 814-833, 2012.10, [URL], We analyze the long-term stock performance of Chinese initial public offerings (IPOs) between the years of 2000 and 2007. The results reveal that firms with political connections experience better long-term stock performance. Our results suggest that the abolition of the Issuance Quota System and Channel Restriction System has a negative influence on the long-term performance of IPOs. This evidence is consistent with the view that local government officials are likely to select politically connected companies to go public..
11. Naohisa Goto, Konari Uchida, How do banks resolve firms' financial distress? Evidence from Japan, Review of Quantitative Finance and Accounting, 10.1007/s11156-011-0235-2, Vol. 38, No. 4, 455-478, 2012.04, [URL].
12. Chunyan Liu, Konari Uchida, Yufeng Yang, Corporate governance and firm value during the global financial crisis: Evidence from China, International Review of Financial Analysis, 10.1016/j.irfa.2011.11.002, Vol. 21, 70-80, 2012.01, [URL].
13. Konari Uchida, Does corporate board downsizing increase shareholder value? Evidence from Japan, International Review of Economics and Finance, 10.1016/j.iref.2010.10.003 , 20, 4, 562-573, 2011.10, [URL].
14. Daisuke Nogata, Konari Uchida, and Naohisa Goto, Is corporate governance important for regulated firms' shareholders? Evidence from Japanese mergers and acquisitions, Journal of Economics and Business, 10.1016/j.jeconbus.2010.08.002 , 63, 1, 46-68, 2011.01, [URL].
15. Kotaro Inoue, Konari Uchida, and Marc Bremer, Post-restructuring performance in Japan, Pacific-Basin Finance Journal, 10.1016/j.pacfin.2010.07.001 , 18, 5, 494-508, 2010.11, [URL].
16. Konari Uchida, The characteristics of online investors, Journal of Behavioral Finance, Vol.7. pp.168-177, 2006.11, [URL].
17. Konari Uchida, Determinants of stock option use by Japanese companies, Review of Financial Economics, Vol. 15, pp.251-269, 2006.09, [URL].
1. Konari Uchida, Market Timing in Private Placements of Equity., University of Rhode Island Finance Seminar, 2017.10, [URL].
2. Konari Uchida, Market Timing in Private Placements of Equity , Financial Management Association, 2017.10.
3. Konari Uchida, Are Future Capital Gain Opportunities Important in the Market for CorporateControl? Evidence from China, Darla Moore School of Business - Hitotsubashi University Second International Conference on Corporate Finance: Governments, Corporate Governance and Corporate Policies, 2017.08, [URL].
4. Konari Uchida, Are Future Capital Gain Opportunities Important in the Market for Corporate Control? Evidence from China, Midwest Finance Association, 2015.03, [URL].
5. Shinya Shinozaki, Hiroshi Moriyasu, Konari Uchida, Why Firms Adopt Good Governance Practices? Evidence from Stock Option Adoptions in Japan, Asian Finance Association, 2014.06, ストックオプションは日本ではそれほど多く利用されていない。その中において、役員及びarms-length な投資家(安定株主・支配株主)の持株比率が大きい企業ほどストックオプションを採用する確率が高い(低い)。ストックオプション導入企業は導入前後において同業企業に比べて独立取締役を多く採用しており、配当を多く支払う傾向にある。これらの結果は、ストックオプション導入企業は、arms-length な株主からの好ましいコーポレートガバナンス採用の要求に答えるためにストックオプションを導入しており、同時に他の面でも好ましいガバナンス慣行に従おうとしていることを示している。近年の日本の株式市場では、arms-length な株主、安定株主、支配株主が混在しており、そのことがストックオプションがある程度採用されつつも、広くは採用されないという状況を生み出している。.
6. Shinya Shinozaki, Konari Uchida, Ownership Structure, Tax Regime, and Dividend Smoothing: International Evidence, Financial Management Association, 2014.10.
7. The Dark Side of Independent Venture Capitalists: Evidence from Japan , [URL].
8. Capital structure and earnings management of IPO companies: Evidence from China, [URL].
9. The Dark Side of Independent Venture Capitalists: Evidence from Japan , [URL].
10. Do stock option rewards increase dividend payments? New evidence from Japan, [URL].
11. Bank soundness, stock return, and loan supply during the global financial crisis: Evidence from Japan, [URL].
12. Internal corporate governance mechanisms and foreign investors: Evidence from Japanese IPO firms, [URL].
13. Corporate governance reforms in Japan: Empirical evidence.
14. Is corporate governance important for regulated firms' shareholders? Evidence from Japanese mergers and acquisitions, [URL].
15. Reduction in bank ownership and firm performance: Evidence from Japan, [URL].
16. Corporate governance and mergers and acquisitions.
17. How do banks resolve firms' financial distress? Evidence from Japan.
Membership in Academic Society
  • Nippon Finance Association
  • Japan Finance Association