Kyushu University Academic Staff Educational and Research Activities Database
List of Papers
Konari Uchida Last modified date:2019.11.23

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


Papers
1. Jianlei Liu, Konari Uchida, Yuan Li, Provincial economic performance and underpricing of IPOs: Evidence from political interventions in China, Economic Modelling, https://doi.org/10.1016/j.econmod.2019.09.055, Forthcoming, 2019.10, [URL].
2. Hocheol Nam, Konari Uchida, Accounts payable and firm value: International evidence, Journal of Banking and Finance, https://doi.org/10.1016/j.jbankfin.2019.03.010, 102, 116-137, 2019.04, [URL].
3. Pengda Fan, Konari Uchida, Credit crunch and timing of initial public offerings, Pacific Basin Finance Journal, 10.1016/j.pacfin.2018.09.003, 53, 22-39, 2019.02.
4. Elizabeth Marie Motta,Konari Uchida, Institutional investors, corporate social responsibility, and stock price performance, Journal of the Japanese and International Economies, 10.1016/j.jjie.2017.12.002, 47, 91-102, 2018.03, [URL].
5. 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].
6. Yue Sun, Konari Uchida, The Role of Bank-Affiliated Venture Capital for Parent Banks in Japan: New Evidence, Asia-Pacific Journal of Financial Studies, 10.1111/ajfs.12155, 45, 6, 864-885, 2016.12, [URL].
7. Shinya Shinozaki, Hiroshi Moriyasu, Konari Uchida, Shareholder Composition and Managerial Compensation, Journal of Financial and Quantitative Analysis, 10.1017/S0022109016000636, 51, 5, 1719-1738, 2016.10.
8. 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].
9. Yuhua Li, Konari Uchida, Tongsheng Xu, Zhaoyang Wu, The Impact of Foreign Entry on Chinese Banks, Review of Development Economics, 10.1111/rode.12219, 20, 1, 74-86, 2016.02, [URL].
10. 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].
11. 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].
12. Liping Dong, Konari Uchida, Xiaohong Hou, Block trade targets in China, Journal of Corporate Finance, 10.1016/j.jcorpfin.2013.12.001, 25, 188-201, 2014.04.
13. 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].
14. Yuyang Zhang, Konari Uchida, Hua Bu, How do accounting standards and insiders' incentives affect earnings management? Evidence from China, Emerging Markets Review, 10.1016/j.ememar.2013.04.002, 16, 78-99, 2013.09, Chinese listed companies recently experienced two important institutional changes: split share structure reform (SSSR) and the mandatory adoption of IFRS-convergent new accounting standards (NAS). We find that the introduction of NAS significantly increased earnings management. Although we do not find evidence that SSSR directly decreased earnings management of the average firm, the increase in earnings management surrounding the introduction of NAS is negatively related to the reduction in non-tradable shares. These results suggest that accounting standards are the more important factor associated with the level of earnings management. Insiders' incentives affect earnings management given a specific set of accounting standards..
15. Yue Sun, Konari Uchida, Mamoru Matsumoto, The dark side of independent venture capitalists
Evidence from Japan, Pacific Basin Finance Journal, 10.1016/j.pacfin.2013.02.001, 24, 279-300, 2013.09, 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..
16. Jianlei Liu, Konari Uchida, Ruidong Gao, Political connections and the long-term stock performance of Chinese IPOs, Journal of International Financial Markets, Institutions, & Money, http://dx.doi.org/10.1016/j.intfin.2012.05.005, 22, 4, 814-833, 2012.10, [URL].
17. Determinants of board independence and its effect on firm performance.
18. 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].
19. 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].
20. 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, Japanese firms that have traditionally had large boards have recently become subject to pressures for small boards. This study shows that Japanese firms that substantially decreased board size tended to adopt an officer system and so did not substantially decrease the size of the management team (executive officers and directors). This tendency is especially evident for high-performing firms that face less information asymmetry. Japanese firms endogenously choose the change in the management team size when downsizing their boards. Firms that downsize boards do not show performance improvements, suggesting that board downsizing does not necessarily raise shareholder value..
21. How does regulation affect corporate governance?.
22. Shinya Shinozaki and Konari Uchida, Private benefits and board size: International evidence, Corporate Board: Roles, Duties, and Composition, Vol. 7, Issue 1, 109-124, 2011.05.
23. Daisuke Nogata, Konari Uchida, 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, This paper compares the reaction of bidders' stock prices to acquisition announcements by regulated non-financial firms, banks, and unregulated companies in Japan. Results suggest that regulated non-financial firms do not experience a significant stock price response at merger and acquisition (M&A) announcements, although banks' and unregulated firms' M&A announcements are regarded favorably by the stock market. Furthermore, the effect of stock option usage and strict boards on the stock price response is weak for regulated non-financial bidders. The results provide additional evidence that regulation results in managerial decisions' having less influence on shareholder wealth and thereby changes the firm's optimal governance structure. In contrast, the results provide no clear evidence that, for bank bidders, there is a significantly stronger or weaker relationship between governance and the stock price response to an M&A announcement than that of unregulated firms or regulated non-financial firms. The result does not support the view that regulatory monitoring weakens the effect of ordinary governance mechanisms..
24. Kotaro Inoue, Konari Uchida, Marc Bremer, Post-restructuring performance in Japan, Pacific Basin Finance Journal, 10.1016/j.pacfin.2010.07.001, 18, 5, 494-508, 2010.11, Peek and Rosengren (2005) showed that after the end of the bubble economy era in Japan, regulatory forbearance and perverse incentives allowed Japanese banks to engage extensively in "evergreening". Inoue et al. (2008) also showed that, compared to out-of-court settlements in the United States, agreements on out-of-court restructuring are attained more easily in Japan. However, widespread forbearance by banks and affiliated companies in addressing the needs of distressed firms indicated a serious weakness of banks and affiliated companies in instituting discipline. This is the first empirical study to examine the performance of Japanese firms that experienced out-of-court restructuring in Japan from January 1990, when the bubble economy burst, to March 2005, when the Koizumi Cabinet declared the bad debt problems of major firms to be resolved. Our results show that important biases permitted deeply unprofitable firms to survive in Japan. This finding is similar to research by Hotchkiss (1995), who analyzed post-restructuring performance in the United States. We also find that out-of-court restructurings of troubled firms in Japan were less effective in improving profitability than restructurings under Chapter 11 in the United States. However, we find that restructurings associated with new capital injections and new outside management are more likely to lead to genuine improvement in financial performance..
25. Bank shareholders and corporate governance.
26. Konari Uchida, Does corporate board downsizing increase shareholder value? Evidence from Japan, The Present Situation and Problems of East Asian Economy (Proceedings of the 4th Joint Conference of Kyushu University, Renmin University of China and Nanjing University), 69-93, 2009.11.
27. Financial and risk characteristics of stocks included in SRI funds.
28. Konari Uchida, The characteristics of online investors, Journal of Behavioral Finance, Vol.7. pp.168-177, 2006.11, [URL].
29. Konari Uchida and Mamoru Matsumoto, Ownership structure and operating performance changes surrounding stock option adoptions: Evidence from Japan, Corporate Ownership & Control, vol. 4, 10-23 , 2006.11.
30. Konari Uchida and Peng Xu, US barbarians at the Japan Gate: Cross border hedge fund activism, Collection of Conference Papers (The All China Economics International Conference 2007) , 2007.12.
31. Konari Uchida, Determinants of stock option use by Japanese companies, Review of Financial Economics, 10.1016/j.rfe.2005.08.001, 15, 3, 251-269, 2006.08, Japanese data show a negative relation between leverage and the probability of firms' use of stock options. Such a relation is more marked for firms affiliated with specific keiretsu or main banks. This evidence reflects the fact that Japanese companies are more reliant on debt financing and that the agency cost of debt is a central issue in corporate governance. Results show that the frequency of the firms' use of stock options is positively associated with firm size. Finally, independent firms, which reveal more concern about shareholder wealth, are more likely to use stock options..