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SHIMADA　Yoshinori
Business AdministrationAssociate Professor
Economics

Researcher information

■ Degree
  • Ph.D (Business Administration), Kobe University
    Mar. 2012
■ Field Of Study
  • Humanities & social sciences, Accounting
■ Career
  • Apr. 2019 - Present
  • Apr. 2016 - Mar. 2019, Tokyo University of Science
  • Apr. 2014 - Mar. 2016, Iwate University, Faculty of Humanities and Social Sciences
  • Apr. 2012 - Mar. 2014, Japan Society for the Promotion of Science
  • Apr. 2009 - Mar. 2012, Japan Society for the Promotion of Science

Performance information

■ Paper
  • Does increased information disclosed in audit reports lead to a lower cost of capital? Evidence from Japan
    Hu Dan Semba; Yoshinori Shimada
    Journal of Financial Reporting and Accounting, First page：1, Last page：36, Aug. 2026, [Reviewed]
    Purpose

    This study aims to investigate the economic consequences of increased information disclosure from the disclosure of key audit matters (KAMs) in audit reports, particularly on firms’ cost of capital (measured as the implied cost of equity). This study also examines the relationship between KAMs and the cost of capital for early-adopting firms. This study examines the regulatory impact by comparing the “voluntary early adoption” group with the “mandatory adoption (non-early adopters)” group. This study further explores how firm size affects the relationship between KAMs and the cost of capital.

    Design/methodology/approach

    Leveraging a unique data set of Japanese listed firms, this study uses pooled ordinary least squares regression with year- and industry-fixed effects and propensity score matching as robustness checks to test differences between early and non-early KAMs adopters concerning the economic consequences of implementing KAMs in audit reports.

    Findings

    The results indicate that the mandatory application of KAMs is associated with an increase in the cost of capital but not uniformly across different firms. An increase was observed in both non-early adopters and smaller firms.

    Originality/value

    By using a unique KAMs implementation in Japan, this study investigates the economic impact of voluntary early versus non-early adopters and how the relationship between KAMs and the cost of capital varies across different firm sizes and attempts to discuss the results theoretically. These findings provide valuable insights for regulators, highlighting the importance of gradual mandatory implementation of KAMs, especially for small firms and firms that did not participate in voluntary early adoption.
    Emerald, Scientific journal
    DOI：https://doi.org/10.1108/jfra-10-2025-0883
    DOI ID：10.1108/jfra-10-2025-0883, ISSN：1985-2517, eISSN：2042-5856
  • The role of financial reporting quality and quantity in government procurement: evidence from Japanese tenders
    Yoshinori Shimada
    Journal of Public Procurement, First page：1, Last page：37, Jan. 2026, [Reviewed], [Corresponding]
    Purpose

    This study aims to examine how financial reporting quantity and quality relate to government procurement outcomes in Japan. Grounded in transaction cost economics and principal–agent theory, it examines whether disclosure enhances contract success in competitive tenders and whether political connections substitute for formal transparency.

    Design/methodology/approach

    Using Japanese procurement data (2020 and 2021), this study uses probit, ordinary least squares, tobit regressions to examine disclosure effects. The dataset comprises 4,955 firm-years of listed companies winning 6,870 central government tenders sourced from JETRO. It distinguishes competitive from non-competitive tenders and conducts sub-sample analyses by political connection. Endogeneity is addressed using instrumental variables and propensity score matching as robustness checks.

    Findings

    Firms with greater quantity and higher-quality reporting are more likely to win contracts in competitive tenders. No such effect is found in non-competitive tenders. Political connections weaken the disclosure–procurement link, indicating a substitution effect. These results highlight the role of formal transparency under institutional constraints.

    Social implications

    Enhancing financial reporting transparency can improve fairness and efficiency in public procurement by reducing agency costs. The findings underscore the risks posed by political influence, suggesting the need for regulatory reforms. Disclosure-based competition may broaden contract access and strengthen public trust.

    Originality/value

    This study offers novel insights by integrating tender competition and political connection into the analysis of financial reporting in public procurement. It extends prior work by demonstrating how institutional context shapes the informational value of disclosure. The findings inform both corporate strategy and procurement reform, advocating transparency in politically influenced contracting environments.
    Emerald, Scientific journal
    DOI：https://doi.org/10.1108/jopp-03-2025-0019
    DOI ID：10.1108/jopp-03-2025-0019, ISSN：1535-0118, eISSN：2150-6930
  • 不確実性下における自社株買いによるEPS調整行動　　　　　　　　　　　　　　　
    島田佳憲
    Volume：59, Number：6, First page：32, Last page：44, 2021, [Invited], [Corresponding]
  • Voluntary disclosure of investment forecasts and the cost of capital: evidence from the treatment effect estimates model
    Yoshinori Shimada
    Asia-Pacific Journal of Accounting and Economics, Volume：27, Number：4, First page：472, Last page：489, Sep. 2018, [Reviewed], [Corresponding]
    Informa UK Limited, Scientific journal
    DOI：https://doi.org/10.1080/16081625.2018.1517050
    DOI ID：10.1080/16081625.2018.1517050, ISSN：1608-1625, eISSN：2164-2257
  • 自社株買いの発表に対する株価反応はレバレッジ効果で説明できるか？　　　　　　　　　　　　　　　
    譚鵬; 島田佳憲; 榊原茂樹
    Volume：63, Number：2, First page：61, Last page：100, 2015
  • 利益目標達成と研究開発費の裁量行動—前期利益目標未達と当期研究開発費による利益調整の関連性—　　　　　　　　　　　　　　　
    島田佳憲
    Number：創刊, First page：106, Last page：126, 2014, [Corresponding]
  • 日本のM&Aと株式市場の評価　　　　　　　　　　　　　　　
    與三野禎倫; 島田佳憲
    Volume：203, Number：6, First page：47, Last page：66, 2011
  • 企業の持続的発展と非財務情報の開示のあり方−知的資産情報を中心として−　　　　　　　　　　　　　　　
    古賀智敏; 姚俊; 島田佳憲
    Volume：71, Number：1, First page：13, Last page：26, 2011
  • 自社株買い公表前における利益数値制御に関する実証研究　　　　　　　　　　　　　　　
    島田佳憲
    Volume：31, Number：2, First page：76, Last page：92, 2011, [Reviewed], [Corresponding]
  • 企業価値評価と合併・買収に関する資本市場の影響分析　　　　　　　　　　　　　　　
    與三野禎倫; 島田佳憲
    Volume：198, Number：3, First page：63, Last page：78, 2008
■ MISC
  • 政府規制時における企業・規制当局の対応　　　　　　　　　　　　　　　
    Volume：75, Number：12, Dec. 2023
  • 企業の政治的つながりと財務報告・監査との関係　　　　　　　　　　　　　　　
    Volume：75, Number：11, Nov. 2023
  • 経営イノベーション・メジャーへの招待　　　　　　　　　　　　　　　
    島田佳憲
    Number：163, First page：21, Last page：30, Mar. 2021
  • 上場企業のリース取引の決定因子　　　　　　　　　　　　　　　
    島田佳憲
    Mar. 2017
  • 学会ルポ・日本会計研究学会第74回大会　　　　　　　　　　　　　　　
    島田佳憲
    Volume：67, Number：12, Dec. 2015
■ Books and other publications
■ Lectures, oral presentations, etc.
  • 監査報告書における開示情報の増加と資本コストに関する研究　　　　　　　　　　　　　　　
    仙場胡丹; 島田佳憲
    Sep. 2026
  • Research on Expanded Information in Audit Reports　　　　　　　　　　　　　　　
    Hu Dan Semba; Yoshinori Shimada
    American Accounting Association 2025 Annual Meeting, Aug. 2025
  • Lease Accounting Standard-Setting Process and Corporate Political Activities in Japan　　　　　　　　　　　　　　　
    Yoshinori Shimada
    European Accounting Association 47th Annual Congress, May 2025
    共同研究・競争的資金等ID：48287557
  • 企業情報開示と企業統治　　　　　　　　　　　　　　　
    島田佳憲
    Nov. 2024
  • Effect of Political Connection on Financial Performance and Firm Value in Japan　　　　　　　　　　　　　　　
    Yoshinori Shimada
    European Accounting Association 45th Annual Congress, May 2023
    共同研究・競争的資金等ID：48287554
  • Market Reaction to Financial Performance Announcement by Politically Connected Firms　　　　　　　　　　　　　　　
    島田佳憲
    Sep. 2022
  • Political Connection and Management Forecast Disclosure　　　　　　　　　　　　　　　
    島田佳憲
    Sep. 2019
  • The Effects of Environmental Protection Activities on Corporate Tax Avoidance in Japan　　　　　　　　　　　　　　　
    Hiroshi Ohnuma; Yoshinori Shimada
    European Accounting Association 41st Annual Congress, May 2018
  • Management Forecast Quality, the Cost of Equity Capital and Corporate Governance in Japan　　　　　　　　　　　　　　　
    Yoshinori Shimada
    European Accounting Association 41st Annual Congress, May 2018
  • Share Repurchase Announcements together with Earnings Forecast Revisions and Long-term Stock Performance　　　　　　　　　　　　　　　
    Yoshinori Shimada
    29th Asian-Pacific Conference on International Accounting Issues, Nov. 2017
  • 環境保全コストが租税負担回避行動に与える影響　　　　　　　　　　　　　　　
    大沼宏; 島田佳憲
    Sep. 2017
  • Association among Investment Forecast Quality, the Implied Cost of Equity Capital, and Corporate Governance: Evidence from Japan　　　　　　　　　　　　　　　
    Yoshinori Shimada
    American Accounting Association 2016 Annual Meeting, Aug. 2016
  • Investment Forecast Disclosure and the Cost of Capital: Evidence from the Treatment Effect Estimations　　　　　　　　　　　　　　　
    Yoshinori Shimada
    27th Asian-Pacific Conference on International Accounting Issues, Nov. 2015
  • 投資に関する予想情報の精度，コーポレート・ガバナンス，内在株主資本コストの関連性　　　　　　　　　　　　　　　
    島田佳憲
    Oct. 2015
  • Value-relevance of Investment Forecasts and Reliability of Forecast Information　　　　　　　　　　　　　　　
    Yoshinori Shimada
    European Accounting Association 38th Annual Congress, May 2015
  • 投資予想情報の価値関連性に関する実証的研究　　　　　　　　　　　　　　　
    島田佳憲
    Sep. 2014
  • The Managerial Earnings Manipulation of R&D Expenditures to Avoid Consecutively Missing Earnings Targets: Evidence from Japan　　　　　　　　　　　　　　　
    Yoshinori Shimada
    Asia-Pacific Interdisciplinary Research in Accounting Conference 2013, Nov. 2013
  • R&D予想と将来業績の関連性について　　　　　　　　　　　　　　　
    島田佳憲
    Sep. 2013
  • The Managerial Earnings Manipulation of R&D Expenditures to Avoid Consecutively Missing Earnings Targets: Evidence from Japan　　　　　　　　　　　　　　　
    Yoshinori Shimada
    Asia-Pacific Interdisciplinary Research in Accounting Conference 2013, Jul. 2013
  • 重複上場企業に対する資本市場の評価　　　　　　　　　　　　　　　
    島田佳憲
    Mar. 2012
  • 自社株買い公表前の経営者の利益数値制御と資本市場の評価　　　　　　　　　　　　　　　
    島田佳憲
    Sep. 2011
  • Post-stock Performance of Bailout Acquisitions in Japan: A One Decade Experience　　　　　　　　　　　　　　　
    Tadanori Yosano; Yoshinori Shimada
    European Accounting Association 34th Annual Congress, Apr. 2011
  • Testing the Pecking Order, Method-of-Payment, Financial Slack, and Misvaluation Hypotheses for Tender Offers: Evidence from Japan　　　　　　　　　　　　　　　
    Tadanori Yosano; Yoshinori Shimada
    Financial Management Association, 2010 Annual Meeting, Jun. 2010
  • Market Reaction to Accounting Policy Choices of Mergers and Acquisitions in Japan　　　　　　　　　　　　　　　
    Tadanori Yosano; Yoshinori Shimada
    European Accounting Association 33rd Annual Congress, May 2010
  • Cross-sectional Stock Re turns on Fundamental Values vs. Market Value in Mergers and Acquisitions: Evidence from Japan　　　　　　　　　　　　　　　
    Tadanori Yosano; Yoshinori Shimada
    European Accounting Association 32nd Annual Congress, Apr. 2009
  • Market Reaction to Accounting Policy Choices of Mergers and Acquisitions in Japan　　　　　　　　　　　　　　　
    Tadanori Yosano; Yoshinori Shimada
    Asian Academic Accounting Association 9th Annual Conference, Nov. 2008
■ Research projects
  • 会計基準設定過程における企業の政治的活動および会計行動に関する実証的研究　　　　　　　　　　　　　　　
    Apr. 2024 - Mar. 2028
    Grant amount(Total)：3900000, Direct funding：3000000, Indirect funding：900000
    Grant number：24K05198
    講演・口頭発表等ID：51820071
  • 企業と政治の関わりが財務報告に及ぼす影響とその経済的帰結に関する実証研究　　　　　　　　　　　　　　　
    Apr. 2021 - Mar. 2024
    Grant amount(Total)：3640000, Direct funding：2800000, Indirect funding：840000
    Grant number：21K01778
    講演・口頭発表等ID：51820260
  • Empirical Research on an Association between the Quality of Investment Forecasts and Corporate Governance　　　　　　　　　　　　　　　
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Young Scientists (B), Apr. 2016 - Mar. 2022
    Shimada Yoshinori
    Grant amount(Total)：3900000, Direct funding：3000000, Indirect funding：900000
    This research project aims to examine the economic roles of investment forecasts issued by managers. The followings are revealed in this research project. First, firms that issue management investment forecasts can enjoy a lower implied cost of capital than firms that do not. Second, the institutional ownership improves the quality of management investment forecasts, whereas the board ownership declines that. Finally, firms with the higher quality management investment forecasts carry out investment projects more efficiently.
    Grant number：16K17204
  • An Empirical Study on the Usefulness of Investment Forecasts　　　　　　　　　　　　　　　
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Research Activity Start-up, Aug. 2014 - Mar. 2016
    SHIMADA Yoshinori, Iwate University
    Grant amount(Total)：2340000, Direct funding：1800000, Indirect funding：540000
    This study focuses on investment forecast information. I empirically examine (1) the value-relevance of investment forecasts, (2)the disclosure effect of investment forecasts, and (3) the association between the quality of investment forecasts and its economic consequences.
    Empirical analyses show the following results. (1) The future change in investment forecasts is positively related to the stock prices and investment forecast information is value-relevant. (2) Firms initiating investment forecast disclosure can enjoy a lower cost of equity capital than firms that do not disclose. (3) For firms with characteristics to enhance the reliability of future investment, investment forecasts are more value-relevant, and high-quality of investment forecasts are negatively related to the cost of equity capital when the corporate governance system is likely to be poorly built.
    Grant number：26885004
  • Exploratory Research on Corporate Innovation and the Measurement and Disclosure of Human Capital　　　　　　　　　　　　　　　
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Challenging Exploratory Research, Apr. 2014 - Mar. 2016
    KOGA Chitoshi; SHIMANAGA Kazuyuki; YAO Jun; SHIMADA Yoshinori
    Grant amount(Total)：3510000, Direct funding：2700000, Indirect funding：810000
    This project consists of three researches: (1) interdisciplinary research on the measurement and management control of human capital as one of the core factors of innovation; (2) empirical research on human capital indicator and firm innovation; (3) international comparative research on human capital information based financing.
    Research (1) reveals how intangibles information such as human capital information can be used in management control and decision making process, for example the new budgeting model based on psychological and behavioral research in management accounting. Research (2) tries to address the association between KPIs on human capital and firm innovation. Research (3) suggests that the reporting media for human capital information should be dependent on the level of firm size.
    Grant number：26590083
  • IFRS導入と会計利益の質に関する実証的研究　　　　　　　　　　　　　　　
    Apr. 2012 - Mar. 2014
    Grant amount(Total)：2200000, Direct funding：2200000
    Grant number：12J06029
  • 自己株式を利用した企業の資本政策および財務報告制度に関する理論的・実証的研究　　　　　　　　　　　　　　　
    Apr. 2009 - Mar. 2012
    Grant amount(Total)：1200000, Direct funding：1200000
    Grant number：09J04599
  • 自社株買いと会計情報　　　　　　　　　　　　　　　
    2012
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