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YOSHIDA Kazuo

    Graduate School of Economics Department of Management　Professor
Contact： yoshidaecon.nagoya-cu.ac.jp
Last Updated :2025/04/29

Researcher Information

URL

Research funding number

  • 30240279

J-Global ID

Research Interests

  • Empirical Analysis   Accounting Information   Pension Accounting   

Research Areas

  • Humanities & social sciences / Accounting / Financial Statement Analysis
  • Humanities & social sciences / Accounting / Financial Accounting

Academic & Professional Experience

  • 2018/04 - Today  Nagoya City UniversityVice President
  • 2006/02 - Today  Nagoya City UniversityGraduate School of EconomicsProfessor
  • 2018/04 - 2022/03  Nagoya City UniversityGraduate School of EconomicsDean
  • 2014/04 - 2018/03  Nagoya City UniversityGraduate School of EconomicsVice Dean
  • 1996/10 - 2006/01  Nagoya City UniversityFaculty of EconomicsAssistant Professor
  • 2000/03 - 2000/03  Universityof New South Wales, AustraliaSchool of Banking and FinanceVisiting Researcher
  • 1994/10 - 1996/09  Hirosaki UniversityFaculty of Humanities and Social SciencesAssistant Professor
  • 1993/10 - 1994/09  Tulane University, U.S.A.Freeman Business SchoolVisiting Researcher
  • 1992/04 - 1994/09  Hirosaki UniversityFaculty of Humanities and Social SciencesLecturer
  • 1991/04 - 1992/03  Hirosaki UniversityFaculty of Humanities and Social SciencesAssistant

Education

  • 1987/04 - 1989/03  Nagoya City University  Graduate School of Economics  Master Course
  • 1983/04 - 1987/03  Nagoya City University  Faculty of Economics  Department of Economics

Association Memberships

  • Asia Pacific Risk and Insurance Association   Society for the Economic Studies of Securities   The Japanese Association for Research in Disclosure   Japan Finance Association   Japan Accounting Association   

Published Papers

Books etc

  • 巨大災害のディスクロージャーと資本市場
    薄井彰編 (Contributor第９章)白桃書房 2024 9784561362111
  • 財務情報の信頼性
    友杉芳正; 田中弘; 佐藤倫正編 (Contributor第V部第2章)税務経理協会 2008 9784419051679 264 224-235
  • 現代のディスクロージャー
    柴健次; 須田一幸; 薄井彰編 (Contributor第27章)中央経済社 2008 9784502289507 625 565-581
  • 退職給付会計情報の分析
    K. Yoshida (Single work)中央経済社 2008 9784502286506
  • 実証会計学
    石塚博司編 (Contributor第12章)中央経済社 2006 4502267600 444 227-242

Conference Activities & Talks

  • The Empirical Determinants of Defined Contribution Pension Plans in Japan  [Not invited]
    Y. Horiba
    Asia-Pacific Conference on Economics and Finance (in Singapore)  2019/07
  • わが国における業績予想修正情報と利益調整行動の関係  [Not invited]
    棚橋則子
    日本ディスクロージャー研究学会第13回全国大会特別プロジェクト最終報告（東京経営短期大学）  2016/05
  • 東日本大震災と信用リスクの分析  [Not invited]
    吉田和生
    日本ディスクロージャー研究学会第７回全国大会特別プロジェクト中間報告（福島学院大学）  2013/05
  • Advent of a New Japanese Corporate Pension System  [Not invited]
    Y. Horiba
    International Conference on Economics and Finance (in Izmir)  2012/04
  • 震災後の会計情報と経営者行動について－退職給付会計の即時認識を中心として－  [Not invited]
    吉田和生
    日本ディスクロージャー研究学会第４回全国大会統一論題（日本大学）  2012/01
  • Determinants of Defined-Contribution Japanese Corporate Pension System  [Not invited]
    Y. Horiba
    Oxford Business and Economics Conference (Oxford University)  2010/06
  • 確定拠出年金制度の導入と報告利益管理行動  [Not invited]
    吉田和生
    日本会計研究学会第122回中部部会統一論題（名古屋商科大学）  2009/12
  • 退職給付会計における期待運用収益率の分析  [Not invited]
    吉田和生
    日本会計研究学会第67回全国大会自由論題（立教大学）  2008/09
  • 確定拠出年金制度とキャッシュバランスプランの導入要因  [Not invited]
    吉田和生
    ディスクロージャー研究学会第２回研究カンファレンス（早稲田大学）  2008/07
  • Determinants of Defined-Contribution Japanese Corporate Pension Plans  [Not invited]
    Y. Horiba
    4th Global Conference on Business and Economics (Oxford University)  2005/06
  • 財務上の特約と積立不足の償却  [Not invited]
    吉田和生
    日本経営財務研究学会西日本部会（名古屋市立大学）  2004/06
  • 新年金会計基準の導入と経営者行動－積立不足の償却要因ー  [Not invited]
    吉田和生
    日本会計研究学会第62回全国大会自由論題（近畿大学）  2003/09
  • S E C 基準による企業年金情報と株価の分析  [Invited]
    吉田和生
    M P T フォーラム（東洋経済新報社）  2000/10
  • アナリスト予想と長期株式リターン－ＥＢＯモデルを通して－  [Not invited]
    奥村雅史; 吉田和生
    日本会計研究学会第93回中部部会（四日市大学）  2000/04
  • The Valuation of Reported Pension Measures for Firms Sponsoring Defined Benefit Plans in Japan  [Not invited]
    K. Yoshida
    The Weekly Seminar at University of New South Wales (in Sydney)  2000/03
  • 日本の退職金制度と会計情報  [Not invited]
    吉田和生
    第３回日中経済学術交流会議北京大会（中国社会科学院日本研究所）  1999/10
  • Japanese Corporate Pension Plans and the Impact on Stock Prices  [Not invited]
    K. Yoshida
    The Third Annual Conference of the Asia Pacific Risk and Insurance Association (in Hong Kong)  1999/07
  • 企業年金債務と株価の分析－S E C 基準情報を中心として－  [Not invited]
    吉田和生
    日本ファイナンス学会第７回全国大会（青山学院大学）  1999/06
  • 自動車グループの会計政策－連結会計制度の導入において－  [Not invited]
    吉田和生
    第２回日中経済学術交流会議名古屋大会（名古屋市立大学）  1998/10
  • 企業年金情報と株価の分析－積立不足とＭＭ理論－  [Not invited]
    吉田和生
    日本会計研究学会第57回全国大会自由論題（明治学院大学）  1998/09
  • 企業年金債務の要因分析  [Not invited]
    吉田和生
    日本会計研究学会第87回中部部会（中部大学）  1998/05
  • 企業年金制度の積立不足と株価の分析  [Not invited]
    吉田和生
    日本経営財務研究学会第21回全国大会統一論題（名古屋学院大学）  1997/10
  • 企業年金情報の開示に関する分析  [Not invited]
    河野俊作; 吉田和生
    日本経営分析研究学会第13回秋季大会（名古屋市立大学）  1997/10
  • わが国における企業年金制度の積立てと株式価値の分析  [Not invited]
    吉田和生
    第49回証券問題懇談会（名古屋証券取引所）  1997/03
  • The Determinants of Japanese Corporate Pensions Adoption  [Not invited]
    Y. Horiba
    The Fall 1994 Meeting of Southern Japan Seminar (in Florida)  1994/10
  • 役員退職慰労引当金と企業の支配形態  [Not invited]
    吉田和生
    日本会計研究学会第39回東北部会（東北学院大学）  1991/11
  • 企業年金の財務意思決定と労働組合  [Not invited]
    吉田和生
    日本経営財務研究学会第13回全国大会自由論題（早稲田大学）  1989/10

Research Grants & Projects

  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 2023/04 -2027/03 
    Author : Kazuo Yoshida
  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 2020/04 -2024/03 
    Author : K. Yoshida; N. Kabeya
     
    令和3年度はデータの整理及び分析を開始した。4年前に行った分析結果である拙稿（「退職給付会計における遅延認識の検証－費用平準化と価値関連性について－」2018年、Working Paper）を発展して、（2002年3月～2013年3月）に加えて（2014年3月～2021年3月）の分析期間に拡張して分析を行った。また、拙稿（2018）では回帰係数の有意性をWhite（1981）で評価していたが、Petersen（2009）に倣いTwo-Wayクラスター頑健方法を採用した。 分析した事項は次の3つの検証課題である。検証課題1：遅延認識会計の影響を明らかにするため、両会計（遅延認識と即時認識）における未認識債務に関連する費用データの時系列特徴について調査する。検証課題2：未認識債務の償却費用が期待収益率、割引率や償却年数の選択によって影響を受けているか否か確認する。検証課題3：遅延認識と即時認識における退職給付会計情報について企業価値との関連性を比較する。 令和3年度においては、検証課題1及び検証課題2について分析を行った。2013年3月以前と2014年3月以後の分析結果は同様であった。すなわち、遅延認識の費用は変動が抑えられており、即時認識の費用は変動が大きくなっている。また、遅延認識の費用は期待収益率や割挽率といった経営者の選択から影響を受けているが、即時認識の費用は影響を受けていない。令和4年度においては検証課題3（価値関連性）について分析を行うとともに、研究全体をまとめる予定である。
  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 2017/04 -2020/03 
    Author : K. Yoshida; N. Kabeya
     
    This paper is based on a detailed examination of the comprehensive set of Japanese corporations listed on the Tokyo Stock Exchange as to the factors that led to their decision to adopt a DC plan during the period 2001-2015. The covariates examined are a mix of financial and labor organizational factors including the employment size, the extent of the existing DB underfunding liabilities, operational profit, firm-wide average age of the employees, job turn-over rate and so on. Rigorous statistical testing is performed with the use of the multivariate, time-varying Cox proportional hazard model to explain the relevance of each proffered hypothesis. The result reveals a starkly different outcome in contrast with empirical findings reported in the literature focusing mainly on U.S. corporate behavior. Our findings point to the relevance of several unique aspects and features of Japanese regulations as well as business practices in explaining the Japanese corporate DC adoption decision.
  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 2012/04 -2016/03 
    Author : K. Yoshida
     
    This research analyzed the corporate activity relevant to the instant recognition in pension accounting. As a result of analysis, in order to suppress the influence of instant recognition, the firm has changed the investment policy of pension assets or the discount rate. The firm with many unrecognized liabilities has coped with instant recognition, and is carrying out discretionary behaviour. Particularly, the firm with many pension assets has shifted to bond investment, and the firm with much working force has changed the discount rate more highly. However, it is not shown that revision of these accounting standards has drawn adoption of a defined contribution pension plan.
  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 2009/04 -2012/03 
    Author : K. Yoshida
     
    This research focuses on all the choices about pension accounting and the earnings-management behaviour by a manager is analyzed comprehensively. The results of analysis show that the discretion in liabilities at the time of accounting-standards change is the largest and it is a core of earnings management. Moreover, in a good performance firm or a large-scale firm, discretionary pension expense tends to become large. These consistent with the anticipation about which it argues by the past precedence researches. Furthermore, as a result of analyzing relations with discretionary accrual by the Jones type model, it is connected with each item of discretionary pension expense. We may be able to extract reported-earnings management behaviour by adding pension accounting information.
  • 確定拠出年金制度の導入と経営者の利益操作
    公益財団法人 野村財団：学術振興野村基金 研究助成
    Date (from‐to) : 2009 -2009 
    Author : K. Yoshida
  • 日本学術振興会：科学研究費補助金
    Date (from‐to) : 2005 -2007 
    Author : Y. Tomosugi; 吉田和生
     
    The aim of this special committee is to identify the function of "quality of earnings" and "quality of audit" in the reliability of accounting and auditing, which are seriously affected by the recent accounting and auditing scandals in Japan. The relation among the three positions is 1) corporate management who creates and releases financial information in accordance with the accounting standards, 2) investors who receive and use it and 3) auditors who assess it as the independent party. This research project is constructed by the three perspectives ; the research on the relation between the reliability of financial information and the reliability of auditing, the theoretical research on the reliability of financial information, and the empirical research on the reliability of financial information We analyzed the concept of "the reliability of financial information". Although IASB/FASB joint project for the conceptual framework seems to replace the word, "reliability" by "faithful representation", we explained the structure of reliability of financial information and the reliability in terms of measurement and communication in accounting. We researched about the need for reviewing the quality control of auditing and internal control of accounting firms, and clarified whether the accounting scandals and window dressings were caused by the defect of the risk-based approach in auditing or by the lack of independence and professional ethics. And, we sent out the questionnaire to 1,636 companies listed at the Tokyo Stock Exchange, in order to figure out the present situation of the belief or understanding of the Japanese people in practice.
  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 2003/04 -2006/03 
    Author : K. Yoshida; Y. Horiba
     
    The passage of the 2001 Corporate Pension Legislations in the Japanese Diet (Parliament) has introduced voluntary defined contribution (DC) pension plans for the first time in the Japanese corporate pension system. The paper is motivated to assess the empirical determinants of the initial decision by Japanese corporations to adopt DC plan. The explanatory variables we examine are a)the firm size in terms of the number of employees, b)cumulative pension assets in the existing defined benefit (DB) plans, c)the extent of under-funding of the firm' s existing DS plans, d)the firm' s leverage (debt/asset ratio) in its capital structure, e)profitability of the firm, f)average wages paid by the firm, g)the extent of unionization, h)the average age of workers, and i)the job turnover rate of the industry to which the firm belongs. We employ the logit model for the estimation, assessing the probability of the initial adoption on the basis of these variables. The key findings are that the likelihood of adopting DC plan increases with an increase in the firm size, as well as with an increase in the profitability of the firm, the amount of existing DB pension benefits accumulated per employee, and the firm' s debt/asset ratio. In addition, the likelihood of adopting DC plan declines with an increase in under-funding of the existing DB plan, as well as with an increase in the average age of employees. We find that it is mainly large, profitable corporations with substantial accumulated DB obligations that are offering new DC plans, in sharp contrast to the American corporate incidence of DC pension.
  • 会計ビッグバンと企業行動－名古屋の企業分析－
    シキシマ学術・文化振興財団：研究助成
    Date (from‐to) : 2004 -2004 
    Author : K. Yoshida
  • わが国における確定拠出制度導入の分析
    一般社団法人 信託協会：信託研究奨励金
    Date (from‐to) : 2003 -2003 
    Author : Y. Horiba
  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 2000/04 -2002/03 
    Author : M. Okumura; K. Yoshida
     
    By analyzing the Japanese firm data, we investigated the theoretical measures that were firm values calculated by inputting the accounting figures into the Ohlson model. First, in the viewpoint of difference of posited assumptions, extant empirical models based on the Ohlson model were surveyed, and we presented a new empirical model incorporating 'the residual income dynamics' additionally. Next, we calculated several theoretical measures of every sample firm by using surveyed empirical models, and examined. (1) Value relevance analysis and (2) Investment performance analysis about those measures. (1) We examined the correlation between the theoretical values and stock prices. Book value of net assets was relatively higher correlation than the theoretical measures in both cases of consolidated accounting data and parent-only accounting data, that was different from the result by Frankel and Lee (1998 and 1999, henceforth FL). The theoretical measures using analysts' earnings forecasts had higher value relevance than those using actual earnings, and we found incorporating 'the residual income dynamics' into the Ohlson model improved the value relevance. (2) The ability of the theoretical measure to predict future stock returns was analyzed. Our result showed that the ability of the theoretical measures was worse than Book to Market ratio for overall period. This result was not the same as FL, and we found only the result for the 1994-1995 sub-period was consistent with FL. Our sample periods included the bubble and post-bubble period, therefore we thought the results may be strongly effected by economic conditions.
  • わが国企業への退職給付の会計基準の影響に関する実態調査
    産業経営研究所：産業経営動向調査
    Date (from‐to) : 2000 -2001 
    Author : A. Imafuku
  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 1996/04 -1999/03 
    Author : Y. Hoshino; K. Yoshida
     
    This paper aims to examine reasons and incentives for Japanese firms' choice in accounting methods and the process of it, and to propose the economic and accounting implication behind their accounting choice. To construct the research hypothesis, the Japanese and the U.S.papers related to accounting policies were explored and some problems in the existing hypotheses were found before the 1998 year. In the last year, namely 1998, accounting methods for securities held in the firm and allowances for retirement payment are hand-selected from the financial statements as for the stock crush year of 1990 and the four later year of 1994, and the accounting discretionary behavior of Japanese firms are descriptively analyzed. Although the final empirical test is ongoing, corporate manager are expected to manage the accounting accrual, that are the difference between cash flows and reported income numbers, and manipulate the reported income. The result of the empirical tests support the earnings management hypothesis suggesting that corporate managers make income-decreasing accruals. In addition to providing evidence that corporate managers manage earnings, the results of this study may prove useful to accounting researchers.
  • 企業年金制度の採用と株価の分析
    公益財団法人 野村財団：学術振興野村基金 国際交流助成
    Date (from‐to) : 1999 -1999 
    Author : K. Yoshida

Teaching Experience

  • Medical AccountingMedical Accounting Nagoya City University
  • Financial Statement Analysis(Advance)Financial Statement Analysis(Advance) Nagoya City University
  • Book Keeping(Basic)Book Keeping(Basic) Aichi University
  • Corporate FinanceCorporate Finance Aichi University
  • Financial Statement AnalysisFinancial Statement Analysis Nagoya City University
  • Financial AccountingFinancial Accounting Nagoya City University

Committee Membership

  • 2018/09 - Today   Japan Accounting Association   Editor, Accounting Progress
  • 2011/01 - Today   The Japanese Accounting Review   Editor
  • 2021/09 -2024/08   Japan Accounting Association   Director
  • 2019/04 -2024/03   The Accounting and Economic Association of Japan   Vice President
  • 2010/06 -2019/03   The Japanese Association for Research in Disclosure   Executive Director
  • 2016/05 -2018/03   The Japanese Association for Research in Disclosure   Chair, Award Nomination Committee
  • 2013/10 -2016/09   Japan Finance Association   Audit
  • 2013/01 -2014/12   Japan Finance Association   Editor
  • 2010/06 -2012/03   The Japanese Association for Research in Disclosure   Chief Editor
  • 2004/10 -2010/09   Japan Finance Association   Coordinator
  • 2009/01 -2010/05   The Japanese Association for Research in Disclosure   Chief Editor
  • 2003/01 -2010/05   The Japanese Association for Research in Disclosure   Executive Director
  • 2007/01 -2008/12   Japan Finance Association   Editor
  • 2006/01 -2008/12   The Japanese Association for Research in Disclosure   Vice President
  • 2001/06 -2005/07   Society for the Economic Studies of Securities   Editor

Social Contribution

  • 豊川市民病院 新改革プラン評価委員
    Date (from-to) : 2018/10-Today
    Role : Advisor
  • 名古屋市信用保証協会外部評価委員
    Date (from-to) : 2019/06-2024/12
    Role : Advisor
  • 名古屋市資産評価プロポーザル評価委員
    Date (from-to) : 2019/06-2019/09
    Role : Others
  • 名古屋国際センター経営戦略計画進行管理部会員
    Date (from-to) : 2011/07-2012/03
    Role : Advisor
    Category : Others
    Sponser, Organizer, Publisher  : 名古屋国際センター
    名古屋国際センター 当該センターの経営戦略計画に関する検討・評価
  • 名古屋市外郭団体経営検討委員
    Date (from-to) : 2009/07/01-2011/03/31
    Role : Advisor
    Category : Others
    Sponser, Organizer, Publisher  : 名古屋市
    名古屋市役所及び当該外郭団体 名古屋市外郭団体の経営戦略・方針に関する検討
  • 名古屋市教育委員会教員免許状更新講習
    Date (from-to) : 2009/08/25-2009/08/25
    Role : Lecturer
    Category : Qualification seminar
    Sponser, Organizer, Publisher  : 名古屋市教育委員会
    名古屋市立大学滝子キャンパス 教員免許状更新に係る講習
  • 名古屋市外郭団体経営評価委員
    Date (from-to) : 2006/05/01-2009/03/31
    Role : Advisor
    Category : Others
    Sponser, Organizer, Publisher  : 名古屋市
    名古屋市役所及び当該外郭団体 名古屋市外郭団体の経営評価

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