Updated on 2025/05/05

写真a

 
KOCHIYAMA, Takuma
 
Affiliation
Faculty of Commerce, School of Commerce
Job title
Associate Professor
Homepage URL
https://sites.google.com/view/takuma-kochiyama/english

Research Experience

  • 2025.04
    -
    Now

    Waseda University   School of Commerce, Faculty of Commerce   Associate Professor

  • 2019.04
    -
    2025.03

    Hitotsubashi University   Faculty of Commerce and Management Graduate School of Business Administration   Associate Professor

  • 2019.04
    -
    2025.03

    Hitotsubashi University   Graduate School of Business Administration Graduate School of Business Administration   Associate Professor

  • 2018.04
    -
    2019.03

    Hitotsubashi University   Graduate School of Business Administration   Assistant Professor

  • 2017.04
    -
    2019.03

    Asia University   Faculty of Business Administration

  • 2017.04
    -
    2018.03

    Hitotsubashi University   Graduate School of Commerce and Management   Assistant Professor

  • 2014.04
    -
    2017.03

    Asia University   Faculty of Business Administration

  • 2011.12
    -
    2012.11

    The University of Oxford   Said Business School   Visiting Scholar

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Education Background

  • 2011.04
    -
    2014.03

    Hitotsubashi University   Graduate School of Commerce and Management  

  • 2009.04
    -
    2011.03

    Hitotsubashi University   Graduate School of Commerce and Management  

  • 2005.04
    -
    2009.03

    Hitotsubashi University   Faculty of Commerce  

Committee Memberships

  • 2024.04
    -
    Now

    The Accounting and Economic Association of Japan  Editorial Board Member of The Contemporary Disclosure Research

  • 2024.04
    -
    Now

    The Accounting and Economic Association of Japan  Director

  • 2021
    -
    Now

    日本インベスター・リレーションズ学会  理事

  • 2023.10
    -
    2029.09

    Science Council of Japan  Associate member

  • 2024.05
    -
    　

    The Accounting and Economic Association of Japan  Deputy Editor-in-Chief, Accounting Research Letters

  • 2018
    -
    2021

    日本会計研究学会  国際交流委員

  • 　
    -
    2021

    日本インベスター・リレーションズ学会  幹事

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Professional Memberships

  • 　
    　
    　

    The Accounting and Economic Association of Japan

  • 　
    　
    　

    The Accounting and Finance Association of Australia and New Zealand

  • 　
    　
    　

    American Accounting Association

  • 　
    　
    　

    日本経営財務研究学会

  • 　
    　
    　

    日本ディスクロージャー研究学会

  • 　
    　
    　

    日本インベスター・リレーションズ学会

  • 　
    　
    　

    European Accounting Association

  • 　
    　
    　

    日本会計研究学会

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Research Areas

  • Accounting / Business administration

Research Interests

  • Corporate Law

  • Corporate Finance

  • Financial Accounting

  • Accounting

Awards

  • 日本経済会計学会学会賞（著書の部）

    2020.12   日本経済会計学会  

  • 第61回日経・経済図書文化賞

    2018.11   日本経済新聞社・日本経済研究センター   財務制限条項の実態・影響・役割

  • Best Paper Award in the 6th International Accounting Conference

    2017.08   The International Accounting Conference   Determinants of Debt Covenants in Japanese Loan Markets: In Comparison with Its Main Bank System

Media Coverage

  • 金融庁が求めるコベナンツ開示 銀行反発，範囲が焦点に

    Newspaper, magazine

    Author： Other  

    日本経済新聞  

    日本経済新聞  

    2023.07

 

Papers

  • The Development of Debt Contract Research in Accounting

    Takuma Kochiyama

      77 ( 4 )  2025.03  [Invited]

    Authorship：Lead author, Corresponding author

  • How do bank lenders use borrowers’ financial statements? Evidence from a survey of Japanese banks

    Takuma Kochiyama, Ryosuke Nakamura, Akinobu Shuto

    Accounting and Business Research     1 - 33  2025.02  [Refereed]

    Authorship：Lead author

    DOI

  • The moderating effect of private information on the relation between financial reporting quality and corporate dividend efficiency

    Yasuharu Aoki, Takuma Kochiyama

    Accounting & Finance    2024.09  [Refereed]

    Authorship：Lead author, Corresponding author

    　View Summary

    Abstract

    We examine the effect of private information on the linkage between financial reporting quality and dividends. While prior studies show that better reporting quality mitigates agency problems regarding dividends, this effect can depend on capital suppliers' private information sources. In a sample of Japanese firms, we measure dividend efficiency regarding over‐ and underpayments and use unique main bank relationships as a proxy for private information. Reporting quality enhances dividend efficiency, and this linkage is observed only for firms without main bank relationships. The results suggest that high‐quality reporting streamlines dividends, particularly when capital suppliers do not have private information sources.

    DOI

  • The relative importance of accounting information and private information in loan contracts

    Ryosuke Nakamura, Takuma Kochiyama

    Accounting (Kaikei)   205 ( 3 ) 95 - 108  2024.03  [Invited]

  • Determinants of Consequences of Endorsement for the Task Force on Climate-Related Financial Disclosures (TCFD): Evidence from Japanese Listed Firms

    Souhei Ishida, Kunio Ito, Takuma Kochiyama

    Hitotsubashi Journal of Commerce and Management   57  2023.10

    Authorship：Corresponding author

  • Determinants of Analyst Coverage in Japanese Firms

    Takuma Kochiyama, Hiroki Nawata, Toshiki Shimizu

    Accounting (Kaikei)   204 ( 2 ) 197 - 211  2023.08  [Invited]

    Authorship：Lead author, Corresponding author

  • The Impact of Analyst Coverage on Management Forecast Accuracy

    Takuma Kochiyama, Makoto Nakano, Hiroki Nawata, Toshiki Shimizu

    SSRN Working Paper    2023.05

    Authorship：Lead author, Corresponding author

    DOI

  • Institutional shareholder services' proxy voting guidelines and ROE management

    Souhei Ishida, Takuma Kochiyama

    European Financial Management   30 ( 1 ) 375 - 402  2023.03  [Refereed]

    Authorship：Corresponding author

    　View Summary

    Abstract

    We examine the impact of the Institutional Shareholder Services (ISS) proxy voting guidelines on managers' opportunistic reporting behaviours. In February 2015, the ISS introduced a new advisory policy based on firms' return on equity (ROE) and started to issue negative recommendations for top executive election in firms whose past average and most recent ROE are lower than 5%. We find that managers are more likely to achieve the 5% ROE after implementing the policy, and they do so by discretionary activities. Our findings imply that accounting‐based guidelines issued by a proxy voting advisor can generate managers' incentives for opportunistic reporting.

    DOI

  • Do managers provide optimistic forecasts following debt covenant violations?

    Souhei Ishida, Kiyonori Iwata, Takuma Kochiyama, Ryosuke Nakamura

    SSRN Working Paper    2022.08

    Authorship：Corresponding author

  • An exploratory analysis on the fundamental determinants for asset impairment losses

    Mariko Mishiro, Takuma Kochiyama

    Kaikei (Accounting)   202 ( 7 ) 80 - 94  2022.07  [Invited]

  • Unnatural selection of outside directors: Consequences of Japanese corporate governance reforms

    Souhei Ishida, Takuma Kochiyama

    European Financial Management   29 ( 2 ) 487 - 516  2022.03  [Refereed]

    Authorship：Corresponding author

    DOI

  • Management Forecasting Ability and Predictive Ability of Dividend Changes for Future Earnings

    Hsihui Chang, Souhei Ishida, Takuma Kochiyama

    Journal of Accounting, Auditing & Finance   39 ( 1 ) 304 - 331  2021.12  [Refereed]

    Authorship：Corresponding author

    　View Summary

    We revisit the predictive ability of dividend changes for firms’ future earnings and extend the literature by examining the effect of management forecasting ability. Although prior studies have examined the relationship between dividend changes and future earnings, the empirical evidence is mixed. The belief that dividend changes have implications for future earnings depends on the assumption that managers can accurately assess future earnings prospects. In this regard, we posit that the predictive ability of dividends can vary with managers’ forecasting ability. Analyzing a large sample of Japanese dividend-paying firms, we find that dividend changes, particularly dividend increases, are positively associated with increases in future earnings. Consistent with our hypothesis, this positive association is more pronounced for firms with high-forecasting ability managers. Our findings support the signaling theory of dividend changes and indicate that management forecasting ability has a moderating effect on the linkage between firms’ dividend changes and future earnings.

    DOI

  • Are more able managers good future tellers? Learning from Japan

    Souhei Ishida, Takuma Kochiyama, Akinobu Shuto

    Journal of Accounting and Public Policy   40 ( 4 ) 106815 - 106815  2021.07  [Refereed]

    Authorship：Corresponding author

    DOI

  • 取締役選任に関する株主行動の実態と影響

    河内山拓磨, 岩田聖徳

    會計   199 ( 6 ) 649 - 663  2021.06  [Invited]

    Authorship：Lead author, Corresponding author

  • Debt covenants in Japanese loan markets: in comparison with the traditional relationship banking

    Takuma Kochiyama, Ryosuke Nakamura

    Accounting & Finance   61 ( 1 ) 305 - 334  2021.03  [Refereed]

    Authorship：Lead author, Corresponding author

    DOI

  • Evaluation of Managerial Ability in the Japanese Setting

    Hsihui Chang, Souhei Ishida, Takuma Kochiyama

    The Japanese Accounting Review   8 ( 1 ) 1 - 22  2018.12  [Refereed]

    Authorship：Corresponding author

    DOI

  • 経営者能力と財務的意思決定ー投資政策・株主還元政策・現金保有ー （共著）

    河内山拓磨, 石田惣平

    Working Paper Series No.222, Management and Innovation Research Center Hitotsubashi University    2018.06

  • 日本におけるガバナンス改革の「実質的」影響をめぐる実証分析 （共著）

    伊藤邦雄, 加賀谷哲之, 鈴木智大, 河内山拓磨

    一橋ビジネスレビュー    2017.12  [Invited]

  • 財務制限条項への抵触が企業の負債コストに及ぼす影響 （共著）

    河内山 拓磨, 中村 亮介

    経営財務研究   37 ( 1・2 ) 2 - 27  2017.12  [Refereed]

  • Impact of Fair Value Measurements on Corporate Investment: Other Comprehensive Income (jointly worked)

    Tomohiro Suzuki, Takuma Kochiyama

    Hitotsubashi Journal of Commerce and Management   51 ( 1 ) 17 - 37  2017.10

    DOI CiNii

  • 財務制限条項と利益調整－負債契約仮説の再検討－ （共著）

    河内山拓磨, 中村亮介

    會計   192 ( 3 ) 320 - 334  2017.09

  • Discretion in the Deferred Tax Valuation Allowance and Firms’ Dividend Policy: Evidence from Japan (jointly worked)

    Takuma Kochiyama, Koreyoshi Seki

    Proceedings of Asian-Pacific Conference on International Accounting Issues 28th Conference    2016.11  [Refereed]

  • 財務制限条項への抵触が企業の投資行動に及ぼす影響 （共著）

    河内山拓磨, 中村亮介

    インベスター・リレーションズ   ( 10 ) 33 - 52  2016.10  [Refereed]

  • ビジネスケース 雪国まいたけ～同族企業におけるガバナンスと課題～ （共著）

    河内山拓磨, 鈴木智大

    一橋ビジネスレビュー   64 ( 2 ) 160 - 175  2016.09

  • 財務制限条項への抵触の公表に対する株式市場の反応 （共著）

    河内山拓磨, 中村亮介

    會計   190 ( 2 ) 111 - 125  2016.08

  • International Financial Reporting Standards and Dividend Restrictions in Corporate Law : Cases of the United Kingdom and Australia

      51 ( 1・2 ) 49 - 67  2016.03  [Refereed]

    CiNii

  • 日米比較からみる財務制限条項の現状と課題 （共著）

    河内山拓磨, 中村亮介

    企業会計   67 ( 6 ) 61 - 67  2015.06

  • その他資本剰余金を原資とする配当の決定要因に関する実証分析

    河内山拓磨

    會計   187 ( 5 ) 104 - 118  2015.05

  • Violation of Debt Covenants and Payouts : An Empirical Study in Japan

      9 ( 1 ) 36 - 48  2014.05  [Refereed]

    CiNii

  • Does Comprehensive Income Influence Dividends? Empirical Evidence from Japan (jointly worked)

    Takuma Kochiyama, Kunio Ito

    International Perspectives on Accounting and Corporate Behavior (Book Chapter)    2014.03

  • 日本企業における財務制限条項の実態と役割 （共著）

    河内山拓磨, 中村亮介

    會計   184 ( 5 ) 101 - 113  2013.11

  • 個別財務諸表におけるIFRS自発的適用の国および企業レベルの決定要因

    河内山拓磨

    會計   184 ( 2 ) 112 - 125  2013.08

  • 倒産直前期における企業の配当行動と利益調整行動

    河内山拓磨

    日本企業研究のフロンティア   8   117 - 129  2012.03  [Refereed]

  • Economic Consequences of Fair Value Accounting and a Change in the Distribution Rule

    Takuma Kochiyama

    Working Paper, Center for Japanese Business Studies No.122    2011.05

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Books and Other Publications

  • Academic Evidence of Financial and Non-Financial Reporting

    ( Part： Joint editor)

    2025.01

  • 会計の再生：21世紀の投資家・経営者のための対話革命 （共訳）

    河内山拓磨( Part： Joint translator)

    中央経済社  2018.04 ISBN: 9784502240515

  • 財務制限条項の実態・影響・役割ー債務契約における会計情報の活用ー （共著）

    中村亮介, 河内山拓磨( Part： Joint author, 全文)

    中央経済社  2018.03 ISBN: 9784502250910

  • International Perspectives on Accounting and Corporate Behavior

    Takuma Kochiyama, Kunio Ito( Part： Contributor)

    Springer  2014.03

Presentations

  • Development of Debt Contract Research in Accounting

    Takuma Kochiyama  [Invited]

    Presentation date： 2024.08

  • Former CEO Directors and Management Forecast Accuracy

    Takuma Kochiyama, Souhei Ishida  [Invited]

    1st Japan Accounting Research Symposium 

    Presentation date： 2024.07

  • The usefulness of GAAP earnings in financial covenants

    Takuma Kochiyama, Ryosuke Nakamura

    32nd Asian-Pacific Conference on International Accounting Issues, 

    Presentation date： 2023.10

  • The impact of analyst coverage on management forecast accuracy

    Takuma Kochiyama, Makoto Nakano, Hiroki Nawata, Toshiki Shimizu

    32nd Asian-Pacific Conference on International Accounting Issues 

    Presentation date： 2023.10

  • The Impact of Bank Shareholding on Investment Efficiency: Evidence from Japan

    Presentation date： 2023.09

  • ISS's proxy voting guidelines and ROE management

    Souhei Ishida, Takuma Kochiyama

    JFA-PBFJ Special Issue Conference 

    Presentation date： 2022.03

    Event date：
    2022.03
    　
    　

  • 財務制限条項の実態・影響・役割

    中村亮介, 河内山拓磨  [Invited]

    日本経済会計学会第2回秋季大会 

    Presentation date： 2021.12

  • 日本企業の財務制限条項において会計利益が果たす役割

    中村亮介, 河内山拓磨

    日本会計研究学会第80回年次大会 

    Presentation date： 2021.09

  • コーポレートガバナンス改革に伴う社外取締役の登用と帰結

    河内山拓磨, 石田惣平, 甚内俊人

    日本経営財務研究学会第43回全国大会  日本経営財務研究学会

    Presentation date： 2019.09

  • 議決権行使助言基準とROEマネジメント

    河内山拓磨, 石田惣平, 甚内俊人

    日本会計研究学会第78回年次大会  日本会計研究学会

    Presentation date： 2019.09

  • Managerial ability and information content of dividend policy

    Takuma Kochiyama, Souhei Ishida, Toshihito Jinnai

    17th International Conference on DEA  International Conference on DEA

    Presentation date： 2019.07

  • Managerial ability and information content of dividend policy

    Takuma Kochiyama, Souhei Ishida, Toshihito Jinnai

    42nd EAA Annual Congress  European Accounting Association

    Presentation date： 2019.05

  • 経営者能力と財務的意思決定

    河内山拓磨, 石田惣平

    日本会計研究学会第77回年次大会 

    Presentation date： 2018.09

  • 経営者能力と財務的意思決定

    河内山拓磨, 石田惣平

    日本IR学会第16回年次大会 

    Presentation date： 2018.07

  • Determinants of Debt Covenants in Japanese Loan Markets: In Comparison with Its Main Bank System

    Takuma Kochiyama, Ryosuke Nakamura

    The 6th International Accounting Conference 

    Presentation date： 2017.08

  • 経営者能力の測定手法とその改善：ガバナンス要因の観点から

    河内山拓磨, 石田惣平

    日本ディスクロージャー研究学会第15回研究大会 

    Presentation date： 2017.06

  • Discretion in the Deferred Tax Valuation Allowance and Firms' Dividend Payouts

    Takuma Kochiyama  [Invited]

    Korean Accounting Association Annual Conference  (Busan, Korea)  Korean Accounting Association

    Presentation date： 2017.06

  • Discretion in the Deferred Tax Valuation Allowance and Firms’ Dividend Policy: Evidence from Japan

    Takuma Kochiyama, Koreyoshi Seki

    Asian-Pacific Conference on International Accounting Issues 28th Conference 

    Presentation date： 2016.11

  • 財務制限条項への抵触と負債コストに関する実証分

    中村 亮介, 河内山 拓磨

    日本会計研究学会第75回全国大会 

    Presentation date： 2016.09

  • Impact of Fair Value Measurements on Corporate Investments: Evidence from Japan

    Takuma Kochiyama, Tomohiro Suzuki

    Asian-Pacific Conference on International Accounting Issues 27th Conference 

    Presentation date： 2015.11

  • その他の包括利益が企業の投資行動に与える影響

    鈴木 智大, 河内山 拓磨

    日本経営財務研究学会第39回全国大会 

    Presentation date： 2015.10

  • 財務制限条項への抵触が企業の投資行動に及ぼす影響

    河内山 拓磨, 中村 亮介

    日本会計研究学会第74回全国大会 

    Presentation date： 2015.09

  • Role, Structure, and Determinants of Debt Covenants: Evidence from Japan

    Takuma Kochiyama, Ryosuke Nakamura

    European Accounting Association 38th Annual Congress 

    Presentation date： 2015.04

  • 包括利益の導入が企業の投資行動に与える影響

    鈴木 智大, 河内山 拓磨

    日本ディスクロージャー研究学会第10回研究大会 

    Presentation date： 2014.12

  • Role, Structure, and Determinants of Debt Covenants: Evidence from Japan

    Takuma Kochiyama, Ryosuke Nakamura

    15th Annual Conference of the Asian Academic Accounting Association 

    Presentation date： 2014.10

  • その他資本剰余金を原資とする配当の決定要因に関する実証分析

    河内山 拓磨

    日本会計研究学会第73回全国大会 

    Presentation date： 2014.09

  • Post IPO Performance and Ownership Structure in Japan

    Tetsuyuki Kagaya, Takuma Kochiyama

    7th Annual Stanford/Santa Clara Conference on Japanese Entrepreneurship 

    Presentation date： 2014.06

  • Does Comprehensive Income Influence Dividends?

    Takuma Kochiyama, Kunio Ito

    European Accounting Association 36th Annual Congress 

    Presentation date： 2013.05

  • 分配規制の機能と課題～欧州企業の個別財務諸表を中心に～

    河内山 拓磨

    日本会計研究学会第71回全国大会 

    Presentation date： 2012.08

  • Economic Consequences of Fair Value Accounting and a Change in the Distribution Rule

    Takuma Kochiyama

    European Accounting Association 35th Annual Congress 

    Presentation date： 2012.05

  • Economic Consequences of Fair Value Accounting and a Change in the Distribution Rule

    Takuma Kochiyama

    Asian-Pacific Conference on International Accounting Issues 23rd Conference 

    Presentation date： 2011.10

  • 公正価値会計と配当規制の変化の経済的帰結

    河内山 拓磨

    日本会計研究学会第70回全国大会 

    Presentation date： 2011.09

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Research Projects

  • Institutinal Mechanism Design for Fair Distribution of Value-Added under Mature Economy

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2024.04
    -
    2029.03
     

  • Empirical research on bank lenders' use of accounting information

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2023.04
    -
    2026.03
     

  • 日本企業における経営者能力―測定・原因・帰結―

    日本学術振興会  科学研究費助成事業

    Project Year :

    2019.04
    -
    2023.03
     

  • 非財務情報の重要性分析と企業評価

    日本学術振興会  科学研究費助成事業

    Project Year :

    2018.04
    -
    2021.03
     

  • 会計数値に基づく財務制限条項の活用とその経済的帰結に関する実証研究

    日本学術振興会  科学研究費助成事業

    Project Year :

    2016.04
    -
    2019.03
     

    河内山 拓磨

  • ASEAN諸国の会計・監査問題：日本を含めた制度と実務の比較研究

    日本学術振興会  科学研究費助成事業

    Project Year :

    2016.04
    -
    2019.03
     

    万代 勝信

  • ディスクロージャー制度の再設計～持続的な価値創造に資する企業報告のあり方～

    日本学術振興会  科学研究費助成事業

    Project Year :

    2015.04
    -
    2018.03
     

    伊藤 邦雄

  • 財務制限条項の実態・影響・役割

    公益財団法人 全国銀行学術研究振興財団  研究成果の刊行に関する助成

    Project Year :

    2017
    　
    　
     

  • 分配規制の変化と帰結に関する調査研究

    日本学術振興会  科学研究費助成事業

    Project Year :

    2014.10
    -
    2016.03
     

    河内山 拓磨

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Misc

  • 財務制限条項―情報開示とその影響

    河内山拓磨

    月刊金融ジャーナル   2024 ( 4 ) 90 - 91  2024.04  [Invited]

    Authorship：Lead author, Corresponding author

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media)  

  • 一橋会計学のテロワール：第８回若手研究者としての悩みと期待

    河内山拓磨

    企業会計   76 ( 5 ) 58 - 63  2024.04  [Invited]

    Authorship：Lead author, Corresponding author

    Other  

 

Syllabus

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Teaching Experience

  • Bookkeeping System

    Hitotsubashi University  

  • Introduction to Economic and Management Indicators

    Hitotsubashi University  

  • MBA Accounting Research Workshop

    Hitotsubashi University  

  • Accounting-Area Research Seminar

    Hitotsubashi University  

  • Advanced Reading of Accounting and Finance Literature

    Hitotsubashi University  

  • Seminar

    Hitotsubashi University  

  • Bookkeeping System 2

    Hitotsubashi University  

  • Bookkeeping System 1

    Hitotsubashi University  

  • Research Seminar for Graduate Students

    Hitotsubashi University  

  • Introductory Seminar 2

    Hitotsubashi University  

  • Introductory Seminar 1

    Hitotsubashi University  

  • Seminar 2

    Asia University  

  • Seminar 1

    Asia University  

  • Orientation Seminar

    Asia University  

  • Consolidation Accounting

    Asia University  

  • Business Simulation

    Asia University  

  • Special Topics on Financial Accounting

    Asia University  

  • Reading English Book

    Asia University  

  • Financial Accounting

    Asia University  

  • Accounting

    Asia University  

  • Bookkeeping

    Asia University  

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Academic Activities

  • Asia-Pacific Journal of Financial Studies

    Peer review

  • Abacus

    Peer review

  • Applied Economics

  • Asian Review of Accounting

  • International Review of Economics and Finance

  • Journal of International Accounting, Auditing, and Taxation

  • Pacific Basin Finance Journal

  • Research in International Business and Finance

  • 一橋商学論叢

  • 経営財務研究

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