The purpose of this study is to empirically analyze the effect of the ratio of outside directors on corporate value. As a result of the analysis, it was suggested that the influence of the ratio of outside directors on corporate value is not linear but non-linear. Similar results were obtained in additional verification conducted by classifying companies according to the value of the ratio of outside directors, and analysis using a smoothing spline. In addition, the ratio of outside directors that minimizes corporate value was clarified, and we were able to suggest a guideline for the ratio of outside directors on the board of directors. Furthermore, the range of the ratio of outside directors that has a positive relationship according to this research confirmed the validity of the value of one-third or more required by the revised Corporate Governance Code.

Management accounting research has focused on price discounts, and there has been little discussion of premium prices. This research focused on the aspect of premium pricing, and investigated the possibility of lead-time reduction as a reason to raise the price. Since lead-time reduction can affect the price by responsing to customer orders promptly, this research examined the circumstances under which it leads to premium price, based on two cases. Using the framework of Hänichen (1995), it was found that multiple factors had an effect. We examined these factors comprehensively.

The purpose of this study is to confirm the impact of corporate governance in Japanese firms on disclosure of intangibles and financial performance (accounting performance and market performance). To this end, using the theoretical framework of Braune et al. (2020), which verified the relationship between these elements using a structural model, we conducted an analysis of 278 major listed companies in Japan. The results show that while the financial performance of these companies is highly dependent on their financial structure, corporate governance has little impact on disclosure of intangibles, and its impact on financial performance is weak.

Implication of this study is that the corporate governance of these companies is not functioning effectively from the perspective of increasing shareholder value and the low profitability of these companies may be due to the lack of investment in intangibles and its information disclosure.

The purpose of this study is to clarify the specific process of management controls in crisis. In particular, we focus on result control and cultural control. To do this, we conduct an interview survey with OMRON Corporation and discuss examples of how result control and culture control were used to ensure goal congruence during the COVID-19 pandemic. This case shows that the use of result control has changed in an environment of rapidly increasing uncertainty, that cultural control mainly ensured goal congruence, and that result control made a subsidiary contribution. These findings contribute to a better understanding of management controls in crisis.

This paper conducts a game-theoretic analysis of a manager’s and an auditor’s behaviors using a model that includes accounting enforcement and capital markets. The findings demonstrate that a stronger accounting enforcement does not necessarily result in higher financial reporting quality. Conversely, the findings also indicate that an increase in accounting enforcement is effective for improving audit quality. Moreover, the study analyzes the effect of accounting enforcement on stock market prices, thereby determining that stronger accounting enforcement brings the expected stock price closer to a reasonable value. This result indicates that an increase in accounting enforcement protects investors in the capital market. This paper contributes to the analysis of the impact of an increase in accounting enforcement in a more realistic setting while considering the capital market.

The purpose of this study is to examine the impact of capital budgeting systems on the efficient allocation of capital. In the prior studies, the impact on the efficient allocation of capital budgets has not been clarified. This paper, therefore, uses a questionnaire survey and Richardson (2006)’s framework of over-investment to identify the impact of capital budgeting on the efficient allocation of capital through an empirical approach. The analysis reveals that the investment economic evaluation technique using the accounting techniques suppresses over-investment, while the DCF method, which is recommended by normative studies of management accounting as a sophisticated technique, promotes over-investment.

Recent management accounting research has focused on the content industry. This paper focuses on online games in the content industry and discusses the role of management accounting in Japanese online game operation. Online games often have a distinctive business model called F2P, in which revenue is earned through item charges with no basic fee. Specific KPIs such as DAU, billing rate, ARPU, ARPPU, etc., are used for online game operations. The roles required of management accounting in the operation of online games include ``balancing development and operating costs with improving the attractiveness of the game’’ and ``leading to higher paying users through appropriate pricing’’. Regarding the roles of each, in terms of specific management accounting methods, target costing could be utilized for the former and revenue management for the latter.

Based on a questionnaire survey, this study examined the relationships between stakeholder pressures on firms and the degree to which firms place importance on environmental performance indicators (EPIs). The results show that more importance is placed on physical and managerial EPIs when the stakeholder pressures increase. Furthermore, more importance is placed on physical EPIs when regulatory and social stakeholder pressures increase. Whereas, when market and media stakeholder pressures increase, more importance is placed on managerial EPIs.

This study aims to reveal the mechanisms by which multiple management control (MC) practices realize competing demands. It is characterized by (1) capturing specific and non-aggregate MC practices, (2) capturing a bird’s eye view of tensions, and (3) tracing the developmental process of MC practices during the phase of switching from pursuing one to the other of the opposing elements. The results of the longitudinal case study indicate that MC practices with the characteristics of subsumption, suppression and separation contribute to achieve competing demands by balancing the three tensions manifested at different levels of the organization. This study contributes to previous research by explaining which characteristics of MC practices are required for tension management and why.

In this paper, we examine integrated reports and other reports issued by companies listed on the first section of the Tokyo Stock Exchange and use descriptive statistics to clarify what kind of financial and non-financial data are presented in these reports, and whether these data are presented in tabular or graphical form. The analysis reveals that sales and operating profit are the most important financial figures, ROE and dividends per share are the most important financial indicators, and greenhouse gas emissions and number of employees are the most important non-financial data. In addition, different display formats are selected for different types of data.

This paper examines the impact of management accounting on business succession, focusing on business succession between parents and children. In the case of the firm discussed in this paper, it was found that the introduction of a management accounting system changed the way of thinking of the successor, and that communication through the management accounting system promoted acceptance of the successor by the employees. Furthermore, it was observed that the influence of philosophy strengthened these functions.