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This study investigates the relationship between foreign ownership, earnings quality and overinvestment in Japanese zombie firms.

The study makes use of data from Japanese firms listed on the first section of the Tokyo Stock Exchange from 2009 to 2019. The study employs logistic and multinomial logistic models to test whether the overinvestment behavior of zombie firms is mitigated by foreign shareholdings and earnings quality.

The results show that (1) zombie firms tend to overinvest; (2) an increase in foreign ownership mitigates the overinvestment of zombie firms and (3) the mitigation of zombie firms' overinvestment by foreign ownership is stronger with higher earnings quality.

This study extends the discussion of earnings quality and investment efficiency to the zombie firm setting. Previous studies in accounting suggest that high earnings quality enhances firms' investment efficiency. The findings suggest that both a change in ownership structure and high-quality accounting information are necessary to mitigate the inefficiency of zombie firms.

Current systems of regulation in Japan require that listed firms disclose earnings forecasts for the coming fiscal year. The Japanese Business Federation is contesting this requirement, requesting that mandatory forecast disclosures be abolished. The purpose of this paper is to investigate the relationships between accruals and initial management earnings forecast errors (MFERR), and between accruals and forecast revisions. Further, the study offers a preliminary discussion of the economic costs of mandatory earnings forecasting, with a specific focus on firms operating under conditions of uncertainty or facing difficulty in analyzing economic information.

To investigate the relationship between accruals and management forecast errors (revisions), multiple regression models were designed using data covering the period between 2003 and 2013, pertaining to listed Japanese firms. A model developed by Dechow and Dichev (2002) was applied to estimate normal and abnormal accruals.

The author found a positive relationship between accruals and initial MFERR, and a negative relationship between accruals and forecast revisions. Further, the relationship between accruals and management forecast errors (revisions) is more pronounced among firms operating in uncertain business environments or facing difficulty in analyzing economic information.

The study provides an important analysis of abnormal working capital accruals in relation to both initial MFERR and forecast revisions. While total accruals or working capital accruals have been documented in prior studies in this regard, abnormal accruals have not. Furthermore, this study offers a preliminary discussion of the economic costs associated with earnings forecasting under conditions of mandatory disclosure. The economic impact of forecasting has not previously been addressed under either mandatory or voluntary conditions.

Comparative education research in Japan is strongly oriented toward emphasizing fieldwork, unlike Western methodologies that aim for theorization. For this reason, it is sometimes regarded as peripheral research without a theorizing orientation or as a counterstrategy to Western research. This study examines why Japanese comparative education research emphasizes fieldwork, focusing on discussions at the Japanese Society of Comparative Education from the 1990s to the present, and considers whether the discussion far from aimed at theorizing. It can be said that Japanese comparative educational research, while characterized by a field-oriented orientation, has been trying to analyze the subject with sincerity through more in-depth fieldwork and is aware of the back and forth between theorizing and differentiation. Furthermore, recently, an international, agenda-based approach and the concept of transboundary fieldwork based on triangulation and Border Studies as a new way of looking at the field itself have also emerged. Therefore, it can be said that Japanese comparative educational research, while characterized by a field-oriented orientation, is increasingly aiming for a multilayered and relative analysis of the field, which is an argument autonomously derived from a focus on the field rather than being a strategy or a challenge to Western universalization-oriented methodologies.

This paper aims to investigate the relationship between locomotive syndrome (LS) and insufficient nutrient intake in young and middle-aged adults, independent of energy intake.

The authors conducted a cross-sectional survey of a non-random sample of 219 adults aged 18 to 64 (175 men and 44 women) working in two companies in Japan, between December 2018 and March 2019. LS Stage 0 was classified as No-LS while Stages 1 and 2 were classified as LS. Nutrient intake was assessed using a brief-type self-administered diet history questionnaire and adjusted to the required energy intake for each participant. The criteria for sufficient intake of 22 nutrients were based on the Dietary Reference Intake for Japanese. Logistic regression model was used to analyze the association between LS and insufficient nutrient intake.

In total, 234 employees participated in the LS examinations while 219 of them completed the questionnaire giving a response rate of 93.6%. LS Stages 1 or 2 were present in both men and women in all the age-stratified groups except for the women in their 60s. There was a significant association between LS status and insufficient intake of Vitamin K (odds ratio [95% confidence interval] 16.0 [range: 1.1–407]; p = 0.01) in women, but not in men.

The result suggests that attention should be paid to adequate Vitamin K intake in young and middle-aged women with LS. Future studies should be conducted using a larger and more diverse sample.

To the best of the authors’ knowledge, the present paper is the first study to show an association between LS in young and middle-aged adults and nutrients that are independent of energy intake.

Describes the parameter estimation procedures for the non‐linear finite element analysis using the hierarchical neural network. These procedures can be classified as the neural network based inverse analysis, which has been investigated by the authors. The optimum values of the parameters involved in the non‐linear finite element analysis are generally dependent on the configuration of the analysis model, the initial condition, the boundary condition, etc., and have been determined in a heuristic manner. The procedures to estimate such multiple parameters consist of the following three steps: a set of training data, which is produced over a number of non‐linear finite element computations, is prepared; a neural network is trained using the data set; the neural network is used as a tool for searching the appropriate values of multiple parameters of the non‐linear finite element analysis. The present procedures were tested for the parameter estimation of the augmented Lagrangian method for the steady‐state incompressible viscous flow analysis and the time step evaluation of the pseudo time‐dependent stress analysis for the incompressible inelastic structure.

The Accounting Standards Board of Japan (ASBJ) proposed a new set of endorsed International Financial Reporting Standards in June 2015. ASBJ claims that non-recycling of other comprehensive income (OCI) items decreases the information usefulness of earnings in a proposed comprehensive income standard. There has been no existing empirical evidence which supports the ASBJ’s statement and the purpose of the study is to test whether OCI recycling improves information usefulness of net income from six perspectives: relative and incremental value relevance, persistence, variability, operating cash flow and net income predictive power.

This paper is an empirical work using a listed Japanese firms sample of 5,385 firm-years from fiscal year 2012-2014.

The results challenge the ASBJ’s claim that recycling improves the general information usefulness characteristics of net income. The empirical results show that OCI recycling improves net income’s relative value relevance characteristic of financial firms. However, recycling information by itself does not improve the incremental value relevance, and the predictive power of operating cash flow and net income. The authors also find that the inclusion of recycling decreases the persistence and increases the variability of net income.

This paper has two research limitations. First, this study is constrained to analyze a limited OCI recycling data that is recently disclosed by listed Japanese firms. Second, the results of this study have limited external validity to capital markets with OCI reclassification standards that deviate from Japanese GAAP.

This study provides initial empirical evidence that examines information usefulness of OCI recycling in Japan. The findings of this study are relevant for accounting standards setters aiming to increase the information usefulness of earnings for capital market investors.