Details of a Researcher - Takeda, Fumiko

Takeda, Fumiko

写真a

Affiliation: Graduate School of Business Administration （Hiyoshi）

Position: Professor

Related Websites

Fumiko Takeda Webpage

External Links

Pure

Career 【 Display / hide 】

2002.04

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2003.03

Yokohama City University, 商学部, 専任講師
2003.04

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2004.02

Yokohama City University, 商学部, 助教授
2004.03

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2007.03

The University of Tokyo, The Graduate School of Engineering, 助教授
2007.04

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2022.03

The University of Tokyo, The Graduate School of Engineering, 准教授
2022.04

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Present

Keio University, Graduate School of Business Administration, Professor

Academic Background 【 Display / hide 】

1987.04

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1991.03

The University of Tokyo, 教養学部, 教養学科

University, Graduated
1996.09

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2001.12

Yale University, Graduate School of Arts and Sciences, Department of Economics

Graduate School, Completed, Doctoral course

Academic Degrees 【 Display / hide 】

Ph.D. (Economics), Yale University, Coursework, 2001.12

Papers 【 Display / hide 】

Empirical study on voting results and proxy advisor recommendations in Japan

Hiroaki Miyachi, Fumiko Takeda

Journal of International Financial Markets, Institutions and Money （Elsevier BV) 92 101973 - 101973 2024.04

Research paper (scientific journal), Joint Work, Lead author, Last author, Corresponding author, Accepted, ISSN 10424431

　View Summary

This study examines the relationship between proxy advisory firms’ recommendations and investors’ voting behavior in Japan, where corporate governance has been under transition. Based on 1,025 shareholder meeting proposals and recommendations by proxy advisory firms in Japan between March 2010 and March 2022, multivariate regression analyses reveal that the dissenting recommendations of the two main proxy advisory firms are negatively correlated with the approval rate of proposals, as well as the percentage of affirmative votes cast by institutional investors. Furthermore, the institutional investors’ behavior is more consistent with the recommendations of proxy advisory firms than that of other investors.
- Access to Document (DOI)
Effects of shareholder proposals on the market value of Japanese firms

Ryo Sato, Fumiko Takeda

International Review of Economics and Finance （Elsevier) 86 320 - 333 2023.07

Research paper (scientific journal), Joint Work, Corresponding author, Accepted, ISSN 10590560

　View Summary

This study investigates the effect of shareholder proposals on the market value of Japanese firms in the second wave of activism from 2017 to 2021. While announcements of receiving a shareholder proposal positively affect stock prices of investee companies, rejection of a shareholder's proposal has a negative impact. Unlike the first wave of activism, proposals related to the election and dismissal of directors are no different from those of other proposals, which may become more important as shareholder proposals diversify. Similar to the first wave, market responses become larger when the large shareholders made the proposals.
- Access to Document (DOI)
Effects of the COVID-19 pandemic on the market value of Japanese gaming companies

Chi Feng, Fumiko Takeda

Applied Economics （Taylor & Francis) forthcoming 2023.05

Research paper (scientific journal), Joint Work, Corresponding author, Accepted, ISSN 00036846

　View Summary

In this study, we examine the short-term stock price reactions of Japanese gaming companies to events related to the coronavirus disease 2019 (COVID-19) pandemic. Using the event study method, we first estimate stock price reactions to the outbreak of the pandemic and the declaration of a state of emergency. We then perform multivariate regressions to investigate the factors affecting market responses. Our results demonstrate that the stock prices of Japanese gaming companies reacted negatively to the outbreak of the COVID-19 pandemic, and the initial negative effects were greater for mobile gaming companies and for companies with small sizes or low Tobin’s Q. By contrast, the market has reacted positively to the declaration of the state of emergency, which perhaps drove more people to play games at home.
- Access to Document (DOI)
Employing string similarity metrics of partners to estimate audit team continuity: determinant and its effects on audit outcomes and pricing

Frendy, Fumiko Takeda

Journal of Accounting Literature （Emerald) 45 （ 2 ） 314 - 339 2023

Research paper (scientific journal), Joint Work, Corresponding author, Accepted, ISSN 0737-4607

　View Summary

Purpose

Partners are responsible for allocating audit tasks and facilitating knowledge sharing among team members. This study considers changes in the composition of partners to proxy for the continuity of the audit team. This study examines the effect of audit team continuity on audit outcomes (audit quality and report lags), pricing and its determinant (lead partner experience), which have not been thoroughly examined in previous studies.

Design/methodology/approach

This study employs string similarity metrics to measure audit team continuity. The study employs multivariate panel data regression empirical models to estimate a sample of 26,007 firm-years of listed Japanese companies from 2008 to 2019.

Findings

The study reveals that audit team continuity is negatively associated with audit fees, regardless of the auditor’s size. This finding contributes to the existing literature by showing that audit team continuity represents one of the determinant factors of audit fee. For clients of large audit firms, companies with higher (lower) audit team continuity issue audit reports in less (more) time. The experience of lead partners is a strong predictor of audit team continuity, irrespective of audit firm size. Audit quality is not associated with audit team continuity for either large or small audit firms.

Originality/value

This study proposes and examines audit team continuity measures that employ string similarity metrics to quantify changes in the composition of partners in consecutive audit engagements. Audit team continuity expands upon the tenure of individual audit partners, which is commonly used in prior literature as a measure of client–partner relationships.
- Access to Document (DOI)
The Impact of the Covid-19 Pandemic on Japanese Stock Markets, Revisited

K Mori, F Takeda

Keio Business Forum （慶應義塾経営管理学会) 39 （ 1 ） 2023

Research paper (bulletin of university, research institution), Joint Work, Corresponding author

Research Projects of Competitive Funds, etc. 【 Display / hide 】

アクティビストの介入が企業行動や企業価値に与える影響についての研究

2022.04

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2025.03

MEXT,JSPS, Grant-in-Aid for Scientific Research, 基盤研究(C), Principal investigator

Courses Taught 【 Display / hide 】

SEMINAR IN BUSINESS ENVIRONMENT

2024
RESEARCH SEMINAR IN BUSINESS ENVIRONMENT

2024
JAPANESE BUSINESS ENVIRONMENT

2024
INTRODUCTION TO DATA SCIENCE FOR VARIOUS FIELD

2024
INDIVIDUAL RESEARCH C (EMBA)

2024

Committee Experiences 【 Display / hide 】

2022.10

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Present

個人代議員, 東京大学校友会
2022.09

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Present

独占禁止懇話会会員, 公正取引委員会
2021.10

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Present

国際交流委員, 日本会計研究学会
2021.01

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Present

Director of the Board, Asia-Pacific Management Accounting Association
2013

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Present

Editorial Board Member, The International Journal of Accounting