International Perspectives on Accounting and Corporate Behavior

Despite the globalization of accounting standards occurring through convergence to International Financial Reporting Standards, local accounting systems are deeply intertwined with each country’s unique institutions such as its corporate system, disclosur

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Kunio Ito Makoto Nakano Editors

International Perspectives on Accounting and Corporate Behavior

Advances in Japanese Business and Economics 6

For further volumes: http://www.springer.com/series/11682

Advances in Japanese Business and Economics Editor in Chief: RYUZO SATO C.V. Starr Professor Emeritus of Economics, Stern School of Business, New York University Managing Editors: HAJIME HORI, Professor Emeritus, Tohoku University KAZUO MINO, Professor, Kyoto University MARIKO FUJII, Professor, The University of Tokyo TAKAHIRO FUJIMOTO

Editorial Board Members: MASAHIRO MATSUSHITA

Professor, The University of Tokyo

YUZO HONDA Professor Emeritus, Osaka University Professor, Kansai University

TOSHIHIRO IHORI

Professor Emeritus, Aoyama Gakuin University

TAKASHI NEGISHI Professor Emeritus, The University of Tokyo The Japan Academy

Professor, The University of Tokyo

KIYOHIKO NISHIMURA

TAKENORI INOKI

Professor, The University of Tokyo

Professor Emeritus, Osaka University Special University Professor, Aoyama Gakuin University

TETSUJI OKAZAKI

JOTA ISHIKAWA

Professor, Osaka University

Professor, Hitotsubashi University

KOTARO SUZUMURA

KUNIO ITO Professor, Hitotsubashi University

Professor Emeritus, Hitotsubashi University The Japan Academy

KATSUHITO IWAI

HIROSHI YOSHIKAWA

Professor Emeritus, The University of Tokyo Visiting Professor, International Christian University

Professor, The University of Tokyo

Professor, The University of Tokyo

YOSHIYASU ONO

Advances in Japanese Business and Economics showcases the research of Japanese scholars. Published in English, the series highlights for a global readership the unique perspectives of Japan’s most distinguished and emerging scholars of business and economics. It covers research of either theoretical or empirical nature, in both authored and edited volumes, regardless of the subdiscipline or geographical coverage, including, but not limited to, such topics as macroeconomics, microeconomics, industrial relations, innovation, regional development, entrepreneurship, international trade, globalization, financial markets, technology management, and business strategy. At the same time, as a series of volumes written by Japanese scholars, it includes research on the issues of the Japanese economy, industry, management practice and policy, such as the economic policies and business innovations before and after the Japanese “bubble” burst in the 1990s. Overseen by a panel of renowned scholars led by Editor-in-Chief Professor Ryuzo Sato, the series endeavors to overcome a historical deficit in the dissemination of Japanese economic theory, research methodology, and analysis. The volumes in the series contribute not only to a deeper understanding of Japanese business and economics but to revealing underlying universal principles.

Kunio Ito • Makoto Nakano Editors

International Perspectives on Accounting and Corporate Behavior

Editors Kunio Ito Professor Hitotsubashi University, Graduate School of Commerce and Management Kunitachi, Tokyo, Japan

Makoto Nakano