Name

Kenji KUTSUNA, BA, Ph.D.

Age (Date of Birth)

July 12, 1964

Nationality

Japanese

Contact Address

Professor, Graduate School of Business Administration
Kobe University
Rokkodai 1-1, Nada, Kobe, 657-8501, Japan
Email: kutsuna@kobe-u.ac.jp

Academic Qualification

• 1997: Ph.D. (Commerce) from Osaka City University
• 1991: MA (Commerce) from Osaka City University
• 1989: BA (Commerce) from Osaka City University

Employment Histor

• April 2017-March 2019
  Visiting Professor of Entrepreneurial Finance, Graduate School of Business Administration, Kyoto University
• April 2016-Present
  Vice Dean and Professor of Entrepreneurial Finance, Graduate School of Science, Technology and Innovation, Kobe University
• April 2005-Present
  Professor of Entrepreneurial Finance, Graduate School of Business Administration, Kobe University
• April 2002-March 2005
  Associate Professor of Entrepreneurial Finance, Graduate School of Business Administration, Kobe University
• April 1997-March 2002
  Associate Professor of Finance, Institute for Economic Research, Osaka City University
• April 1995-March 1997
  Assistant Professor of Finance, Institute for Economic Research, Osaka City University
• April 1992-March 1995
  Economist, Japan Securities Research Institute

Research Interests

Entrepreneurial Finance: Venture Capital, IPO, Bank Financing for SMEs

Kenji Kutsuna is nominated as one of the leading finance researchers in Chan, k.C., Chen, C.R., and Lee,T.C. (2011), A long-term assessment of finance research performance among Asia-Pacific academic institutions (1990-2008). Volume 19 Issue 1, pp.157-171.

Member of Editorial Boards

Venture Capital: An International Journal of Entrepreneurial Finance
(Editors: Colin Mason and Richard Harrison)

Prizes

• 2000: Winner of the Award for the Best Book at the Small Business Researches in 1999 (Shoko Research Institute)
• 2001: Winner of the Award for the Best Book at the Small Business Researches in 2000 (Shoko Research Institute)
• 2003: Winner of the Award for the Best Book at the Small Business Researches in 2002 (Shoko Research Institute)
• 2006: Winner of the Award for the Best Book at the Small Business Researches in 2005 (Shoko Research Institute)
• 2007: Winner of the Award for the Best Research Paper (Forum for Entrepreneurial Studies)
• 2010: Winner of the Award for the Best Book (Society for the Economic Studies of Securities)

Major Publications (Books in Japanese)

1. Kutsuna, K. (1997), Small Business Financing and Venture Financing: International Perspective, Toyo-Keizai-Shinpo-Sya.
2. Kutsuna, K., Yamada, K. and Akashi, Y. (eds.) (1999), New Ventures in Japan, Nihon-Keizai-Hyoron-Sya.
3. Kutsuna, K. and Yasuda, T. (eds.) (2005), Startups in Japan, Hakuto Shobo.
4. Kutsuna, K., Hasegawa, H. and Yamamoto, K. (2006), Handbook of Venture Capital, Chuo Keizai-Sya.
5. Kutsuna, K. (2008), IPO Price Formation. Chuo Keizai-Sya.

Refereed Journal

1. Kutsuna, K., Cowling, M. and Westhead, P. The Short-Run Performance of JASDAQ Companies and Venture Capital Involvement Before and After Flotation. Venture Capital: An International Journal of Entrepreneurial Finance, Vol.2. No.1, 2000, pp.1-25.
2. Kutsuna, K., Okamura, H. and Cowling, M. Ownership Structure Pre- and Post-IPOs and the Operating Performance of JASDAQ Companies. Pacific-Basin Finance Journal, Vol.10. No.2. 2002, pp.163-181.
3. Kutsuna, K. and Smith R. Why Does Book Building Drive Out Auction Methods of IPO Issuance? Evidence from Japan. Review of Financial Studies, Vol.17. No.4. 2004, pp.1129-1166.
4. Kutsuna, K. and Harada, N. Small Business Owner-Managers as Latent Informal Investors in Japan: Evidence from a Country with a Bank-based Financial System. Venture Capital: An International Journal of Entrepreneurial Finance, Vol.6. No.4. 2004, pp.283-311.
5. Kutsuna, K., Smith, J.K. and Smith, R. Banking Relationships and Access to Equity Capital Markets: Evidence from Japan's Main Bank System. Journal of Banking and Finance, Vol.31. No.2. 2007, pp.335-360.
6. Kerins, F., Kutsuna, K. and Smith, R. Why Are IPOs Underpriced? Evidence from Japan's Hybrid Auction-Method Offerings. Journal of Financial Economics, Vol.85. No.3. 2007, pp.637-666.
7. Kutsuna, K., Dimovski, W. and Brooks, R. The Pricing and Underwriting Costs of Japanese REIT IPOs. Journal of Property Research, Vol.25. No.3. 2008, pp.221-239.
8. Kutsuna, K., Smith, J.K. and Smith, R. Public Information, IPO Price Formation, and Long-run Returns: Japanese Evidence. Journal of Finance, Vol.64. No.1, 2009, pp.505-546.
9. Honjo, Y. and Kutsuna, K. Initial Public Offering Intention: Evidence from Start-up Firms in Japan. Corporate Ownership and Control, Vol.7. No.4. 2010, pp.127-141.
10. Kutsuna, K. and Kim, KyungKeun. Venture Capital Activities and Financing of High-tech Ventures in Korea: Lessons from Foreign Experiences. Asia-Pacific Journal of Business Venturing and Entrepreneurship, Vol.9. No.1. 2014, pp.33-50.
11. Adhikary, B.K. and Kutsuna, K.. Small Business Finance in Bangladesh: Can “Crowdfunding” be an Alternative? Review of Integrative Business and Economics Research, Vol.4. No.4. 2015, pp.1-21.
12. Kutsuna, K., Smith, J.K., Smith, R. and Yamada, K. The Supply-Chain Spillover Effects of IPOs. Journal of Banking and Finance, Vol.64. March. 2016, pp.150-168.
13. Bao, X., Johan, S. and Kutsuna, K. Do Political Connections Matter in Accessing Capital Markets? Evidence from China. Emerging Markets Review, 2016, Vol.29. pp.24-41.
14. Jiao, Y., Kutsuna, K. and Smith, R. Why Do IPO Issuers Grant Overallotment Options to Underwriters? Journal of Corporate Finance, Vol.44, pp.34-47.
15. Adhikary, B. K., Kutsuna, K., and Stephannie, S. “Does the Government Credit Guarantee promote Micro, Small, and Medium Enterprises? Evidence from Indonesia”, Journal of Small Business and Entrepreneurship, Vol. 13(9), 2019, pp. 1-20. 
16. Adhikary, B. K., Kutsuna, K., and Xu, J. “Corporate Reputation, Shareholders’ Gains, and Market Discounts: Evidence from the Private Equity Placement in China,” Journal of Chinese Governance, Vol. 5(3), 2019, pp. 73-296. 
17. Chung, Y.P., Kim, S.T., Kutsuna, K. and Smith, R.L. Which Firms Benefit from Market Making? Financial Markets and Portfolio Management, Vol.34. 2020, pp.33-63.