Waseda Business School
(Graduate School of Business and Finance)


NISHIYAMA Shigeru, Professor



Upon graduation from Waseda University, Professor Nishiyama started his professional career with Tohmatsu & Co., which is now a member firm of Deloitte in 1984. After obtaining MBA from the  Wharton School, University of Pennsylvania, he performed various kinds of projects such as auditing, IPO consulting, M&A consulting, management control system consulting and training managers in many Japanese companies through Tohmatsu & Co. and his own firm as Japanese CPA. He has taught Accounting and Corporate Finance from perspectives of general management at Waseda Business School since 2002. His current position has begun since 2006.

He has been Outside Director and Outside Audit & Supervisory Board Member of larger Japanese listed companies. Also he is a Japanese CPA and holds PhD from Waseda University.

Academic Degrees

Ph.D. Graduate School of Asia Pacific Studies, Waseda University, 2006

MBA, The Wharton School, University of Pennsylvania, 1990

BA, Economics, Waseda University, 1984

Selected Publication

<Journal Articles>

The recommendations for Japanese companies to succeed in M&A, based on the case studies on PE funds, Waseda Bulletin of International Management, Vol.51, pp.25-39, 2020.

The challenges for Japanese companies based on the analysis of ROE, Bulletin of Financial Management, Vol.27, pp.106-120, 2016.

Ameba management system from accounting perspectives, Diamond Harvard Business Review, Vol.40, No.9, Diamond, 2015.

History and present situation of Tax Heaven Region-Focusing on Cayman Islands-, Waseda Bulletin of International Management, Vo. 46, pp.29-47, 2015.

The present situation and problems of Japanese consumer products companies expanding into Vietnam, Waseda Bulletin of International Management, Vol. 45., pp.1-16, 2014.

Supporting activities for Venture Companies by Silicon Valley Bank Financial Group -focusing on contents of support, lending policy and profit model-, Bulletin of Financial Management, Vol.23, pp.88-87, 2012.

Problems in DCF method to evaluate Enterprise Value and Shareholders Value, Waseda Bulletin of International Management, Vol. 43., pp.43-54, 2012

Management system for active innovation – Comparison of R&D function between 3M and Google-, Waseda Bulletin of International Management, Vol. 41, pp.15-28. 2010

Integration of BSC and VBM for the corporate value creation, Managerial Accounting for Corporate Value Creation, Dobunkan, pp.87-97, 2007.

Applying KPI and BSC model in successful Mergers and Acquisitions -Based on the case study of GE consumer finance and advantage partners-, Bulletin of Financial Management, Vol. 17, pp.22-31, 2006.

EVA and the challenges for corporate value creation, ABC and Balanced Scorecard for Corporate Value Creation, Dobunkan, pp.339-355, 2002.


Learning the accounting in MBA program for 10 hours, KADOKAWA, 2020.

Textbook of financial analysis and corporate finance for non-accounting business person, Toyokeizai, 2019.

77 common accounting knowledge taught in MBA program, Nikkei BP, 2018.

Basic knowledge of Accounting in English 2nd edition, Japan Times, 2015

Strategic Managerial Accounting 2nd edition, Diamond, 2009.

Introduction of Business Finance, Toyokeizai, 2008.

Applying the BSC Models in successful Mergers and Acquisitions, Hakuto, 2007.

Financial Analysis Scenario 2nd edition, Toyokeizai, 2006.

Courses in charge

Management Accounting

Financial Analysis and Financial Management


Director of Japan Vietnam Economic Forum

Director of WICI Japan

Auditor of Institute of Strategic Leadership


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