KEIO RESEARCHERS INFORMATION SYSTEM

Career 【 Display / hide 】

Career 【 Display / hide 】

• 1991.04

  -

  1998.08

  Mitsubishi Research Institute, Inc., Researcher

• 2003.04

  -

  2015.08

  Aoyama Gakuin University, Graduate School of International Management, Professor

Academic Background 【 Display / hide 】

Academic Background 【 Display / hide 】

• 1985.04

  -

  1989.03

  Keio University, Faculty of Economics

  University, Graduated

• 1989.04

  -

  1991.03

  Keio University, Graduate School of Economics

  Graduate School, Completed, Master's course

• 1998.09

  -

  2003.06

  University of California, Los Angeles, Anderson School of Management

  Graduate School, Completed, Doctoral course

Academic Degrees 【 Display / hide 】

Academic Degrees 【 Display / hide 】

• Ph.D. (Management), カリフォルニア大学ロサンゼルス校, 2003.06

• 経済学修士, 慶応義塾大学, 1991.03

Research Areas 【 Display / hide 】

Research Areas 【 Display / hide 】

• Humanities & Social Sciences / Business administration

• Humanities & Social Sciences / Money and finance

Research Keywords 【 Display / hide 】

Research Keywords 【 Display / hide 】

• Corporate strategy

• Corporate finance

Research Themes 【 Display / hide 】

Research Themes 【 Display / hide 】

• Corporate diversification, 

  2003.04

  -

  Present

• Corporate restructuring, 

  2003.04

  -

  Present

• Merger and acquisition, 

  2003.04

  -

  Present

Books 【 Display / hide 】

Books 【 Display / hide 】

• Evolution of Corporate Governance in Japan: Regulatory Changes Global Financialization and Corporate Performance

  H. Miyajima and Y. Arikawa, Routledge, 2025.11

  Scope: Agency Hazards and the Value of Corporate Diversification in Japan

  • Access to Document (DOI)

• 企業戦略論：構造をデザインする

  牛島辰男, 有斐閣, 2022.05

• 企業統治と成長戦略

  宮島英昭　他, 2017.03

  Scope: 第8章「日本企業の多角化と財務政策」

• 経営戦略をつかむ

  USHIJIMA TATSUO, 有斐閣, 2010.05

• 日本経済グローバル競争力の再生

  香西泰・宮川努 他, 日本経済新聞社, 2008.05

  Scope: 「日本企業のダウンサイジング：変化、決定要因、業績への影響」

Papers 【 Display / hide 】

Papers 【 Display / hide 】

• 多角化企業はなぜ存在するのか：内部市場の視点から

  牛島辰男

  証券アナリストジャーナル (日本証券アナリスト協会)  64 ( 3 ) 6 - 15 2026.03

  Research paper (scientific journal), Lead author

• 日本のコングロマリット・ディスカウント：25年間の軌跡

  牛島辰男

  証券アナリストジャーナル 63 ( 9 ) 23 - 32 2025.09

  Research paper (scientific journal), Single Work, Lead author

• Firm aging and internal capital markets

  Tatsuo Ushijima

  Pacific-Basin Finance Journal (Elsevier)  92 2025.04

  Research paper (scientific journal), Single Work, Lead author, Accepted,  ISSN  0927538X

  　View Summary

  Internal capital markets (ICMs) can induce diversified firms to misallocate capital across divisions, thereby causing overinvestment in unpromising opportunities at the expense of more promising ones. This study highlights the role of age-based organizational rigidity in generating this phenomenon. Our analysis of Japanese firms reveals a robust inverse association between allocative efficiency and firm age. This relationship is particularly salient when a firm has assets decreasing its flexibility and when the incongruence of divisional interests in capital allocation is large. Moreover, this effect is not attributable to interfirm differences in external capital access, agency costs, or organizational members' traits. These results suggest that age-based rigidity plays a central role in lowering older firms' allocative efficiency. We also find that despite this adverse effect of aging on capital allocation, diversification mitigates the decline in growth opportunities for older firms.

  • Access to Document (DOI)

• 組織現象としての内部資本市場

  牛島辰男

  組織科学 (白桃書房)  58 ( 3 ) 15 - 25 2025.03

  Research paper (scientific journal), Single Work, Lead author

• More-money and less-cash effects of diversification: Evidence from Japanese firms

  Tatsuo Ushijima

  Japan and the World Economy (Elsevier)  56 2020.12

  Accepted

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Papers, etc., Registered in KOARA 【 Display / hide 】

Papers, etc., Registered in KOARA 【 Display / hide 】

• The size distribution of corporate headquarters : a preliminary analysis based on business segment data

  Ushijima, Tatsuo

  Mita business review (慶應義塾大学出版会)  67 ( 3 ) 77 - 87 2024.08

  ISSN  0544571X

• Organizational implications of coinsurance : a note based on Williamson’s theory of M-form organizations

  Ushijima, Tatsuo

  Mita business review (慶應義塾大学出版会)  66 ( 5 ) 51 - 61 2023.12

  ISSN  0544571X

• Capital market conditions and the value of corporate diversification

  Ushijima, Tatsuo

  学事振興資金研究成果実績報告書 (慶應義塾大学)  2023

• The organization of top management teams : the case of Japanese diversified firms

  Ushijima, Tatsuo

  科学研究費補助金研究成果報告書 2021

• The organization of R&D and innovation outcomes : an empirical study based on patent data

  Ushijima, Tatsuo

  学事振興資金研究成果実績報告書 (慶應義塾大学)  2019

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

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

• 日本企業のコインシュランス

  2021.04

  -

  2025.03

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

• 日本企業の役員管掌構造：多角化企業を中心とした分析

  2018.04

  -

  2021.03

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

• How do employees benefit from corporate diversification?

  2015.04

  -

  2018.03

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

Courses Taught 【 Display / hide 】

Courses Taught 【 Display / hide 】

• STRATEGIC MANAGEMENT AND CORPORATE STRUCTURE

  2025

• STRATEGIC MANAGEMENT AND CORPORATE STRUCTURE

  2025

• SPECIAL STUDY OF SCIENCE OF BUSINESS ADMINISTRATION

  2025

• SEMINAR: SPECIAL STUDY OF SCIENCE OF BUSINESS ADMINISTRATION

  2025

• SEMINAR: SCIENCE OF BUSINESS ADMINISTRATION

  2025

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