Papers - Ushijima, Tatsuo

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

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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

What Drives Interregional Bank Branch Closure? The Case of Japan's Regional Banks in the Post-Deregulation Period

Nagano M., Ushijima T.

International Review of Finance (International Review of Finance)  18 ( 4 ) 595 - 635 2018.12

ISSN  1369412X

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Diversification, Organization, and Value of the Firm

USHIJIMA TATSUO

Financial Management 45   467 - 499 2016

Single Work, Accepted

多角化ディスカウントと企業ガバナンス

牛島辰男

フィナンシャルレビュー（財務総合政策研究所）  ( 121 )  2015.03

Single Work

The roles of closure and selloff in corporate restructuring

USHIJIMA TATSUO

Journal of the Japanese and International Economies 38   73 - 92 2015

Joint Work, Accepted

The market for corporate subsidiaries in Japan: An empirical investigation of trades among listed firms

USHIJIMA TATSUO

Journal of the Japanese and International Economies 31   36 - 52 2014

Joint Work, Accepted

Patent rights protection and Japanese foreign direct investment

USHIJIMA TATSUO

Research Policy 42   738 - 748 2013

Single Work, Accepted

What drives the profitability of Japanese multi-business corporations? A variance components analysis

USHIJIMA TATSUO

Journal of the Japanese and International Economies 25   1 - 11 2011

Joint Work, Accepted

Understanding partial mergers in Japan

USHIJIMA TATSUO

Journal of Banking & Finance 34   2941 - 2953 2010

Joint Work, Accepted

R&D intensity and acquisition and divestiture of corporate assets: Evidence from Japan

USHIJIMA TATSUO

Journal of Economics and Business 61   415 - 433 2009

Single Work, Accepted

Domestic bank health and foreign direct investment

USHIJIMA TATSUO

Journal of the Japanese and International Economies 22   291 - 309 2008

Single Work, Accepted

Corporate diversification, performance, and restructuring in the largest Japanese manufacturers

USHIJIMA TATSUO

Journal of the Japanese and International Economies 21   303 - 33 2007

Joint Work, Accepted

Internal capital market and the growth and survival of Japanese plants in the United States

Tatsuo Ushijima

Journal of the Japanese and International Economies (Elsevier)  19   366 - 385 2005

Research paper (scientific journal), Lead author, Accepted