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

Research Project

Project/Area Number 18K01847
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 07080:Business administration-related
Research InstitutionKeio University

Principal Investigator

Ushijima Tatsuo  慶應義塾大学, 商学部(三田), 教授 (80365014)

Project Period (FY) 2018-04-01 – 2022-03-31
Project Status Completed (Fiscal Year 2021)
Budget Amount *help
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2020: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2019: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2018: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
Keywords経営陣 / 管掌構造 / 多角化企業 / 内部資本市場 / 社齢
Outline of Final Research Achievements

This study investigates the organization of Japanese firms' top management team in terms of how managers divide responsibilities and its influence on corporate resource allocation as reflected in the efficiency of internal capital markets. Empirical analyses based on a large sample of diversified (multi-segment) reveal that the attributes of a firm's top management team, such as size and organization, have little effects on the efficiency of inter-divisional capital flows. However, the study found that the workings of internal capital markets are critically dependent on the characteristics of a firm's entire organization, such as age and structure.

Academic Significance and Societal Importance of the Research Achievements

海外の研究では、経営陣の特性が企業の行動や業績に及ぼす影響が様々な角度から分析されてきた。日本の多角化企業に関する本研究の結果は、事業間の資金配分に関する限り、組織ヒエラルキーの頂点に位置する経営陣の影響は小さいことを示している。一方で、企業組織全体の強い影響が観察されたことは、日本企業においては「トップ」である経営陣もまた、企業組織全体の歴史や成り立ちに意思決定が強く制約されることを示している。この発見は、日本企業のマネジメントの特徴と課題について、重要な示唆を与えるものである。

Report

(5 results)
  • 2021 Annual Research Report   Final Research Report ( PDF )
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • Research Products

    (5 results)

All 2022 2019 2018

All Presentation (5 results) (of which Int'l Joint Research: 5 results)

  • [Presentation] The liability of aging in internal capital markets2022

    • Author(s)
      牛島辰男
    • Organizer
      日本経営財務学界
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research
  • [Presentation] More-money and less-cash effects of diversification: Evidence from Japanese firms2019

    • Author(s)
      Tatsuo Ushijima
    • Organizer
      Western Economic Association International
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] More-money and less-cash effects of diversification: Evidence from Japanese firms2018

    • Author(s)
      Tatsuo Ushijima
    • Organizer
      Financial Management Association International
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Are smaller or larger headquarters better?2018

    • Author(s)
      Tatsuo Ushijima
    • Organizer
      Academy of Management
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] More-money and less-cash effects of diversification: Evidence from Japanese firms2018

    • Author(s)
      Tatsuo Ushijima
    • Organizer
      International Atlantic Economic Society
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research

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Published: 2018-04-23   Modified: 2023-01-30  

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