Ceo Compensation And Firm Performance In Japan

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Ceo Compensation And Firm Performance In Japan

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Author : Takao Kato
language : en
Publisher:
Release Date : 2005

Ceo Compensation And Firm Performance In Japan written by Takao Kato and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Prior studies on Japanese executive compensation have been constrained by the lack of longitudinal data on individual CEO pay. Using unique 10-year panel data on individual CEO's salary and bonus of Japanese firms from 1986 to 1995, we present the first estimates on pay-performance relations for Japanese CEO compensation. Specifically we find consistently that Japanese CEO's cash compensation is sensitive to firm performance (especially accounting measures), and that the quot;semi-elasticityquot; of CEO's cash compensation with respect to ROA is 1.3 to 1.4, which is in general agreement with prior estimates elsewhere. As such, our estimates do not support that Japanese corporate governance is unusually defunct with regard to the significance and size of the sensitivity of CEO compensation to accounting profitability. On the other hand, to be consistent with the literature on Japanese corporate governance that tends to downplay the role of shareholders and stress the role of banks and employees, we find that stock market performance tends to play a less important role in the determination of Japanese CEO compensation. Finally, we find that the bonus system makes CEO compensation more responsive to firm performance in Japan. The finding is in contrast to the literature on compensation for regular employees in Japan which often argues that bonus is a disguised base wage.

Ceo Compensation And Firm Performance In Japan

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Author : Takao Kato
language : en
Publisher:
Release Date : 2003

Ceo Compensation And Firm Performance In Japan written by Takao Kato and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.

Ceo Pay And Firm Performance In Japan

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Author : Helen K. Snider
language : en
Publisher:
Release Date : 2012

Ceo Pay And Firm Performance In Japan written by Helen K. Snider and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.

This paper examines the compensation of CEOs of large, publicly held Japanese firms. Our findings suggest that CEO pay in Japan is determined by a complex mix of organizational, individual, and economic factors. Specifically, our findings indicate that CEO pay is driven strongly by a CEO's tenure in a firm, as well as by a firm's size and capital structure. It is driven to a lesser extent by a firm's profitability and concentration of ownership and by a CEO's credentials.

Ceo Compensation In Japan

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Author : Helen K. Snider
language : en
Publisher:
Release Date : 2001

Ceo Compensation In Japan written by Helen K. Snider and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Chief executive officers categories.

Pay Performance Sensitivity

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Author : Lee-Seok Hwang
language : en
Publisher:
Release Date : 1998

Pay Performance Sensitivity written by Lee-Seok Hwang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.

The pay-performance sensitivity of Japanese CEO compensation is systematically associated with both firm characteristicsand individual attributes as invoked from agency theory and human capital theory. The results support the hypothesis that continuous monitoring by the main bank and other member firms of the same business group contributes to aligning the interests of Japanese CEOs with those of outside shareholders through an enhanced sensitivity of CEO compensation to firm performance. Additionally, firm size, and the CEO's age and tenure as CEO influence pay- performance sensitivity in Japanese firms.

Corporate Governance Top Executive Compensation And Firm Performance In Japan

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Author : Sudipta Basu
language : en
Publisher:
Release Date : 2016

Corporate Governance Top Executive Compensation And Firm Performance In Japan written by Sudipta Basu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.

For 174 large Japanese corporations during 1992-1996, we find that top executive pay is higher in firms with weaker corporate governance mechanisms, controlling for standard economic determinants of pay. We use management ownership and family control (“the ownership mechanisms”), and keiretsu affiliation, the presence of outside directors, and board size (“the monitoring mechanisms”) to measure corporate governance mechanisms. We also find that the excess pay related to ownership and monitoring variables is negatively associated with subsequent accounting performance, consistent with the presence of an agency problem. We do not, however, find an association between this excess pay and subsequent stock returns.

Pay Performance Sensitivity

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Author : LeeSeok Hwang
language : en
Publisher:
Release Date : 1995

Pay Performance Sensitivity written by LeeSeok Hwang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.

Top Executive Rewards And Firm Performance

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Author : Steven N. Kaplan
language : en
Publisher:
Release Date : 1992

Top Executive Rewards And Firm Performance written by Steven N. Kaplan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Corporate profits categories.

This paper compares CEO and top management turnover and its relation to firm performance in the largest companies (by sales) in Japan and the U.S. Japanese top managers are older and have shorter tenures as top managers than their U.S. counterparts. Overall, however, turnover-performance relations are economically and statistically similar: turnover is negatively related to stock, sales, and earnings performance in both countries. Turnover in Japan is particularly sensitive to low earnings. Evidence on executive compensation confirms that Japanese executives own less stock and receive lower cash compensation than U.S. executives. Cash compensation performance relations, nevertheless, are also similar in magnitude to those found in previous work for U.S. executives.

Corporate Governance And Top Executive Compensation

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Author : Toshiaki Mitsudome
language : en
Publisher:
Release Date : 2000

Corporate Governance And Top Executive Compensation written by Toshiaki Mitsudome and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Corporate governance categories.

Executive Compensation And Firm Perfomance

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Author : Takao Kato
language : en
Publisher:
Release Date : 1990

Executive Compensation And Firm Perfomance written by Takao Kato and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with categories.