Ceo Compensation 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 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.
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.
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.
Executive Compensation In Japan
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Author : Takao Kato
language : en
Publisher:
Release Date : 1998
Executive Compensation 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 1998 with categories.
In this paper I draw mostly on the findings from my own recent studies of Japanese executive compensation and present an overview of executive compensation in Japan in a comparative perspective with the U.S. Particularly noteworthy findings include: (i)internal labor markets for executives are more developed in Japan than in the U.S. although internal labor markets for executives in the U.S. are far from insignificant; (ii) CEO compensation in Japan is structured to encourage young managers to develop long-term relationships with the company, whereas the reverse incentive exists in the U.S.; (iii) CEOs working for keiretsu affiliated firms in Japan are paid significantly less than those working for independent firms, suggesting the effective checking on top management's power to raise their own pay by the main bank; (iv)the role of capital investment in the determination of CEO compensation is more important for keiretsu firms than for independent firms, pointing to the importance of the main banks interest in the objective function of the keiretsu firms; and (v) explicit forms of executive compensation (salary and bonus) are positively correlated with the number of insiders at each firm, cetris paribus for both nations, supporting the insider trading model.
Ceo Pay And Shareholder Value
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Author : Ira T. Kay
language : en
Publisher: CRC Press
Release Date : 1997-11-11
Ceo Pay And Shareholder Value written by Ira T. Kay and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-11-11 with Business & Economics categories.
U.S. executive pay, particularly that of CEOs, has been under serious attack for nearly a decade. Despite the fact that tying executive performance and pay to stock price has appeared to have substantially benefited the U.S. economy, this criticism has not subsided. CEO Pay and Shareholder Value challenges some assumptions behind this criticism by addressing these pertinent questions and more:
Ceo Compensation In Japan
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Author : Luyao Pan
language : en
Publisher:
Release Date : 2018
Ceo Compensation In Japan written by Luyao Pan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
In March 2010, Japanese regulators implemented the country's first legislation concerning the disclosure of director compensation for named individuals. Using the first publicly available data for Japanese executives, we document direct evidence on the level, structure, and mechanisms of CEO compensation in Japan and perform a matched sample comparison between Japan and the U.S. In contrast to the finding of recent studies showing that international differentials in CEO pay have largely disappeared since the mid-2000s, our results show strikingly large differences between the Japanese and American systems that are difficult to explain by differences in conventional incentive contracts.
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.
Chief Executive Compensation And Corporate Groups In Japan
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Author : Takao Kato
language : en
Publisher:
Release Date : 1998
Chief Executive Compensation And Corporate Groups 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 1998 with categories.
This paper begins with presenting the first systematic review of prior studies reporting the mean level of Japanese executive compensation in 1980s. Three major data sources available for empirical studies of Japanese executive compensation are identified and the strengths and weaknesses of each data source are discussed. The paper then uses one of these sources and examines the differences in the level and structure of Japanese CEO compensation between firms that are members of corporate groups (those linked by their relationships to a main bank and by cross-holding of equity) and those that are independent.
Ceo Compensation And Control In Japanese Firms
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Author : LeeSeok Hwang
language : en
Publisher:
Release Date : 1995
Ceo Compensation And Control In Japanese Firms 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.