The relationship between financial incentives for company presidents and firm performance in Japan

Katsuyuki Kubo*, Takuji Saito

*この研究の対応する著者

研究成果査読

9 被引用数 (Scopus)

抄録

Kaplan (1994) concludes that the relationship between top pay and stock performance in Japan is similar to that in the USA. Using a new and comprehensive data set that includes presidents' stock and their stock option holdings, this study estimates the sensitivity of Japanese presidents' wealth to shareholder wealth in the period 1977-2000. Contrary to the commonly held belief that Japanese corporate governance is becoming more like that in the USA, the results show that pay-performance sensitivity actually decreased substantially after 1990. In 2000, Japanese presidents received $US22,100 when stock returns increased from -2.1% to 14.8%.

本文言語English
ページ(範囲)401-418
ページ数18
ジャーナルJapanese Economic Review
59
4
DOI
出版ステータスPublished - 2008 11 27

ASJC Scopus subject areas

  • 経済学、計量経済学

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