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CEO Compensation in Japan: Why So Different from the United States?

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  • Pan, Luyao
  • Zhou, Xianming

Abstract

In Mar. 2010, Japan’s financial regulator 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 chief executive officer (CEO) compensation in Japan and perform a matched-sample comparison between Japan and the United States. In contrast to the findings 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.

Suggested Citation

  • Pan, Luyao & Zhou, Xianming, 2018. "CEO Compensation in Japan: Why So Different from the United States?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 53(5), pages 2261-2292, October.
    • Handle: RePEc:cup:jfinqa:v:53:y:2018:i:05:p:2261-2292_00
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    Cited by:

    1. Pandher, Gurupdesh, 2022. "Determinants of Return-maximizing CEO Equity & Cash compensation," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 154-168.
    2. Tani, Massimiliano & Valentine, Andrew & Sharpe, Kieran, 2022. "The Gender Pay Gap in the CEOs' Labor Market," IZA Discussion Papers 15781, Institute of Labor Economics (IZA).
    3. Masao Hirasaka & Yasuo Kusaka & Jim Brogan, 2021. "Japanese style management in eras of change: new management model," SN Business & Economics, Springer, vol. 1(6), pages 1-18, June.
    4. Sangyong Han & Hyejeong Mun, 2021. "CEO Compensation in Korea: Is It Different than in the US? A Comparison between Korean Non-Life Insurance Firms and US Property-Liability Insurance Firms," IJFS, MDPI, vol. 9(4), pages 1-20, November.

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