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Compensation and performance: the case of Japanese managers and directors

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  • Ang, James S.
  • Constand, Richard L.
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    File URL: http://www.sciencedirect.com/science/article/B6VGV-3SX8BMF-1/2/f91d6ce5d97aeb75ba76172b857206d0
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Multinational Financial Management.

    Volume (Year): 7 (1997)
    Issue (Month): 4 (December)
    Pages: 275-304

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    Handle: RePEc:eee:mulfin:v:7:y:1997:i:4:p:275-304

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    Web page: http://www.elsevier.com/locate/mulfin

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    References

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    1. Rosen, S., 1990. "Contracts and Market for Executives," University of Chicago - Economics Research Center 90-12, Chicago - Economics Research Center.
    2. Robert Gibbons & Kevin Murphy, 1989. "Relative Performance Evaluation for Chief Executive Officers," Working Papers 628, Princeton University, Department of Economics, Industrial Relations Section..
    3. Cosh, A D & Hughes, A, 1987. "The Anatomy of Corporate Control: Directors, Shareholders and Executive Remuneration in Giant U.S. and U.K. Corporations," Cambridge Journal of Economics, Oxford University Press, vol. 11(4), pages 285-313, December.
    4. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-64, April.
    5. Takeo Hoshi & Anil Kashyap & David Scharfstein, 1990. "The Role of Banks in Reducing the Costs of Financial Distress in Japan," NBER Working Papers 3435, National Bureau of Economic Research, Inc.
    6. Meeks, Geoffrey & Whittington, Geoffrey, 1975. "Directors' Pay, Growth and Profitability," Journal of Industrial Economics, Wiley Blackwell, vol. 24(1), pages 1-14, September.
    7. Stephen D. Prowse, 1990. "Institutional investment patterns and corporate financial behavior in the U.S. and Japan," Finance and Economics Discussion Series 108, Board of Governors of the Federal Reserve System (U.S.).
    8. Lichtenberg, Frank R. & Pushner, George M., 1994. "Ownership structure and corporate performance in Japan," Japan and the World Economy, Elsevier, vol. 6(3), pages 239-261, October.
    9. Prowse, Stephen D, 1992. " The Structure of Corporate Ownership in Japan," Journal of Finance, American Finance Association, vol. 47(3), pages 1121-40, July.
    10. Bengt Holmstrom, 1979. "Moral Hazard and Observability," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 74-91, Spring.
    11. Murphy, Kevin J., 1985. "Corporate performance and managerial remuneration : An empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 11-42, April.
    12. Sherwin Rosen, 1990. "Contracts and the Market for Executives," NBER Working Papers 3542, National Bureau of Economic Research, Inc.
    13. Kaplan, Steven N. & Minton, Bernadette A., 1994. "Appointments of outsiders to Japanese boards: Determinants and implications for managers," Journal of Financial Economics, Elsevier, vol. 36(2), pages 225-258, October.
    14. Berglof, Erik & Perotti, Enrico, 1994. "The governance structure of the Japanese financial keiretsu," Journal of Financial Economics, Elsevier, vol. 36(2), pages 259-284, October.
    15. Sheard, Paul, 1989. "The main bank system and corporate monitoring and control in Japan," Journal of Economic Behavior & Organization, Elsevier, vol. 11(3), pages 399-422, May.
    16. Aoki, Masahiko, 1990. "Toward an Economic Model of the Japanese Firm," Journal of Economic Literature, American Economic Association, vol. 28(1), pages 1-27, March.
    17. Steven N. Kaplan, 1994. "Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S," NBER Working Papers 4065, National Bureau of Economic Research, Inc.
    18. Grundfest, Joseph A., 1990. "Subordination of American capital," Journal of Financial Economics, Elsevier, vol. 27(1), pages 89-114, September.
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    Cited by:
    1. Mitsudome, Toshiaki & Weintrop, Joseph & Hwang, Lee-Seok, 2008. "The relation between changes in CEO compensation and firm performance: A Japanese/American comparison," Journal of the Japanese and International Economies, Elsevier, vol. 22(4), pages 605-619, December.
    2. Unite, Angelo A. & Sullivan, Michael J. & Brookman, Jeffrey & Majadillas, Mary Anne & Taningco, Angelo, 2008. "Executive pay and firm performance in the Philippines," Pacific-Basin Finance Journal, Elsevier, vol. 16(5), pages 606-623, November.
    3. Kato, Takao & Kim, Woochan & Lee, Ju Ho, 2007. "Executive compensation, firm performance, and Chaebols in Korea: Evidence from new panel data," Pacific-Basin Finance Journal, Elsevier, vol. 15(1), pages 36-55, January.
    4. Kato, Takao & Long, Cheryl, 2006. "Executive Compensation, Firm Performance, and Corporate Governance in China: Evidence from Firms Listed in the Shanghai and Shenzhen Stock Exchanges," Economic Development and Cultural Change, University of Chicago Press, vol. 54(4), pages 945-83, July.
    5. Kato, Takao & Kubo, Katsuyuki, 2006. "CEO compensation and firm performance in Japan: Evidence from new panel data on individual CEO pay," Journal of the Japanese and International Economies, Elsevier, vol. 20(1), pages 1-19, March.
    6. Basu, Sudipta & Hwang, Lee-Seok & Mitsudome, Toshiaki & Weintrop, Joseph, 2007. "Corporate governance, top executive compensation and firm performance in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 15(1), pages 56-79, January.
    7. Takao Kato & Cheryl Long, 2004. "Executive Compensation, Firm Performance, and State Ownership in China: Evidence from New Panel Data," William Davidson Institute Working Papers Series 2004-690, William Davidson Institute at the University of Michigan.

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