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Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S Author info | Abstract | Publisher info | Download info | Related research | Statistics Steven N. Kaplan
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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.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
4065.
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Date of creation: Aug 1994Date of revision:
Handle: RePEc:nbr:nberwo:4065Note: CFContact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A. Phone: 617-868-3900 Email: Web page: http://www.nber.org More information through EDIRC
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