The Relationship between Managerial Compensation and Business Performance in Japan : New Evidence using Micro Data *
The Relationship between Managerial Compensation and Business Performance in Japan : New Evidence using Micro Data *
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日本管理薪酬与业务绩效之间的关系：使用微观数据的新证据*
DOI：
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发表时间：
2006
期刊：
影响因子：
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通讯作者：
Naoki Watanabel
中科院分区：
文献类型：
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作者：
H. Sakawa;Naoki Watanabel
本文考察了日本企业经理的薪酬水平与公司治理质量之间的关系，以及较弱的治理结构是否会导致较差的未来业绩。本文的研究结论如下。首先，日本企业经理的薪酬水平随着“老”、“银行”和“灰色”外部董事比例的增加而增加。薪酬也随着董事会持股和大宗持股的增加而增加。这表明，旧的、银行的和灰色的外部董事和区块持有人的监督不力。第二，我们的结果表明，治理结构较弱的公司业绩较差。这些结果表明，与美国类似，日本经理人也存在薪酬过高的问题。果冻分类：G30、G32、J33、L22
This paper examines the relationship between the level of Japanese business managers' compensation and the quality of corporate governance, and whether weaker governance structures lead to poorer future performance. The conclusions of this paper are as follows. First, the level of Japanese business managers' compensation increases as the percentage of 'old', 'bank' and 'gray' outside directors increases. Compensation also increases with board stockholding and block holding. This suggests weak monitoring by old, bank and gray outside directors and block holders. Second, our results show that firms with weaker governance structures have poorer performance. These results suggest the existence of an overcompensation problem with Japanese managers similarly to the US. JEL classifications: G30; G32; J33; L22