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Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S

Steven N. Kaplan

University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)

May 1992

NBER Working Paper No. w4065

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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Date posted: April 27, 2000  

Suggested Citation

Kaplan, Steven N., Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S (May 1992). NBER Working Paper No. w4065. Available at SSRN: http://ssrn.com/abstract=226892

Contact Information

Steven Neil Kaplan (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-4513 (Phone)
773-702-0458 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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