Abstract

http://ssrn.com/abstract=5464
 
 

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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)

January 1994


Abstract:     
This paper studies top executive turnover and compensation, and their relation to firm performance in the largest Japanese and U.S. companies. Japanese executive turnover and compensation are related to earnings, stock return, and sales performance measures. The fortunes of Japanese top executives, therefore, are positively correlated with stock performance and with current cash flows (or with factors contributing to such performance). The relations for the Japanese executives are generally economically and statistically similar to those for their U.S. counterparts, particularly for sales growth. There is some evidence, however, that the fortunes of Japanese executives are more sensitive to low income and less sensitive to stock returns than those of U.S. executives.

JEL Classification: G3

working papers series


Not Available For Download

Date posted: October 24, 1999  

Suggested Citation

Kaplan, Steven N., Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S (January 1994). Available at SSRN: http://ssrn.com/abstract=5464

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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