Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States
研究日本和美国大公司的高管更替与薪酬如何与企业绩效挂钩，发现两国高管薪酬与股票收益和现金流正相关，但日本高管对低收入的敏感度更高，对股票回报的敏感度更低。
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 returns, and performance measures. The fortunes of Japanese top executives, therefore, are positively correlated with stock performance and 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. There is some evidence, however, that the fortunes of Japanese executives are more sensitive to low income but less sensitive to stock returns than those of U.S. executives. Copyright 1994 by University of Chicago Press.