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Are the shareholders in Japanese governance mechanisms getting a benefit from the use of annual incentive plans?
http://hdl.handle.net/2241/119359
http://hdl.handle.net/2241/119359e41d4a80-deeb-4129-aa73-55b5b7be9cc4
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
1306.pdf (313.2 kB)
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| Item type | Technical Report(1) | |||||
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| 公開日 | 2013-06-13 | |||||
| タイトル | ||||||
| タイトル | Are the shareholders in Japanese governance mechanisms getting a benefit from the use of annual incentive plans? | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
| 資源タイプ | technical report | |||||
| アクセス権 | ||||||
| アクセス権 | open access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||
| 著者 |
OGAKU, Michiko
× OGAKU, Michiko |
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| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This paper studies the economic consequences of choosing two different types of executive compensation contracts. The analysis is based on a two-period agency model in which compensation contracts are subject to renegotiation; compensation is paid based on the agent’s earnings report (e.g., a performance-based contract) or a non-verifiable measure within the firm (e.g., a conventional implicit contract). According to the analysis, conventional implicit contracts can dominate performancebased contracts if the non-verifiable measure is sufficiently informative so that the agent’s earnings report is not significantly considered during renegotiation. However, if the agent has strong bargaining power, the performance-based contract is optimal. The theoretical findings have implications for empirical compensation research. First, the firms’ compensation policy may not serve as a useful test for identifying profitable firms. Second, the combination of the compensation policy and the ownership structure is likely to be associated with the level of executive compensation. |
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| 言語 | en | |||||
| 書誌情報 |
発行日 2013-05 |
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| 出版者 | ||||||
| 出版者 | University of Tsukuba. Graduate School of Systems and Information Engineering. Doctoral Program in Social Systems & Management | |||||
| 言語 | en | |||||
| シリーズ | ||||||
| 言語 | en | |||||
| 関連名称 | Department of Social Systems and Management Discussion Paper Series;no.1306 | |||||
