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CEO compensation in Japan

CEO compensation in Japan

CEO compensation in Japan

5 December 2017

A research paper looking at CEO compensation in Japan has been accepted for publication in a forthcoming edition of the prestigious Journal of Financial and Quantitative Analysis (JFQA).

In world-first research, Associate Professor Xianming Zhou from the ANU Research School of Finance, Actuarial Studies & Statistics (RSFAS) compared CEO compensation between Japan and the U.S using newly disclosed information on director remuneration in Japan.

With a change in regulations regarding disclosure of director compensation in Japan, Dr Zhou saw a research opportunity to use the first publicly available data for Japanese executives.

The research findings fill an important gap in the academic literature of international evidence.

“Previous studies used an indirect approach. For example, they tried to look at personal income tax and tried to back track to estimate what would be the compensation figures, and this is the first time direct data is used.”

The research also shows a large difference between Japanese and American systems, contrary to other recent studies, said Dr Zhou.

“More interestingly is its implication to international comparison. Previous studies use data covering countries other than Japan, and the major result from this literature is that international difference in executive compensation has essentially disappeared.”

“Our results show that this is not the case with Japan – the world’s third largest economy.”

The resulting data allowed Dr Zhou and his co-author to more accurately examine the levels and structure of CEO compensation in Japan and has opened further research topics such as the relationship between compensation and manager’s career paths or management turnover.

The paper, “CEO Compensation in Japan: Why So Different to the U.S?” was co-authored with his former PhD student, Assistant Professor Luyao Pan of Sun Yat-sen University in Guangzhou, China.

For more information about this research, contact Dr Xianming Zhou.

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Updated:   27 March 2019 / Responsible Officer:  CBE Communications and Outreach / Page Contact:  College Web Team