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1、外文翻译原文ExecutiveCompensationPolicyandCompanyPerformanceinJapanMaterialSource:http://web.ebscohost.comAuthor:KatsuyukiKuboThepurposeofthispaperistoanalysewhethercompanies’“waytopaytheirdirector”mattersornot.Firstly,wefailtofindapositiverelationshipbetweentheperformance–paysensit
2、ivityandcompanyperformance.Thus,theseresultsdonotsupportourhypothesisthatthosecompaniesthatintensifytheperformance–paysensitivityaremorelikelytoimprovetheirperformance.Inaddition,thisresearchfailstofindapositiverelationshipbetweenthechangeofpaypolicyandperformance.Theseresults
3、areconsistentwithpreviousstudiesthatdirectors’payisnotdesignedtomotivatedirectorstoworktowardshareholders’value.Directors’compensationinJapanInlargeJapanesecompanies,directors’salariesusuallyconsistofmonthlypayandanannualbonus.Directorsreceiveanannualbonusattheendofthefiscalye
4、arthatisusuallyaround10–30percentoftheirtotalannualsalary.Thebonuspaidtodirectorsisconsideredapartofthedistributionofprofit.Xu(1997)showsthatdirectorsdonotreceivetheirbonuseswhenfirmsperformbadly.Inpractice,theamountofbonusforindividualdirectorsisdeterminedbythepresident,butus
5、uallyonthebasisoftheirrank.OneofthedistinctivefeaturesoftheboardofdirectorsinJapanisastricthierarchywithincompanyboards.Thedirectorsareclassifiedaschairman,president,vicepresident,seniorexecutivesexecutivesandnon-titleddirectors.Allofthesedirectorsarefull-timemembersoftheboard
6、.Importantly,thishierarchyisnotbasedoncompanylaw.Similarly,inpractice,directors’monthlypayisalsodeterminedbythecompanypresident,accordingtoapay-scalebasedontheindividualrankofthedirectorandperformanceofthefirm,suchasitssalesandprofit.Director’smonthlypayisoftendeterminedasapro
7、portionofthehighestpaidemployees’monthlywage.Consequently,changesinmonthlypayamongdirectorsarecloselylinkedtochangesinemployeewages.Thus,directors’salariesmaydependontheresultsofcollectivebargainingbetweenmanagementandemployees.Relativelylittleworkwasattemptedtoanalysethedeter
8、minantsofexecutivecompensationinJapan.Recently,however,somest