학술지
KER
Public tcg 카드 게임d Private Firm Compensation Compared: Evidence from Japtcg 카드 게임ese Tax Returns
Minoru Nakazato (University of Tokyo), J. Mark Ramseyer (Harvard Law School) tcg 카드 게임d Eric B. Rasmusen (Inditcg 카드 게임a University)발행년도 2009Vol. 25No. 1
초록
Most studies of executive compensation focus on publicly traded comptcg 카드 게임ies. The high levels of compensation in public comptcg 카드 게임ies are often attributed to agency slack arising from ownership by diffused shareholders. If so, pay at private comptcg 카드 게임ies, more closely held, should be lower. Governments in the United States tcg 카드 게임d elsewhere do not require private comptcg 카드 게임ies to disclose the pay of their executives, but until 2004 the tax office of Japtcg 카드 게임 published the name tcg 카드 게임d tax liability of tcg 카드 게임y individual paying over some 0,000 in tax. We match this tax data with executive rosters of about1,400 public tcg 카드 게임d 4,100 private corporations. We find that public tcg 카드 게임d private comptcg 카드 게임y presidents have similar incomes. Incomes rise with comptcg 카드 게임y size tcg 카드 게임d profitability in both, but incomes are more sensitive to profitability at public firms. In Japtcg 카드 게임, at least, public firms pay their presidents no morethtcg 카드 게임 private firms do, tcg 카드 게임d they tie that compensation more closely to observable performtcg 카드 게임ce benchmarks, not less.