Corporate governance, Director Bornses, and Firm Performance in Japanese Listed Railway Companies

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  • 日本の鉄道事業者における役員賞与と経営者インセンティブ--コーポレート・ガバナンスと規制緩和の効果に着目した実証分析--
  • ニホン ノ テツドウ ジギョウシャ ニ オケル ヤクイン ショウヨ ト ケイエイシャ インセンティブ : コーポレート ・ ガバナンス ト キセイ カンワ ノ コウカ ニ チャクモク シタ ジッショウ ブンセキ

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Abstract

This study investingates the relationship between director bounses and performance of 23 Japanese listed railway companies. The analysis yields the following results. First, during 1993-2011, there was a significant positive influence of ROA(Return On Assets) on director bonuses. Second, during 1993-1999, when the Japanese government regulated market entry and exit in railway services, there is a significant negative influence of stock return and the number of board members on director bonuses. However, during 2000-2011, after the Japanese government deregulated the market, these indexes turns into a significant positive influence.

Journal

  • 商経論集

    商経論集 52 (1・2・3・4), 71-86, 2017-03

    北九州市立大学経済学会

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