Why Does Executive Greed Prevail in the United States and Canada but Not in Japan? The Pattern of Low CEO Pay and High Worker Welfare in Japanese Corporations
Notice bibliographique
Résumé
According to a list of the 200 most highly paid chief executives at the largest U.S. public companies, in 2012 Oracle’s Lawrence J. Ellison was the best-paid CEO, earning $96.2 million as total annual compensation. He has received $1.8 billion over the 1993–2012 time period. The lowest-paid on the same list is General Motors’ D.F. Akerson, who earned $11.1 million. The average national pay for a non-supervisory U.S. worker was $51,200 in 2012, meaning that the average of the top CEOs made 354 times more than the average non-supervisory worker in 2012. Hunter Harrison, Canadian Pacific Railway Ltd., was the best-paid CEO in Canada for 2012 and received CDN $49.2 million in total annual compensation, significantly higher than Canada’s best-paid CEO in 2011, Magna’s F. Stronach, who received CDN $40.9 million. In 2011, the average Canadian annual salary was CDN $45,488 and Canada’s top fifty CEOs earned 235 times more than the average Canadian worker. These executive pay practices contrast with the growing inequality in Canada, recently illustrated with the finding that 40% of Indigenous children live in poverty. In contrast, Japan’s highest-paid CEO is Nissan Motor Co.’s Carlos Ghosn, who earned 988 million yen ($10.1 million) in the year ending March 2013, barely changed from the previous year and only modestly improved from his US $9.5 million compensation in 2009. That does not even put him among the top 200 most highly paid U.S. company chiefs and the top twenty best-paid CEOs in Canada for 2012. Why are Japanese CEOs paid considerably less than their American or Canadian counterparts? This Article argues that the activism of long-term-oriented institutional investors such as banks and the tying of executive pay to worker welfare in the context of a culture of intolerance towards excessive executive compensation explain to a great extent the development of a pattern of low executive pay in Japan, despite the recent weakening of bank monitoring as a result of the adoption of a U.S. style of governance in some Japanese companies. The Japanese experience also demonstrates that lower executive compensation does not compromise firm performance and is a necessary condition to building a stakeholder-friendly corporation. For example, the CEO of Toyota (the world’s biggest automaker), Akio Toyoda, earned 184 million yen ($1.9 million) in 2012, a 35% increase from the previous year. He is the lowest- paid chief of the world’s five biggest automakers, and led Toyota to generate the highest return in 2012 among the top five global automakers. Toyota’s outlook for increasing profit prompted the automaker to approve the biggest bonus for workers in recent years. By contrast, Alan Mulally, Ford Motor Co.’s chief and the best paid among the top five, took home $21 million in 2012.
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Comment cette classification a été obtenuedéplier
Prédiction machine sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Le volet Gemma est une étiquette directe du modèle pour chaque travail de la base, lue sur la notice réduite au titre. Le volet Codex est un classifieur appris des 10 348 étiquettes directes de Codex et calibré sur les taux pondérés de l'échantillon; les champs sans appui suffisant ne portent aucun appel Codex. Le mode candidate est l'union des deux volets; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont pas des étiquettes humaines.
Scores du classifieur distillé par catégorie (deux têtes)
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,001 | 0,004 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,001 | 0,001 |
| Bibliométrie | 0,005 | 0,014 |
| Études des sciences et des technologies | 0,011 | 0,004 |
| Communication savante | 0,005 | 0,002 |
| Science ouverte | 0,001 | 0,002 |
| Intégrité de la recherche | 0,001 | 0,002 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,005 | 0,000 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découleClassification
machine, non validéePrédiction automatique; un appel candidat d’une seule source (Gemma direct ou Codex distillé), pas un consensus.
Le détail, modèle par modèle et score par score, se trouve en fin de page sous « Comment cette classification a été obtenue ».