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Structure of Compensation and CEO Job Turnover
Get PDFThis paper provides empirical evidence of the effect stock options and total compensation on the job turnover of corporate Chief Executive Officers (CEOs). Our estimates indicate that both the amount and the composition of the compensation package are important determinants of CEO turnover probability. Holding the total amount of compensation constant, an increase in the proportion of stock options in the total compensation from the 25 percentile level to the 75 percentile level would result in a decrease in annual CEO turnover probability from 10 percent to 6.8 percent. The significant negative effect of stock options on CEO turnover is consistent with the view that options are used as deferred compensation to provide longer term incentives to CEOs. Moreover, holding the proportion of stock options constant, if the amount of total compensation increases from the 25 percentile level to the 75 percentile level, the annual turnover probability would decrease from 10 percent to 6.9 percent. Extraordinary amounts of CEO compensation are often justified based on the assumption that they encourage royalty and reduce turnover rate. The negative effect of the total compensation on turnover rate provides some support for such a claim. In addition, we found that a failure to control for the left censoring biases leads to severe underestimation of the effects of firm performance on CEO turnover probability. These biases may have lead previous studies to severely underestimate the dismissal related pay-for-performance sensitivity. The effect of interlocking directorship on CEO turnover probability also disappears after controlling for the biases.departmental bulletin pape
Learning Styles and Typologies of Cultural Differences : A Theoretical and Empirical Comparison
Get PDFThis study presents the relationship between six typologies of cultural differences and the learning styles of Kolb's learning model. Several cross-cultural studies about learning styles indicate that learning styles may differ from one culture to another, but few studies have addressed the question of which culture is related to which learning style or ability. The present study concerns this inquiry. Exploration of this inquiry has been made in two parts. The first part investigates conceptual analogies and relationships between Kolb's model and the six cultural typologies in the domains of anthropology, cross-cultural management, and cross-cultural psychology. The second part focuses on the empirical results of six comparative studies about cross-cultural differences in learning styles in the past and discusses how six propositions generated from the first theoretical examination can reflect upon their past empirical results. Those two examinations suggest that particular culture, as categorized in those domains, relates to certain learning styles or abilities.departmental bulletin pape
Japan Overseas Cooperation Volunteers in Urban Poverty Alleviation in Sri Lanka
Get PDFDevelopment strategies based on centralised public investment and profit motivated private sector leadership, without suitable modifications to address poverty issues, have shown limited success in poverty reduction in many developing countries. It is in this background that participatory development programmes have come to be advocated as necessary add-ons to development strategies based on programmes of public and private investment. As part of participatory development strategies, the desirability of the empowerment of the poor has come to be emphasised as a long-term solution to poverty. The importance of opening up avenues for the poor to generate their own sources of income and providing them with basic amenities of life are being highlighted. Most participatory development exercises are to be found in the setting of poor rural communities. This paper examines a series of participatory development interventions in urban poor settings in Sri Lanka. These interventions have been made with the assistance and involvement of the Japan Overseas Cooperation Volunteer (JOCV) programme. The paper explains the contextual background of the work of JOCV members in urban poverty reduction work within selected locations. It reports the results of an extensive interview survey of the programmes' beneficiaries and evaluates the effectiveness, sustainability, and relevance of community participation programmes of poverty reduction in urban settings. The authors argue that a foreign aided programme of this nature could achieve a great deal more in community development if the necessary local institutional adjustments are facilitated and the programme's elements of community participation and collaboration are strengthen.departmental bulletin pape
A Grounded Theory Approach to Decision Making Processes of Japanese Multinational Corporations in the US
Get PDFThe purpose of this paper is to understand how Japanese Multinational Corporations (MNCs) make organizational decisions in the United States (US). For this purpose, a grounded theory approach conceptualized by Strauss and Corbin (1990) was employed using a sample of 8 Japanese MNCs operating in the US. Semi-structural interviews with a total of 20 managers, 10 Americans and 10 Japanese, were conducted for data collection. Two decision-making tactics emerged from the analysis of interviews through the grounded theoretical model. Five propositions were generated, illustrating the characteristics of decision-making processes of Japanese MNCs in the US. Implications for future studies will be addressed.departmental bulletin pape
The Political Economy of Mahathir's China Policy: Economic Cooperation, Political and Strategic Ambivalence
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Beyond qustions and answers : The teaching of listener responses in elementary level Japanese classroom
Get PDF対話を展開させる上で、聞いたことに対する反応を聞き手が言語的に表現することが重要な役割を果たすことは知られている。問い、答えの次の第三の位置に来るこの「聞き手の反応」を日本語学習者はどう習得するのか。Ohta(2001)は、教師が授業中にフィードバックという形で聞き手としての反応を十分に示している初級学習者の場合、進度と程度に個人差はあるが習得がおこると報告している。また、Mori(2002)は、上級学習者が行った座談会タスクで、対話の内容を深く発展させるような「聞き手の反応」は使われなかったと報告している。ここから、「受け取り」の表現は比較的初期に身につけることができるが、「共感・評価」を含むより内容に関わる反応表現は習得に時間がかかることが予想される。最近の初級日本語教科書は、語用のこの側面についての配慮がされるようになってきている。従って、教師は初級段階から明示的に学習者に提示し、意識させ練習させることが必要なのではないか。departmental bulletin pape
Why is China so Attractive for FDI? : The Role of Exchange Rates
Get PDFThis paper argues that China's exchange policy plays a critical role in its FDI boom. Yuan's devaluation and the pegging yuan to the dollar policy not only offset the pressure of rising real wage due to sustained economic growth in the last two decades, but also improved China's competitiveness in attracting global FDI. Examining the hypothesis in the context of Japanese FDI in China's nine manufacturing sectors from 1981 to 2001, the paper finds a strong correlation between Japanese direct investment in China and the real bilateral exchange rate between yen and yuan. Empirical evidences strongly suggest that China's exchange rate policy is one of critical factors driving FDI into China.departmental bulletin pape
Methods for identifying verb classes: One explanation for the superiority of the 'dictionary form method' to the 'masu form method'
Get PDF動詞分類判別法として提案されている「ます形」法と「辞書形」法を比較検討し、その優劣をそれぞれの判別法が持つ例外語の数だけで決めることはできないと、私(1998,2003)は以前結論づけた。両者の例外語数に有意義な差違が見られなかったからである。本稿では、両判別法の優劣を別の観点、つまり例外語ではなく、形から例外なくそのグループ分けが判別できる動詞の数という観点で、再検討してみた。『品詞別・A～Dレベル別1万語語彙分類表』(改訂版1998)を用いた調査の結果、形からグループ分けが判別可能な動詞の数には両者の間に大きな違いが見られ、「辞書形」法が明らかに「ます形」法より優れていることが判明した。departmental bulletin pape
Determinants of Japanese Aid Allocation : An Econometric Analysis
Get PDFEconomic self-interest and politico-strategic and humanitarian concerns motivate donor countries in their development assistance policies. A large amount of literature has pointed out that either economic self-interest or political self-interest played a pivotal role in the early phases of foreign aid programmes of many donors. Currently, almost all donors include humanitarian assistance in explaining their aid motives. We investigate how Japanese aid allocation policies have changed over the time and also identify empirically the major determinants of aid allocation. It is found from the empirical evidence that Japan takes national interest as well as recipient country needs into account in allocating their aid. The nature of Asian biasness in Japanese aid may continue given the high emphasis on national economic and security interests. Given the historical trend one can conclude that the same determinant factors may keep on playing vital roles in aid allocation decision-making at least for some years to come even though there has been an increased call for more assistance to poor regions.departmental bulletin pape