sales) in Japan and the U.S. Japanese top managers are older and have shorter tenures as top managers than their U … related to stock, sales, and earnings performance in both countries. Turnover in Japan is particularly sensitive to low …

shareholders and managers in which managers have private benefits or private costs of investment. Managers overinvest when they …, in isolation, is insufficient to identify whether managers have private benefits or private costs of investment. In order … to identify whether managers have private benefits or costs, we estimate the joint relationships between incentives and …