Sakawa, Hideaki; Watanabel, Naoki - Institute of Economic Research, Hitotsubashi University - 2009
mechanisms, such as keiretsu memberships and bank-appointed directors, and pay-performance sensitivity in Japan. Previous studies … show that pay-performance sensitivity is positive and almost the same as in a market-oriented system like that of the USA … ties and bank-appointed directors. We find that the disciplinary mechanism of keiretsu memberships and bank …