Japanese firms expanded their outward foreign direct investment (FDI) rapidly in the emerging economies in Asia in the post-1990 period. The Japanese public feared that companies would increasingly rely on cheaper foreign workers and that large numbers of home country workers would find their...

Compensation schemes for workers have generated much interest in recent years. At the micro level they may affect workers' productivity. Due to the responses of firms, aggregate employment may also be affected by how workers get paid. Japanese bonus payments account for 25 to 33% of workers'...

In Lintner's model of the dividend behavior of firms the change in dividends is a function of current earnings and the lagged dividends. We show that under a rational expectations hypothesis of management behavior the change-in-dividends equation should include lagged earnings as an additional...