| 作者 | 宫岛英昭（教职研究员）、斋藤卓尔（庆应义塾大学）、今野靖秀（德勤-托马斯有限责任审计法人）、辻 一真（德勤-托马斯有限责任审计法人） |
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| 发表日期/编号 | 2026年3月 26-J-012 |
| 研究课题 | 企业治理分析的新领域 |
| 下载/链接 |
概要
CEO compensation has long been recognized as one of the most important corporate governance mechanisms. However, in Japan, unless CEO compensation exceeds 100 million yen, firms are not required to disclose individual CEO pay. This study examines the trend of CEO compensation in recent years in Japanese firms by utilizing data from the executive compensation survey jointly conducted by the Deloitte Tohmatsu Group and Sumitomo Mitsui Trust Bank, which includes CEOs with compensation below the 100 million yen. The structure and changes in CEO compensation vary significantly depending on firm size. In large firms, stock-based compensation—particularly restricted stock—has been increasing, leading to substantial growth in overall compensation, whereas such trends were not observed among small- and mid-cap firms. Furthermore, board and ownership structure affect CEO compensation. Interestingly, while in the United States stronger monitoring by outside directors and other governance mechanisms tends to suppress executive pay, in Japan the opposite tendency was observed, with stronger monitoring associated with higher compensation.