Manuscript Type
Empirical
Research Question/Issue
This paper explores the incentive structure of executive compensation in Japan in 2010, when Japanese individual executive compensation data for those receiving more than 100 million Japanese yen were made public for the first time. This public disclosure enables investigation of the relation between cash‐based and stock‐based individual incentive compensation and corporate governance mechanisms in Japan.
Research Findings/Insights
Results show that 1) the bank ties do not substitute for incentive compensation, unlike in the 1990s in Japan, when they were effective for solving agency conflicts; and 2) the role of incentive compensation is found to be effective for firms with a higher degree of foreign ownership. We also examine the role of the new internal control mechanism of firms with a committee system which includes a compensation committee for facilitating incentive compensation. However results show that internal control systems of firms with committees only facilitate short‐term incentive packages because they fall into short‐termism as a result of their short duration of a single year.
Theoretical/Academic Implications
Theoretically, bank ties do not contribute as a substitute for incentive compensation to align management and shareholder interests under a Japanese relationship‐oriented system. This implies that Japanese relationship‐oriented systems would have been weakened by solving agency conflicts. Furthermore, firms with committee systems can no longer provide managerial incentives because of the short‐termism of committee members.
Practitioner/Policy Implications
This study provides insights for practitioners and policymakers interested in executive compensation structures in any country where corporate governance is reformed to introduce Anglo‐American mechanisms.
SUS444 stainless steel filled chemically cured resin composites that can attract magnet were fabricated. The filler was treated with various concentrations of silane. The experimental composite was easy to handle and showed a good shelf life. The maximal properties obtained are as follows; The attraction force to a magnetic attachment was 1/3-1/4 lower than the commercially available magnet-keeper system for dental magnetic attachment. Flexural strength and Knoop hardness of the composite were 76MPa (7.7kgf/ mm2) and 64KHN. These values were lower than the commercially available chemically cured composite used as a reference. Eluted metal from the composite in 1% lactic acid solution for 7 days showed 0.7mg/ cm2, but in 0.9% NaCl solution for 7 days, it could not be detected.
For the past 10 years, reactively deposited films of titanium nitride, TiN, have been applied to cutting tools such as drills, hob cutters, and endmills. A nominal film thickness of 2–4 μm has been shown to give excellent resistance to abrasion and corrosion and to extend tool life three times or more. This is attributable to the physical properties of TiN, which include microhardness of 1,800 kg/mm2 and surface friction approximately one-third that of high-speed tool steel. Corrosion resistance is realized from the dense, fine-grain equiaxed structure of the inert TiN film. Additional applications range from decorative use based on its goldlike appearance to use as a diffusion barrier in semiconductor devices.More recently, TiN has found application as a high quality coating for components used in ultrahigh vacuum (UHV and XHV) system apparatus and especially in high energy particle accelerators. This article discusses the application of TiN coatings to ultrahigh vacuum systems and high energy particle accelerators.The native oxides which form on stainless steel and aluminum tend to be porous and trap large amounts of water vapor and other gases. These trapped gases can be partially removed by vacuum baking, although for particle beam devices in which beam-induced desorption is at least as important as the thermal outgassing rate, an extensive beam-conditioning process is required to get rid of the final vestiges of trapped gas. The oxide surfaces have low sticking coefficients for the adsorption of incident gas molecules, but the oxides have much higher secondary electron yields than the clean metals and consequently have very high beam-induced desorption rates.
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