2023 Fiscal Year Final Research Report
The Empirical Analysis on Relations between Globalization and Executive Compensation
| Project/Area Number |
20K13473
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| Research Category |
Grant-in-Aid for Early-Career Scientists
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| Allocation Type | Multi-year Fund |
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| Review Section |
Basic Section 07040:Economic policy-related
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| Research Institution | Nagasaki University (2023)
Hirosaki University (2020-2022) |
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Principal Investigator |
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| Project Period (FY) |
2020-04-01 – 2024-03-31
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| Keywords | 経営者報酬 / 所得格差 / グローバリゼーション / 輸出 / 海外直接投資 / ストックオプション / 労働組合 / 差の差の分析法 |
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| Outline of Final Research Achievements |
The purpose of this research is to clarify the impact of globalization on the wage gap between executives and regular employees. The global financial crisis that occurred in the United States in 2008 was considered an exogenous negative shock for Japanese companies, and the difference-in-differences method was used to estimate its effect on within-company disparities. We found that foreign direct investment has the effect of increasing executive compensation. Additionally, worker wages tended to decline significantly more relative to executive compensation after the crisis in firms depending more on exports, causing a wider pay differential. These results suggest that the recent progress in globalization has contributed to the surge in executive compensation.
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| Free Research Field |
国際経済学、国際貿易論、応用経済学
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| Academic Significance and Societal Importance of the Research Achievements |
歴史的に稀に見る近年の所得格差の背景に、大企業の経営者が高額の報酬を受け取っていることがしばしば批判される。先行研究は、格差拡大の主な要因として情報通信技術の発展を挙げ、必ずしもグローバル化と所得格差の間に明確な関係は見いだせていない。本研究は2008年に生じた国際金融危機を日本企業にとって外生的な負のショックと見なし、輸出や海外直接投資が、経営者と一般社員の報酬に与える影響について計量的に分析を行った。その結果、輸出や海外直接投資は経営者報酬を引き上げ、企業内所得格差を拡大させる傾向があることが判明した。本研究の結果は格差是正のための政策を検討する上での材料を提供する。
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