The study looked at how much Japanese CEOs get paid and how it relates to how well their companies are doing. They used data from 1986 to 1995 and found that CEO pay in Japan is linked to how profitable their companies are, especially in terms of accounting measures. The study showed that CEO cash compensation goes up when the company's Return on Assets (ROA) goes up. This suggests that Japanese CEO pay is not unusually disconnected from how well the company is doing financially. Unlike in other countries, stock market performance doesn't have as big of an impact on CEO pay in Japan. The study also found that bonuses make CEO pay more responsive to how well the company is performing. This is different from how regular employees are paid in Japan, where bonuses are often seen as part of their base salary.