Just over half of the companies responding to a survey did not give executives bonuses for fiscal 2002 as a result of poor business results, according to Tokyo Shoko Research Ltd.
Executives at some 90 percent of the firms that did not pay bonuses in fiscal 2002 were missing out for the second consecutive year, the private credit research agency said.
Tokyo Shoko Research surveyed executives’ bonuses at 1,669 companies that are listed on the Tokyo Stock Exchange and close their books in March. Fiscal 2002 ended in March.
Of the 1,669 companies, 836 firms, or 50.1 percent, did not pay bonuses to executives, Tokyo Shoko Research said, adding that 733 of the 836 firms canceled bonus payments for the second straight year.
Companies in the aviation, securities and nonferrous metals sectors — which are facing deregulation and other reforms — found it particularly difficult to provide bonuses, the agency said.
In contrast, 242 companies paid out larger bonuses than in the previous year, with Toyota Motor Corp. registering the biggest increase.