경영자 보상의 재무적 결정요인과 기업지배구조에 관한 연구

Abstract

Compensation paid to managers is used for various purposes. The compensation system for managers is conducted under the corporate system. Management compensation is determined by the financial characteristics, profitability, growth characteristics, and corporate governance characteristics of each company. We analyze cash compensation, stock option compensation, and total compensation in consideration of various characteristics of the company on manager compensation. The purpose of this study is to verify the characteristics of incentives of managerial compensation and the weight of compensation payment. The results of the study are as follows. First, as a result of testing managerial compensation and corporate management characteristics, the characteristics of corporate management on CEO compensation are SIZE, CR, LEV, ROA, WAGE, ALT, ASSET_G, RET, ROE, TBBP, CFO. Among the characteristics of corporate governance, variables of BIG4 and FOR were significant. Second, as a result of testing managerial compensation and corporate management characteristics, the characteristics of corporate management on CEO compensation are SIZE, CR, LEV, ROA, WAGE, ALT, ASSET_G, RET, ROE, TBBP, CFO. Among the characteristics of corporate governance, variables of BIG4 and FOR were significant. Third, as a result of testing managerial compensation and corporate management characteristics, the characteristics of corporate management on CEO compensation are SIZE, SALES-G, EMPLOYEE-G, CR, CFO, TBBP, ROE, RET. Among the characteristics of corporate governance, variables of BIG4 was significant. The results of the analysis of size and market by company are as follows. In the case of large corporations and KOSPI market, variables such as total assets, liquidity ratio, debt ratio, total assets profit ratio, personnel cost ratio, financial soundness ratio, borrowing dependency, asset growth rate and stock price return ratio were statistically significant. Among the characteristics of corporate governance, variables of BIG4 and FOR were significant. The results of SME and KOSDAQ market analysis are as follows. Debt ratio, total assets profit ratio, labor cost ratio, operating cash flow, financial soundness ratio, net capital ratio, asset growth rate, sales growth rate, and employee growth rate were statistically significant. As for corporate governance characteristics, BIG4, FOR, HOLD, and ONEHOLD showed significant results. The limitations of this study are as follows. The difference between the company production environment and the sales system approach can show different results. It may also show differential results across industries. And additional manager compensation such as dividends was not considered. We did not consider optimal compensation of manager compensation. The contribution of this study is as follows. The characteristics of manager compensation are divided into total compensation, cash compensation, and stock option compensation. We analyzed the difference between large and small companies by company size and the market difference between KOSPI market and KOSDAQ market. Based on the results of this study, it contributes to the systematic and rational planning of corporate shareholders' compensation for managers.