회계 성과가 경영자 보상에 미치는 영향

초록

Traditional research has investigated the impact of financial performance on executive compensation, especially focusing on the two contributors, Return on Equity(ROE) as a measure of accounting performance and stock returns(RET) of market performance. In the view of the informativeness principle, this study explores whether the sales growth rate, which is highly likely to embrace additional information about executive’s efforts that ROE cannot fully capture, contributes to executive compensation. In particular, this study analyzes the impact of sales as another measure of accounting performance on executive compensation and decomposes its impact into direct effects and indirect ones mediated by other variables. This study conducts path analysis instead of regression analysis past studies generally employed using the Korean non-banking KOSPI firms dataset from 2002 to 2010. The results show that sales are likely to have the direct effect on executive compensation as well as the indirect effect mediated by ΔROE and RET. Second, using both the total sample and four subgroups (i.e. sales increase/decrease × ROE increase/decrease), this study found that the magnitude of the impact of sales growth rate on executive compensation is larger than that of ΔROE, which consequently supports the important role of the sales factor. Third, the result of path analysis explicitly illustrates that the impact of market performance(stock return) on executive compensation is substantially due to the effect of accounting performance. This study proposes a further understanding of the effect of accounting performance on executive compensation by investigating the causal relationship between performance measures and sales.

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