근로자에 대한 급여 및 근속연수가 기업성과에 어떠한 영향을 미치는가?

초록

[Purpose] This study aims to empirically examine the effects of employees’ average wage and average tenure on firm performance, and further to identify the nonlinear relationship between these variables by analyzing their interaction effects and conditional marginal effects within the framework of human resource structure. [Methodology]The analysis is based on a total of 10,165 firm-year observations from companies listed on the KOSPI and KOSDAQ markets over the period from 2020 to 2024. To mitigate the influence of extreme values, all variables used in the empirical analysis were winsorized at the top and bottom 1 percent levels, thereby reducing potential distortions in the estimation results. [Findings]The results show that average employee wage has a significantly positive effect on all performance measures, including value added per employee, sales per employee, operating income per employee, and net income per employee. In contrast, the effect of average tenure differs across markets: it has a significantly negative effect in the KOSPI market, but a significantly positive effect in the KOSDAQ market. Furthermore, the interaction between wage and tenure exhibits opposite patterns across markets—negative in the KOSPI market and positive in the KOSDAQ market—indicating that the joint effect of these variables varies depending on firms’ growth stages and industry structures. In addition, the mean-centered model and quantile-based simple slope analysis reveal that the marginal effect of tenure systematically varies with wage levels. Specifically, in the KOSPI market, the negative effect of tenure becomes stronger as wage levels increase, whereas in the KOSDAQ market, the positive effect of tenure is amplified at higher wage levels. [Implications]These findings suggest that the relationship between wage, tenure, and firm performance is not linear, but rather characterized by interaction effects and conditional dynamics. By empirically demonstrating the heterogeneous joint effects of key human resource variables, this study extends the existing literature. The results also imply that compensation systems and workforce management strategies should be designed in a differentiated manner, taking into account firm-specific characteristics and stages of growth.

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