본문 바로가기
KERD
논문KCI 등재

보험회사 경영자 보상의 결정요인에 관한 연구

Determinants of Executive Compensation:Evidence from Korean Insurance Companies

1

조회

0

다운로드

0

인용

0

참고문헌

키워드

주제분류경영학

초록

보험회사에서 경영자보상은 경영자들이 중장기적으로 수익을 창출하고 기업가치 향상에 기여할 수 있는 역량과 노력을 효과적으로 이끌어 장기적인 성장과 발전을 위한 중요한 요소로 작용할 수 있다. 본 연구는 국내 보험회사의 경영자보상에 관한 데이터를 활용하여 보험회사의 경영자 보상체계의 결정 요인에 관한 실증분석을 수행한다. 분석결과, 국내 보험회사에서 기업특성뿐 아니라 기업지배구조와 같은 다양한 요인들이 경영진의 보수의 결정에 영향을 미치고 있으며, 생명보험회사에 비해 손해보험회사에서 기업지배구조와 관계된 요인들이 경영진의 성과급 결정에 영향을 미치고 있다는 사실을 보여주었다. CEO 보상의 결정요인에 대해서는 생명보험회사에서는 회사의 특성변수가 CEO 보수에 주로 영향을 미치는 반면 손해보험회사에서는 회사의 특성 뿐 아니라 기업지배구조와 CEO의 인적특성과 같은 다양한 요소들이 보수의 결정에 영향을 미친다는 사실을 발견하였다.

Abstract

In insurance companies, executive compensation can play an important role in long-term growth and development by motivating executives to exert their best efforts to improve a value of firm. This study examines the determinants of executive compensation in Korean insurance firms. We find that various factors affect executive pay in Korean insurance firms and particularly, corporate governance significantly impact executive compensation of non-life insurers relative to that of life insurers. With respect to CEO compensation, our evidence shows that firm characteristics mainly affect life insurer's CEO pay, whereas corporate governance and CEO characteristics have a significant influence on CEO compensation in non-life insurance companies.

참고문헌 (71)

  1. 김성갑, "경영자 보상의 결정요인에 관한 연구", 세무회계연구, (53), pp.23~44 (2017), 한국세무회계학회[DOI]
  2. 박애영, "은행의 소유지배구조가 경영자보상구조에 미치는 영향", 대한경영학회지, 22(1), pp.149~180 (2009), 대한경영학회
  3. 이성욱, "영업시책이 보험설계사 성과에 미치는 영향 분석", 리스크관리연구, 15(1), pp.131~152 (2004), 한국리스크관리학회
  4. 최정미, "중소기업 경영자보상의 결정요인", 경영경제연구, 37(3), pp.123~144 (2015), 경영경제연구소
  5. Aggarwal, Rajesh K, "Executive compensation, strategic competition, and relative performance evaluation: Theory and evidence", The Journal of Finance, 54(6), pp.1999~2043 (1999)
  6. Allen, Michael Patrick, "Power and privilege in the large corporation: corporate control and managerial compensation", American Journal of Sociology, 86(5), pp.1112~1123 (1981)
  7. Alves, Paulo, "Executive pay and performance in Portuguese listed companies", Research in International Business and Finance, 37, pp.184~195 (2016)
  8. Ghosh, Arvin, "Capital structure and firm performance" (2011), Transaction Publishers
  9. Baker, George P, "Incentive contracts and performance measurement", Journal of political Economy, 100(3), pp.598~614 (1992)
  10. Basu, Sudipta, "Corporate governance, top executive compensation and firm performance in Japan", Pacific-Basin Finance Journal, 15(1), pp.56~79 (2007)
  11. Bertrand, Marianne, "Are CEOs rewarded for luck? The ones without principals are", The Quarterly Journal of Economics, 116(3), pp.901~932 (2001)
  12. Brickley, James A, "The takeover market, corporate board composition, and ownership structure: The case of banking", The Journal of law and economics, 30(1), pp.161~180 (1987)
  13. Cheng, Suwina, "Family ownership, corporate governance, and top executive compensation", Managerial and Decision Economics, 27(7), pp.549~561 (2006)
  14. Choi, Wooseok, "CEO's operating ability and the association between accruals and future cash flows", Journal of Business Finance & Accounting, 42(5-6), pp.619~634 (2015)
  15. Conyon, Martin J., "The prince and the pauper? CEO pay in the United States and United Kingdom", The Economic Journal, 110(467), pp.640~671 (2000)
  16. Conyon, Martin J, "Board control, remuneration committees, and top management compensation", Academy of Management Journal, 41(2), pp.146~157 (1998)
  17. Conyon, Martin J., "The executive compensation controversy: A transatlantic analysis", ~ (2011)
  18. Conyon, Martin J., "Corporate governance and executive compensation", International journal of industrial organization, 15(4), pp.493~509 (1997)
  19. Cordeiro, James J, "Beyond pay for performance: A panel study of the determinants of CEO compensation", American Business Review, 21(1), pp.56~ (2003)
  20. Core, John E., "Executive Equity Compensation and Incentives: A Survey", Economic Policy Review, 9, pp.27~50 (2003)
  21. Core, John E., "Corporate governance, chief executive officer compensation, and firm performance", Journal of financial economics, 51(3), pp.371~406 (1999)
  22. Croci, Ettore, "CEO compensation, family control, and institutional investors in Continental Europe", Journal of Banking & Finance, 36(12), pp.3318~3335 (2012)
  23. David, Parthiban, "The effect of institutional investors on the level and mix of CEO compensation", Academy of Management Journal, 41(2), pp.200~208 (1998)
  24. Dechow, Patricia M., "Executive incentives and the horizon problem: An empirical investigation", Journal of accounting and Economics, 14(1), pp.51~89 (1991)
  25. Demsetz, Harold, "The structure of corporate ownership: Causes and consequences", Journal of political economy, 93(6), pp.1155~1177 (1985)
  26. Duru, Augustine, "Geographic and industrial corporate diversification: The level and structure of executive compensation", Journal of Accounting, Auditing & Finance, 17(1), pp.1~24 (2002)
  27. Ezzamel, Mahmoud, "Pay comparability across and within UK boards: An empirical analysis of the cash pay awards to CEOs and other board members", Journal of Management Studies, 39(2), pp.207~232 (2002)
  28. Fama, Eugene F, "Agency problems and residual claims", The journal of law and Economics, 26(2), pp.327~349 (1983)
  29. Fernandes, Nuno, "Are US CEOs paid more? New international evidence", The Review of Financial Studies, 26(2), pp.323~367 (2013)
  30. Firth, Michael, "The determinants of top management pay", Omega, 27(6), pp.617~635 (1999)
  31. Firth, Michael, "Corporate performance and CEO compensation in China", Journal of Corporate Finance, 12(4), pp.693~714 (2006)
  32. Frydman, Carola, "Executive compensation: A new view from a long-term perspective, 1936–2005", The Review of Financial Studies, 23(5), pp.2099~2138 (2010)
  33. Corporate Governance and CEO Compensation in China, "Peter MY Fung", The Hong Kong Polytechnic University, ~ (2001)
  34. Gabaix, Xavier, "Why has CEO pay increased so much?", The Quarterly Journal of Economics, 123(1), pp.49~100 (2008)
  35. Garvey, Gerald, "Incentive compensation when executives can hedge the market: Evidence of relative performance evaluation in the cross section", The Journal of Finance, 58(4), pp.1557~1582 (2003)
  36. Ghosh, Chinmoy, "On REIT CEO compensation: Does board structure matter?", The Journal of Real Estate Finance and Economics, 30(4), pp.397~428 (2005)
  37. Guest, Paul M, "Board structure and executive pay: evidence from the UK", Cambridge Journal of Economics, 34(6), pp.1075~1096 (2010)
  38. Hartzell, Jay C., "Institutional investors and executive compensation", The journal of finance, 58(6), pp.2351~2374 (2003)
  39. Hill, Charles WL, "CEO tenure as a determinant of CEO pay", Academy of Management journal, 34(3), pp.707~717 (1991)
  40. Hölmstrom, Bengt, "Moral hazard and observability", The Bell journal of economics, pp.74~91 (1979)
  41. Houston, Joel F, "CEO compensation and bank risk: Is compensation in banking structured to promote risk taking?", Journal of Monetary Economics, 36(2), pp.405~431 (1995)
  42. Jensen, Michael C, "Theory of the firm: Managerial behavior, agency costs and ownership structure", The Journal of financial economics, 3(4), pp.305~360 (1976)
  43. Jensen, Michael C., "Performance pay and top-management incentives", Journal of political economy, 98(2), pp.225~264 (1990)
  44. Jensen, Michael C, "The modern industrial revolution, exit, and the failure of internal control systems", The Journal of Finance, 48(3), pp.831~880 (1993)
  45. John, Teresa A, "Top‐management compensation and capital structure", The Journal of Finance, 48(3), pp.949~974 (1993)
  46. Kaplan, Steven N, "Top executive rewards and firm performance: A comparison of Japan and the United States", Journal of political economy, 102(3), pp.510~546 (1994)
  47. Kato, Hideaki Kiyoshi, "An empirical examination of the costs and benefits of executive stock options: Evidence from Japan", Journal of Financial Economics, 78(2), pp.435~461 (2005)
  48. Ke, Bin, "Ownership concentration and sensitivity of executive pay to accounting performance measures: Evidence from publicly and privately-held insurance companies", Journal of Accounting and Economics, 28(2), pp.185~209 (1999)
  49. Khan, Raihan, "Institutional ownership and CEO compensation: a longitudinal examination", Journal of Business Research, 58(8), pp.1078~1088 (2005)
  50. Lambert, Richard A, "An analysis of the use of accounting and market measures of performance in executive compensation contracts", Journal of Accounting research, pp.85~125 (1987)
  51. Lambert, Richard A, "The structure of organizational incentives", Administrative Science Quarterly, pp.438~461 (1993)
  52. Lazarides, Themistokles G, "Executive Board Members' Remuneration: A Longitudinal Study", Corporate ownership & control, 6, pp.94~103 (2008)
  53. Liebenberg, Andre P, "Effects of corporate diversification: evidence from the property-liability insurance industry", Journal of Risk and Insurance, 75(4), pp.893~919 (2008)
  54. Lipton, Martin, "A modest proposal for improved corporate governance", The business lawyer, pp.59~77 (1992)
  55. Mayers, David, "Executive compensation in the life insurance industry", Journal of Business, pp.51~74 (1992)
  56. Mehran, Hamid, "Executive compensation structure, ownership, and firm performance", Journal of financial economics, 38(2), pp.163~184 (1995)
  57. Murphy, Kevin J, "Corporate performance and managerial remuneration: An empirical analysis", Journal of accounting and economics, 7(1-3), pp.11~42 (1985)
  58. Ozkan, Neslihan, "Do corporate governance mechanisms influence CEO compensation? An empirical investigation of UK companies", Journal of Multinational Financial Management, 17(5), pp.349~364 (2007)
  59. Ozkan, Neslihan, "CEO compensation and firm performance: An empirical investigation of UK panel data", European Financial Management, 17(2), pp.260~285 (2011)
  60. Pan, Luyao, "CEO Compensation in Japan: Why So Different from the United States?", Journal of Financial and Quantitative Analysis, 53(5), pp.2261~2292 (2018)
  61. Parthasarathy, Aditya, "Executive compensation, firm performance and governance: an empirical analysis", Economic and Political weekly, pp.4139~4147 (2006)
  62. Pukthuanthong, Kuntara, "Corporate governance and theories of executive pay", Corporate Ownership & Control, 1(2), pp.41~62 (2004)
  63. Ramaswamy, Kannan, "A study of the determinants of CEO compensation in India", MIR: Management International Review, pp.167~191 (2000)
  64. Rose, Nancy L., "Firm diversification and CEO compensation: Managerial ability or executive entrenchment?", The RAND Journal of Economics, 28(3), pp.489~514 (1997)
  65. Rosen, Sherwin, "The economics of superstars", The American economic review, 71(5), pp.845~858 (1981)
  66. Ryan Jr, Harley E., "The influence of firm-and manager-specific characteristics on the structure of executive compensation", Journal of Corporate Finance, 7(2), pp.101~123 (2001)
  67. Schmidt, Dennis R, "Post‐acquisition financial performance and executive compensation", Strategic Management Journal, 11(7), pp.559~569 (1990)
  68. Shleifer, Andrei, "Large shareholders and corporate control", Journal of political economy, 94(3), pp.461~488 (1986)
  69. Smith Jr, Clifford W, "The investment opportunity set and corporate financing, dividend, and compensation policies", Journal of financial Economics, 32(3), pp.263~292 (1992)
  70. Smith, Michael P, "Shareholder activism by institutional investors: Evidence from CalPERS", The journal of finance, 51(1), pp.227~252 (1996)
  71. Weisbach, Michael S, "Outside directors and CEO turnover", Journal of financial Economics, 20, pp.431~460 (1988)

관련 논문AI추천

이 간행물의 다른 논문 (3건)