본문 바로가기
KERD
논문KCI 등재

The Impact of Minimum Wage Increase on Labor Cost, Employment, Performance and Coping Strategies

전성민|허진숙|심재연
한국국제회계학회 (Korea International Accounting Association)|2021.04|국제회계연구 (Korea International Accounting Review)|제96호|pp. 93-127|DOI 10.21073/kiar.2021..96.005

0

조회

0

다운로드

0

인용

0

참고문헌

키워드

성과coping strategies고용performance대응 전략최저임금employment인건비labor costminimum wage increase

초록

[Purpose] This paper intends to analyze the impacts and corporate responses to minimum wage reform in South Korea to present proper approach for sustainable minimum wage system. In 2018, the minimum wage is increased by 16.4%, which is highest increase rate since 16.6% in 2001. Therefore, it became mandatory for firms to raise the minimum wage because the minimum wage rule applies across all industries and sizes. In this study, we examine how rapid increase of minimum wage affect firms’ labor cost, employment, performance and their coping strategies. [Methodology] We examine the impact of 2018 minimum wage increase on firms’ labor cost, employment, profitability and coping strategies compared with prior periods. In addition, to analyze whether the impact of the minimum wage increase is different by firm size, we divide the sample into two groups: small firms and non－small firms. [Findings] Using data of Korea manufacturing firms between 2014 and 2018, we find that minimum wage increase contribute to greater labor cost growth, less employment growth and operating performance for small firms compared to non－small firms. In addition, the result shows that labor－ intensive jobs are being replaced by machinery and capital investment especially for small firms. [Implications] This study has following contributions: First, this study analyzes the effect of the minimum wage increase on firms’ employment, performance and their coping strategies based on firm size. Second, this study provides several policy implications regarding the current minimum wage discussions in terms of sustainable level of minimum wage. Lastly, this study presents an initial attempt to examine the impact of 2018 minimum wage increase on firm’s performance and coping strategies as well as labor cost and employment, providing insights for follow－up studies.

Abstract

[Purpose] This paper intends to analyze the impacts and corporate responses to minimum wage reform in South Korea to present proper approach for sustainable minimum wage system. In 2018, the minimum wage is increased by 16.4%, which is highest increase rate since 16.6% in 2001. Therefore, it became mandatory for firms to raise the minimum wage because the minimum wage rule applies across all industries and sizes. In this study, we examine how rapid increase of minimum wage affect firms’ labor cost, employment, performance and their coping strategies. [Methodology] We examine the impact of 2018 minimum wage increase on firms’ labor cost, employment, profitability and coping strategies compared with prior periods. In addition, to analyze whether the impact of the minimum wage increase is different by firm size, we divide the sample into two groups: small firms and non－small firms. [Findings] Using data of Korea manufacturing firms between 2014 and 2018, we find that minimum wage increase contribute to greater labor cost growth, less employment growth and operating performance for small firms compared to non－small firms. In addition, the result shows that labor－ intensive jobs are being replaced by machinery and capital investment especially for small firms. [Implications] This study has following contributions: First, this study analyzes the effect of the minimum wage increase on firms’ employment, performance and their coping strategies based on firm size. Second, this study provides several policy implications regarding the current minimum wage discussions in terms of sustainable level of minimum wage. Lastly, this study presents an initial attempt to examine the impact of 2018 minimum wage increase on firm’s performance and coping strategies as well as labor cost and employment, providing insights for follow－up studies.

참고문헌 (41)

  1. 김화영, "An empirical analysis of the effect of transit-oriented development (TOD) policy on the land use composition change around light-rail transit (LRT) stations", 도시행정학보, 31(2), pp.165~180 (2018), 한국도시행정학회[DOI]
  2. Allegretto, S. A., "Do Minimum Wages really Reduce Teen Employment? Accounting for heterogeneity and selectivity in state panel data", Industrial Relations, 50(2), pp.205~240 (2011)
  3. 배진한, "최저임금과 지역별 청년·장년·여성 고용- 지역 간 임금분포 격차 활용을 중심으로 -", 노동경제논집, 42(1), pp.1~42 (2019), 한국노동경제학회
  4. Brown, C., "The Effect of the Minimum Wage on Employment and Unemployment", Journal of Economic Literature, 20(2), pp.487~528 (1982)
  5. Card, D., "Minimum Wages and Employment : A Case Study of the Fast－Food Industry in New Jersey and Pennsylvania", American Economic Review, 48(4), pp.772~793 (1994)
  6. Card, D., "Myth and Measurement: The New Economics of Minimum Wage" (1995), Princeton University Press
  7. Choi, K. S., "Impact of a Minimum Wage Increase on Employment", KDI FOCUS, 90, pp.1~8 (2018)
  8. Dube, A., "Minimum Wages Effects Across State Borders : Estimates Using Contiguous Countries", Review of Economics and Statistics, 92(4), pp.945~964 (2010)
  9. 엄동욱, "기업 내 임금격차와 기업성과: 인적자본기업패널을 활용한 잔차임금분산의 효과를 중심으로", POSRI경영경제연구, 11(1), pp.140~170 (2011), 포스코경영연구소
  10. Gopalan, R., "State Minimum Wages, Employment, and Wage Spillovers: Evidence from Administrative Payroll Data", Journal of Labor Economics (2020)
  11. Grossman, J. B., "The Impact of the Minimum Wage on Other Type of Wages", Journal of Human Resources, 18, pp.359~378 (1983)
  12. 홍철규, "인건비 변화행태와 경영자의 통제수단; 흑자, 적자기업의 비교", 회계학연구, 39(4), pp.39~75 (2014), 한국회계학회
  13. Hong, M. K., "Employment Effect of 2018 Minimum Wage Increase", Monthly Labor Review, 158, pp.43~56 (2018)
  14. 정남철, "상호저축은행의 보상수준과 재량적 대손충당금", 회계와 정책연구, 23(3), pp.1~38 (2018), 한국회계정책학회[DOI]
  15. 강승복, "시계열 자료를 이용한 최저임금의 고용효과 분석", 노동경제논집, 38(3), pp.1~22 (2015), 한국노동경제학회
  16. Kawaguchi, D., "The Impact of the Minimum Wage on Female Employment in Japan", Contemporary Economic Policy, 25(1), pp.107~118 (2007)
  17. 김대일, "최저임금의 저임금 근로자의 신규 채용 억제효과", 노동경제논집, 35(3), pp.29~50 (2012), 한국노동경제학회
  18. 김진배, "임금구조와 성과급 제도가 기업가치 요소에 미치는 영향", 회계학연구, 29(3), pp.115~144 (2004), 한국회계학회
  19. 김태훈, "최저임금 인상의 고용 및 임금효과", 노동정책연구, 19(2), pp.135~174 (2019), 한국노동연구원[DOI]
  20. Kim, Y. M., "Impacts of Minimum Wage on Manufacturing and Service Industry:Focusing on wage and employment structure", KIET Industry and Economy (2015)
  21. 김유선, "최저임금의 고용효과", 산업노동연구, 20(3), pp.229~259 (2014), 한국산업노동학회[DOI]
  22. 이병희, "최저임금의 고용유지 및 취업 유입 효과", 산업노동연구, 14(1), pp.1~23 (2008), 한국산업노동학회[DOI]
  23. 이달휴, "최저임금법상 문제점과 해결방향", 노동법논총, 41, pp.191~219 (2017), 한국비교노동법학회
  24. Lee, J. C., "The Effects of Meritl－Pay Incentive Contract on Job－Related Tension", Korean Journal of Management Accounting Research, 3(1), pp.65~90 (2003)
  25. 이정민, "최저임금이 고용에 미치는 영향", 노동경제논집, 39(2), pp.1~34 (2016), 한국노동경제학회
  26. 이광조, "회계이익정보와 기업가치의 관계에 관한 연구", 대한경영학회지, 18(4), pp.1731~1749 (2005), 대한경영학회
  27. Lee, S. K., "Employment Effect of Minimum Wage", Monthly Labor Review, 30, pp.43~51 (2007)
  28. Mayneris, F., "The Cleansing Effect of Minimum Wage : Minimum Wage Rules, Firm Dynamics and Aggregate Productivity in China", CEPII, 16 (2014)
  29. 나영, "무형자산의 가치관련성에 따른 경제위기 전․후 차이분석", 회계정보연구, 28(4), pp.271~297 (2010), 한국회계정보학회
  30. 나영, "노동유연화가 기업가치와 경영성과에 미치는 영향", 회계와 정책연구, 23(1), pp.185~214 (2018), 한국회계정책학회[DOI]
  31. 남궁봄, "수평적 임금격차가 조직성과에 미치는 상황 요인에 관한 영향에 관한 연구", 대한경영학회지, 31(8), pp.1549~1572 (2018), 대한경영학회[DOI]
  32. Newmark, D., "Employment Effects of Minimum and Sub－minimum Wages : Panel data on state minimum wage laws", Industrial and Labor Relations Review, 46(1), pp.55~81 (1992)
  33. Roh, M. S., "The Interview with SMEs Employees about Minimum Wage and Implication", Korea Industrial Relations Association, 11, pp.69~98 (2017)
  34. 신우영, "숙박기업의 종사원급여가 기업성과에 미치는 영향", 관광레저연구, 31(4), pp.239~252 (2019), (사)한국관광레저학회
  35. Sorkin, I., "Are there Long－run Effects of the Minimum Wage?", Review of Economic Dynamics, 18(2), pp.306~333 (2015)
  36. Stewart, M. B., "The Impact of the Introduction of the U.K. Minimum Wage on the Employment Probabilities of Low Wage Workers", Journal of the European Economic Association, 2(1), pp.67~97 (2004)
  37. Stigler, G. J., "The Economics of Minimum Wage Legislation", American Economic Review, 36(3), pp.358~365 (1946)
  38. Wright, P. M., "The Relationship between HR Practices and Firm Performance : Examining Causal Order", Personnel Psychology, 58(2), pp.409~446 (2005)
  39. 양준석, "중소기업간 임금격차 원인 분석: 최근의 쟁점을 중심으로", 산업관계연구, 27(1), pp.1~19 (2017), 한국고용노사관계학회[DOI]
  40. Yoo, Y. J., "A Study on the Factors Influenced to Change Personnel Expenses", The Business Education Journal, 22, pp.239~250 (2011)
  41. Yoo, Y. S., "Minimum Wage Increases, Key Issues and Future Tasks", Issue&Analysis, 308, pp.1~27

관련 논문AI추천

2018년 최저임금 인상이 기업의 임금, 고용 및 수익성에 미친 영향홍지훈, 라자코브 후르시드한국경제통상학회 · 경제연구2024 · 제42권 제1호최저임금과 생산성: 우리나라 제조업의 사례김규일, 육승환한국은행 · 경제분석2020 · 제26권 제1호2018년 최저임금 인상의 고용효과김대일, 이정민한국경제학회 · 경제학연구2019 · 제67권 제4호임금상승의 노동생산성 효과 및 고용 효과: 20인 이하 기업을 중심으로남종석, 이근기인문사회과학연구소 · 인문사회과학연구2018 · 제19권 제2호최저임금 인상이 자영업자에 미친 영향: 2018년 최저임금 16.4% 인상을 중심으로양준석, 장윤섭한국경제학회 · 경제학연구2019 · 제67권 제4호An Empirical Analysis on the Employment Effects of Minimum Wage Hikes and Task Automation in Korea정예은, 정재현, 홍지훈지역개발연구소 · 지역개발연구 (The Studies in Regional Development)2022 · 제54권 제3호

이 간행물의 다른 논문 (10건)

Effect of Managerial Overconfidence on Corporate Credit Ratings한길석, 고우pp. 1-21불성실공시법인 지정과 회계정보의 가치관련성 : 감사인 규모 및 소속 상장시장을 중심으로정남철pp. 23-43보상위원회의 설치가 경영자의 능력에 미치는 영향강내철, 이다혜, 도용선pp. 45-71기업수명주기별 연구개발비에 대한 회계정책과 기업가치 관련성에 관한 연구최헌섭, 박상애, 강록애pp. 73-92건설산업의 이자보상비율 개선을 위한 이익조정 연구강문기, 김문태pp. 129-148
원문 보기