다각화전략이 경영자 보상수준에 미치는 영향
The Impact of Diversification Strategy on the Executive Compensation
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본 연구는 기업의 다각화수준 및 유형과 경영자 보상수준 사이의 관련성을 분석한다. 이를 위해 기업의 다각화측정치를 사업부문의 수, 베리-허핀달지수, 엔트로피 지수를 사용하였다. 또한 다각화를 신규사업과 기존사업의 관련성을 기준으로 관련다각화와 비 관련다각화로 구분하여 다각화의 유형에 따른 경영자의 보상수준의 변화를 분석하였다. 분석을 위해 2000년부터 2009년까지 한국증권거래소에 상장된 제조기업 3,581개의 기업-연 자료를 대상으로 분석하였다. 분석결과, 기업의 다각화수준이 증가할수록 경영자의 총 보상수준은 증가하는 것으로 나타났다. 그리고 다각화로 인한 보상수준에 대해서 관련다각화 보다는 비 관련다각화수준이 높을수록 경영자의 보상수준이 증가하는 것으로 분석되었다. 그리고 추가분석으로 선행연구에 의해서 기업의 다각화 정책으로 인한 경영자 보상수준증가가 경영자 기득권가설(managerial entrenchment hypotheses)과 최적계약가설(optimal contracting hypotheses)로 설명되어 질 수 있기 때문에 이를 분석하였다. 다각화와 경영자보상에 대한 대립적인 두 가설의 검증결과, 다각화로 인한 초과보상은 기업가치와 체계적인 관련성이 없는 것으로 분석되었다. 이러한 결과는 Andrson, et al.(1997)이 제시한 바와 같이 다각화를 통한 보상정책으로 인해 대안적인 지배구조 메커니즘을 활용한 결과로 판단 할 수 있고, 아니면 분석대상 기업 내 두 가지 대립적 가설에 대한 상충효과를 통한 결과일 수 있다.
Abstract
This study explores whether the diversification strategy affect the executive compensation. To achieve the afore-mentioned research object, I examine diversification strategy by using alternative standards such as number of business segments, Berry-Herfindah indices, and entropy indices. Sample of this study consists of 3,581 listed companies from 2000 to 2009. Main findings can be summaries as follows. First, I find that the level of diversification affect significantly to total compensation in the positive direction. In addition, the positive association with unrelated diversification and total compensation is higher relative to those of related diversification. There are two alternative explanations for the relationship between diversification strategy and the policy of executive compensation. These possible explanations are as follows: (ⅰ) managerial entrenchment hypothesis, (ⅱ) models of optimal contraction between shareholders and managers. To study the effect of afore-mentioned alternative hypothesis, I also examined whether enterprise value is affected by compensation related to diversification From these additional analyses, I find no significant relationship between compensation related to diversification and firm-value in year t+2.
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