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Determinants of Compensation the State Owned Enterprises’ CEOs

백자욱
한국국제회계학회 (Korea International Accounting Association)|2007.12|국제회계연구 (Korea International Accounting Review)|제20호|pp. 295-311|DOI 10.21073/kiar.2007..20.014

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키워드

공기업패널분석Panel regressionassetsgovernment assistanceCEO Compensation최고경영자 현금보상규모변수실적변수State－owned enterprises

초록

본 논문은 국내공기업의 최고경영자들을 대상으로 그들의 보상이 어떤 회계적변수와 관계가 있는지 알아보고자하는데 그 목적이 있다. 2002년부터 2006년간 260여개 공기업 사장의 보상자료를 발췌하여 자산, 매출액, 당기순이익, 정부보조금, 매출액성장률, ROA, and ROE 등의 변수와 다중회귀분석 패널 분석기법을 적용하여 분석하였다. 국내공기업 사장들의 보상은 성과변수나 실적변수보다는 규모변수인 자산과 밀접한 상관관계를 갖고 있는 것으로 나타났고, 정부보조금과는 부의 관계를 갖고 있는 것으로 나타났는데, 정부의 보조가 많은 공기업일수록 회사의 재무상태가 부실하고 따라서 해당 CEO의 보수는 부의 방향으로 영향받는 것으로 나타났다.

Abstract

>The purpose of this paper is to build a model with substantial accounting data to show what impacts the compensation of state－run companies CEOs. Two research tools are used in this study. One is a linear ordinary least squares regression and the other is a panel data model. I applied the former method as a pilot test. After the pilot test with all independent variables, I applied the panel data method with some selected variables based on the regression analysis for covering 2004 to 2006.The results of the study tell that asset size and net income of state－owned companies are positively related to the firms CEO cash compensation while the government assistance is negatively related to the firms CEO cash compensation. It is also inferred from the result that performance variables such as sales, ROE, and ROA were not statistically significant in determining public owned firms CEO compensation because some of the public enterprises were established for the public’s common interest rather than their own interest. The more assistance from government, the less compensation is a CEO paid.

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