최고경영자의 보수와 회계적 변수간의 관계에 관한 연구 -미국은행산업을 중심으로
A Study of the Relationship Between US Banks Performance and CEO Compensation: 2001-2003
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>본 연구는 394개의 미국 상업은행을 대상으로 하여 2001년부터 2003년간에 걸쳐서 총 1,112개의 표본을 가지고 상업은행 최고경영자(CEOs)의 보수와 회계적변수간의 관계를 조사하였다. 현금과 보너스만으로 사용된 종속변수와 자산, 매출, 자본, 당기순이익, ROE, ROA 등 많은 독립변수간의 관계를 다중회귀분석기법을 적용하여 분석하였다. 변수상호간의 다중공선성문제가 제기되었고 이를 해결하기 위해 간접최소자승법을 적용하였다. 본 연구에서 밝혀진 바로는 미 최고경영자의 임금은 당기순이익이나 자기자본수익률 또는 총자산수익률로 나타내어지는 실적변수보다는 규모변수인 총자산과 매우 밀접한 관계를 맺고 있는 것으로 나타났고, 당기순이익과는 특이하게도 부의 관계가 있는 것으로 나타났다. 기존논문에서 언급된 여러 변수를 포함하여 예비테스트(Pilot test)를 실시하였고 이를 바탕으로 주성분 분석을 통해 유의적인 관계가 있는 변수만 선별하여 본 모델에 포함하여 결과를 도출하였다.
Abstract
>This study investigates the compensation of chief executive officers (CEOs) of commercial banks in the United States during the 2001-2003 period. Regression analysis indicates that many of the independent variables are highly correlated and are likely to lead to serious problems of multicollinearity in multiple regression models of compensation. Applying a multiple regression analysis with a sample of 1,112 commercial banks, this study provides evidence that the current compensation of CEOs except non cash benefits is related to the firm size of which is represented with total assets. Results also indicate that banks CEOs’ remuneration is not related to ROA and ROE. However, the CEOs’ compensation is positively related to residual equity and negatively to net income.
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