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간접보상을 통한 경영자의 사익추구:대주주 지배력과 경영진 규율장치의 역할

Indirect Compensation as a Tunnel for Executives' Perquisite Consumption: The Role of Large Shareholders and Disciplinary Systems

이지환|박수진
한국전략경영학회 (Korean Strategic Management Society)|2008.03|전략경영연구 (Journal of Strategic Management)|제11권 제1호|pp. 65-88|DOI 10.17786/jsm.2008.11.1.004

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참고문헌

키워드

지배구조corporate governanceagency problem대리인 비용소유구조ownership structure경영자 간접보상indirect compensation
주제분류경영학

초록

본 연구는 경영자 보상 가운데 한국기업에서 직접보상에 비해 대리인 비용이 반영될 여지가 큰 간접보상에 대해 대주주 지배력이 영향력을 미치는 지 검증하고, 그러한 대리인 비용이 외국인투자자의 견제, 이사회의 독립성, 성과연동 보상, 감사위원회 중 어떠한 규율장치가 설치된 상황에서 보다 효과적으로 줄어들 수 있는지에 대해 검증했다. 실증분석 결과, 대주주 지분율이 높고 대주주가 경영에 참여할수록 경영진에 대한 간접보상이 감소하는 것으로 나타났다. 그리고 대주주 지분율 및 대주주 경영참여와 경영진 간접보상 사이의 부(-)적인 관계는 외국인투자자의 견제와 성과연동 보상체계에 의해 강화되는 것으로 나타났다. 이러한 결과는 대주주 지분율이 높고 대주주가 이사회를 통해 경영에 참여할수록, 주주와 경영진의 이해를 일치시켜주고 경영진의 기회주의적 행동을 보다 효과적으로 감시함으로써 전체 경영진이 기업가치를 극대화하는 방향으로 의사결정할 수 있도록 유도한다는 것을 의미한다. 또 외환위기 이후 글로벌 스탠더드에 대한 요구에 부응하기 위해 생겨난 정부 규제에 의한 강제적 규율장치보다는, 감시 동기와 역량을 갖춘 외국인투자자의 영향력 확대나 경영자의 자발적 통제를 유도하는 성과연동 보상이 대리인 문제를 더 효과적으로 완화시킨다고 볼 수 있다.

Abstract

This study examines the effect of large shareholder's controlling power – measured by the largest shareholder’s stockholdings and management participation – on executive managers’ indirect compensation. The results show that the largest shareholder’s stockholdings and management participation significantly reduce executives’ indirect compensation. Also shown are negative, moderating effects of the foreign ownership and the pay for performance on the relationships between the largest shareholders’ controlling power and executives’ indirect compensation. Such results imply that executives in Korean firms tend to pursue private interest through perquisite consumption, assuming it as indirect compensation. In addition, compared to regulations imposed by the government, foreign investors, who tend to have motivations and capabilities to monitor companies, as well as performance-related compensation schemes, which lead executives' voluntary control, appear to have more positive effect on constraining executives’ perquisite consumption.

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