국내 상장기업 임원진 보수 결정요인 분석

초록

This paper analyze the determinants of executives compensation during the period of 2014-2015 according to Capital markets act revised in 2013. The main findings are as follows.First, we do not find any evidence that executives compensation works to reduce agency cost for management. The compensations are not associated with the performance of a firm.Also, a board does not affect on decision of the compensation. This result are found in pooled OLS, yearly cross-sectional analysis, first difference regression, too.Second, we find large business group affiliated firms pay higher compensation for executives than non-large business group affiliated firms.Third, the total size of large business group affects on executives compensation.

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