Advanced Industrial SCIence (산업과 과학)

Convergence Society for SMB (중소기업융합학회)
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The Impact of Diversification Level on Executive Compensation

다각화 수준이 경영자 보상에 미치는 영향

  • 변설원 (동의대학교 상경대학 회계학과)
  • Received : 2025.04.21
  • Accepted : 2025.05.20
  • Published : 2025.05.30
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Abstract

This study analyzes the impact of corporate diversification on executive compensation. To achieve this, an empirical analysis was conducted on firms listed on the Korea Exchange from 2003 to 2019. The results indicate that higher levels of diversification are associated with increased executive compensation. Furthermore, when examining the effect of executive compensation on future firm performance (ROA), the positive impact of compensation is found to be more pronounced in firms with higher diversification levels. Notably, this effect is even stronger in firms with higher foreign ownership. These findings provide empirical evidence supporting the Optimal Contracting Hypothesis rather than the Managerial Entrenchment Hypothesis in explaining the relationship between diversification and executive compensation.

본 연구는 기업의 다각화 수준이 경영자 보상에 미치는 영향을 분석하였다. 이를 위해, 2003년부터 2019년까지 유가증권시장에 상장된 기업을 대상으로 분석을 수행하였다. 분석결과, 다각화 수준이 높을수록 경영자 보상이 증가하는 것으로 나타났다. 그리고 경영자의 보상이 차기 기업성과(ROA)에 미치는 영향을 분석한 결과, 다각화 수준이 높은 기업에서 보상의 긍정적인 효과가 더 크게 나타났다. 특히, 외국인 지분율이 높은 기업에서 이러한 경향이 더욱 두드러졌다. 이는 다각화와 경영자 보상의 관계가 기득권 가설이 아닌 최적 계약 가설에 기인된다는 실증적 증거를 제시한다.

Keywords

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