경영성과 측정치와 경영자보상간의 관련성에 관한 실증연구

This study provides empirical evidence on the relation between management performance measures and CEO compensation. The results are as follows; First, for CEO compensation and management performance measures of the current year (), CEO compensation had negative relationship with , while a positive relation with other variables. There was a significant impact of the management performance measures for the year on the CEO compensation of that year. With regard to relation between CEO compensation of the current term and management performance measures for the following term, accounting earnings measures (, ) had a significant influence on CEO compensation, while as a market performance measure had no impact on CEO compensation. Second, this study investigates to determine which of variables, cash and stock-option compensation, might have more significant influence on management performance measures. The result indicates that accounting earnings measures were more significantly associated with cash compensation but market performance measures were rather directly linked to stock-option compensation.Third, this study led to the conclusion that accounting earnings measures out of management performance measures showed closely relationship with short-term cash compensation, while market performance measures were closely connected with long-term stock-option compensation when CEO compensation and management performance measures are reviewed for analysis in a long term.