보상위원회 도입과 독립성이 기업가치에 미치는 영향

This paper investigates the effect of voluntary adoption and formation of compensation committee on firm value. This study tries to empirically answer the following three research questions: (1) Are firm values higher for firms with compensation committee than firms without it? (2) Is firm value significantly related to the independence of compensation committee? (3) Is the effect of adoption and formation of compensation committee on firm value greater in high level of information asymmetry than low level of it. To address three research questions, we collect non-financing firms data from Korean listed companies for the period 2000-2007. We use 95 firm-year sample data of firms with the compensation committees, matched with 95 firm-year control data of firms without them. Sample firms are matched with control firms, based on the year, industry and firm size. The results of the study are as follows: First, firm values are significantly higher for firms with compensation committee than firms without it. Second, higher firm value is positively associated with independence of compensation committee. Third, the effect of the independence of compensation committee on firm value is even higher for firms with greater agency costs between managers and shareholders. The results of this paper help to provide empirical evidence on the effect of voluntary formation and independence of compensation committee. Empirical results also help firms willing to adopt compensation committee and regulatory bodies to set up guidelines for adoption and formation of compensation committee.