순차로짓(Sequential Logit) 모형을 활용한 기업의 퇴직연금 선호 형태 분석

Prior research regarding the retirement pension plan has focused on policy improvement. That is because the retirement pension plan in Korea is inadequate in many aspects compared to the retirement pension plan in other countries which adopted it quite a while ago and the data related to the retirement pension plan is little built. Utilizing the Workplace Panel Survey Data, this study investigates how a firm selects a specific type of retirement pension plan. After the retirement pension plan was introduced in December 2005, each firm chooses a specific type of retirement pension plan conditional on deciding whether to adopt the retirement pension plan. For empirically investigating the firm's sequential decision making process, the sequential logit model is utilized in this study. The empirical results indicate that firms with higher level of sales revenue or relatively older employees prefer the defined benefit pension plan. However, firms with higher ratio of expert employees whose turnover rates tend to be higher, annual salary system, job security and relatively more age prefer the defined contribution pension plan. This study would provide clearer pictures about the relationship between firms and types of retirement pension plans to enterprises in the retirement pension market and policy makers.