기업의 이사회 네트워크가 임원진 보수에 미치는 영향

This study analyzes the relation between corporate director networks and executives pay for 553 registered directors who served on the boards of KOSPI 100 firms over the period 2008-2010. This study use social network analysis to measure an executive director's network and investigate whether this is built for accumulation of managerial influence(managerial influence hypothesis) or for reasons of information gathering(information value hypothesis). This study finds that executives pay doesn't have a significant association with director's social network and pay-for-performance sensitivity, after controlling for firm's financial, CEO, board characteristics, and ownership structures. This finding is inconsistent with managerial influence hypothesis or information value hypothesis. Instead, firm size is highly associated with executives pay in case of Korea companies.