기업지배구조와 경영자보상 사이의 관련성에 관한 연구

This paper tests the hypotheses regarding the relation between corporate governance structures and managerial compensations in Korea. Prior studies have tested the complimentary hypothesis and substitution hypothesis, and showed the inconsistent results of the analyses according to the variables that they have used as the proxies of governance structures. Thus, this paper tried to find out a consistent result by using the governance index developed in Korea Corporate Governance Service as well as the various characteristics of governance structure. This study also includes new hypothesis, managerial power hypothesis, in our analysis model, which can test the three hypotheses separately. This study collected the governance structures and managerial compensation data of the listed firms in Korea for the period of 2004 through 2012. The results of analysis showed that the governance structure and compensation policy of the firms were constructed complimentary each other. As previous studies showed, when this study used the various characteristics such as the size of board, the ratio of outside directors in board members, foreign ownership, the results were mixed. But, when the governance index was used, all the analyses support the complimentary hypothesis consistently.