내부회계관리제도의 효과성이 경영자보상에 미치는 영향

Accounting earnings, used as a significant performance measure in managerial compensation contract, is computed through the internal accounting system of company. There is a possibility that opportunistic behaviors of company executives to manipulate earnings. The purpose of internal control system is to minimize accounting fraud and errors and enhance the reliability of accounting information. It can be seen that effective management of the internal control system is capable of controlling opportunistic behaviors of its management to a certain degree. And accounting earnings is more informative about the efforts of executives as well as the weight of this measure in the managerial compensation contract are expected to increase. Therefore, this research divided the investment levels of human resources that participates in the internal control system into quantitative and qualitative levels and empirically analyzed their influence on the weight of the accounting earnings and its relative weight compared to the market performance measure in managerial compensation. As a result of our empirical analysis of the company－year of 3,833 corporations that were listed on the Korean domestic stock market from 2009 to 2015, we found that the bigger the number of employees in charge of internal control of accounting and funding departments, the more the weight of the accounting performance measure in managerial compensation. In addition, as the number of employees in charge of internal control of accounting and fund departments increases, the relative weight of the accounting performance measure to the market performance measure in managerial compensation increases. When we analyzed the quality of the human resources responsible for the internal control, it was discovered that more average months of work experience of those who are in charge of the internal control of the whole company, accounting department, and fund department lead to a larger weight of the accounting performance measure and also its larger relative weight to the market performance measure in managerial compensation. Also, if there is a CPA (Certified Public Accountant) license－holder, it was confirmed that both the weight of the accounting performance measure and its relative weight to the market performance measure in managerial compensation increase. The result of this research suggests the following implications. Previous studies saw the quality improvement of accounting earnings due to the effective operation of an internal accounting control system focusing on the reliability of financial reports；they analyzed it only in terms of its valuation roles of accounting information. Our study covered the relationship between the internal control system and its managerial compensation contracts and verified that the quality improvement of accounting information from the effective operation of the internal accounting control system also affects the stewardship role of the accounting information.