고객만족도의 재무성과 예측력과 경영진 보상체계에서 고객만족도 지표의 활용

The purpose of executive compensation schemes is the enhancement of shareholder value. Yet, there is limited evidence that compensation schemes lead to enhanced firm performance. Financial information included in the executive compensation schemes directly reflects management ability and effectiveness. Previous studies point out the problem of manipulating earnings for maximizing personal wealth. Tying executive compensation schemes to non－financial measures can enhance long－term firm value and provide incremental information regarding executives’ efforts. In this respect, the inclusion of non－financial measures in compensation schemes mitigates some of the limitations associated with the use of financial information. However, previous studies contradict findings about the predictive power of non－financial indicators of future financial performance, and the adoption of non－financial indicators in compensation schemes should also be recognized as a ‘symbolic act’ or subject to institutional pressures. In this study, we confirm the applicability of non－financial indicators in executive compensation schemes to leverage the management information disclosure of public enterprises and quasi－government agencies. First, we focus on one widely used non－financial measure：customer satisfaction, which is evaluated as a leading indicator of future financial performance. Second, we analyze the extent to which a firm linking executive compensation to customer satisfaction is influenced by satisfaction’s predictive power for future financial performance. Empirical analysis of this study showed that customer satisfaction had a positive(＋) significant influence on future financial performance. Our findings show that customer satisfaction accurately measures the performance of companies, and non－financial indicators can serve as a leading indicator of future financial performance. Also, it found that the predictive power of the future financial performance of customer satisfaction affects the positive(＋) association between customer satisfaction and executive compensation. Executive compensation in accordance with customer satisfaction varies in both sign and magnitude of the predictive power of non－financial indicators of future financial performance.