경영자 보상의 결정요인에 관한 연구

This study divided management compensation into total compensation, cash compensation, and stock option compensation. We analyze the factors that determine manager compensation. The period of the sample is from 2009 to 2016. And the manufacturing companies listed on the securities market are included. The characteristics of the firm are divided into financial characteristics, profitability characteristics, growth characteristics, and control variables. We analyze the relationship between these characteristics and manager compensation. The results of this study are summarized as follows. First, in terms of total compensation and cash compensation, with respect to financial characteristics, total compensation and cash compensation increase as the total assets of the firm increases, as the current ratio and the debt ratio decrease. For profitability characteristics, total compensation and cash compensation increase as the ROA, WAGE, and CFO decrease, the ALT and RET increase. For growth characteristics, total compensation and cash compensation decrease as the growth rate of total assets increases. Second, in terms of stock option compensation, with respect to financial characteristics, as the total assets of the firm increases and as the current ratio increases, stock option compensation increases. For the profitability, as the CFO decreases, the stock option compensation increases. For growth, as the sales growth ratio increased and as the employee growth rate decreased, stock option compensation increased.