경영자보상, 기업지배구조, 경영위험, 기업가치의 관련성 실증분석

This study provides empirical evidence on the hypothesis that risk management can be associated with the compensation and the corporate value. So, we analyze how the executive compensation, corporate governance and managerial risk affect the corporate value. In the analysis of the effects of the executive compensation, corporate governance and managerial risk on corporate value, estimated managerial risk is significantly and positively related with firm value. It implies that the higher the managerial risk is, the higher the corporate value is. Also, the corporate governance index and the executive compensation are positively related with effects on the corporate values. It means the higher the corporate governance and the executive compensation are, the higher the corporate values are. In the analysis of the effects of managerial risk and the executive compensation on the corporate values, this study finds that stock option is positively associated with high corporate governance. These findings imply that the managerial risk based on the executive compensation has positive effects on the corporate value. They show that the various performance-related incentives reducing the agency problem are much better mechanism to enhance the corporate value.