기업의 사회적 책임 활동이 경영자 보상에 미치는 영향

The purpose of this study is to identify the effect of corporate social responsibility activities on executive compensation. More specifically, first, the effect of corporate social responsibility activities on the level of total compensation for executives is examined. Second, whether the components of executive compensation vary depending on corporate social responsibility activities, in other words, whether the effects on the compensation mix of executives are different. For the analysis, this study collected 2,475 firm－year data from companies listed on KOSPI market except for the financial industry from 2011 to 2017. The results are as follows. First, the analysis of the relationship between the performance of social responsibility activities and the level of compensation for executives showed that the total compensation level of executive decreased in companies performing social responsibility activities. Second, the analysis of how the ratio of compensation for executives in companies performing social responsibility activities is different shows that the ratio of cash compensation for managers is decreased and the proportion of stock compensation is increased. This can be interpreted as an effort to maximize the interests of stakeholders including shareholders, rather than an opportunistic act that maximizes executive compensation by performing social responsibility activities. Through these results, it was confirmed that investment in manager’s social responsibility activities is used as useful information when concluding compensation contracts paid to managers in companies. Therefore, if a reasonable compensation policy is identified to induce efficient and effective efforts of managers in companies performing social responsibility activities, it will contribute to further increase the value of companies.