기업 성과급, 산업경쟁과 제품혁신의 관계

This study investigates the relationship between performance-based pay and product innovation. We also conduct whether the impacts of the individual and team-based pay on product innovation are different by the levels of industry competition. We use the Human Capital Corporate Panel (HCCP) data that are surveyed by KRIVET and analyze for companies listed in the KOSDAQ market and the KOSPI market from 2009 to 2017. According to the empirical results, first, the relation between individual-based pay and product innovation has significantly positive, but the coefficient of team-based pay is not significant. These results are consistent in the 2SLS and time-lag analyses. The results of this study suggest that the individual-based pay improves workers' expertise and work efficiency by lowering the turnover of outstanding employees and increasing the employees’ working periods and it may positively affect the firms’ product innovation. Second, although the interaction term between industrial competition dummy and team-based pay is significant on the product innovation, the interaction term between industrial competition dummy and individual-based pay is not significant. It suggests that firm’s team-based pay implementation has a negative effect on the product innovation in the high-industrial competition.