개별 임원보수 공시제도는 유효한가? : 성향점수매칭법과 이중차분법을 활용한 임원보수의 공시효과 분석

The executives’ pay information, which disclosures in the annual report starting 2013 fiscal year, has expanded from executive officer to non-executive officer. In this study, we investigate the effect of executive pay disclosure using propensity score matching and difference-in-difference approach. Our samples consist of firms listed on Korea Composite Stock Price Index(KOSPI) from 2013 to 2019. The final sample is 1,848 firm-years and 109 firm-years which disclosure non-executive directors’s pay since 2018. We find that the expansion of individual executive pay disclosure does not have a positive effect on the specificity of executive pay disclosure. This result indicates that there is no significant change in the details of executive pay disclosure. Although executive pay disclosure is expanding to non-executive officer, but rather, the specificity of executive pay disclosure is decreasing. This study provides the executive pay studies by shedding light on the effect of executive pay disclosure. This study also contributes to practical implications for policy makers that executive pay disclosure related to the description method and the standards of the disclosure form should be supplemented so that information users can fully utilize various information.