복리후생비와 종업원지분율 간 상호작용이 경영성과와 기업가치에 미치는 영향

This study investigate how the interaction between welfare benefits and employee ownership affect firm performance and firm values using manufacturing firms that are listed on Korea Exchange from 1997 to 2018. We analyze the causal relations based on fixed effect models of panel regression. According to our analyses, we find a statically signifiant and negative relation between welfare benefits and firm performance, but find that the interaction between welfare benefits and ESOP positively affects firm performance. We incur that spending too much on welfare benefits deteriorate short-term firm performance, but that reasonable employee ownership works a good way to diminish agency problems by managers. On the other hand, welfare benefits have a positive impact on firm values, but the interaction doesn't have a statistically significant impact of firm values. Outside investors may consider a firm's welfare benefit investments as a good sign because the firms is believed to care its employees. However, if employees have such a great bargain power against employers, they may demand too much benefit resulting in exploiting firms' valuable resources. Besides, we consider the endogeneity problem where the causal relation is somewhat mixed, and find that our study is robust. This study presents that managers need to analyze dynamics of welfare benefits.