보상격차와 근속연수가 기업가치에 미치는 영향

[Purpose] This paper examines the effect of pay disparity between employees and executives and employee tenure on firm value. [Methodology] We measured pay disparity by the ratio of average salary of employees to average pay of executives and we used employee tenure and executive tenure. We also measured firm value by Tobin’s Q. We used a sample of 13,103 firm－year observations listed in KOSPI and KOSDAQ from 2011 to 2019. [Findings] First, we find that pay disparity is positively associated with firm value. This result indicates that on average, Tournament theory is supported regarding pay disparity in Korea. Second, we find that pay disparity is negatively associated with employee tenure and positively associated with executive tenure. Third, we find that both of employee tenure and executive tenure are negatively associated with firm value. Lastly, we find that firm value increases significantly with high pay disparity and high employee tenure. [Implications] This study extends the study of employee compensation structure by providing specific evidence that on average, pay disparity is positively associated with firm value in Korea. Moreover, this study provide the implication to company management by showing the evidence that the combination of high disparity and high tenure may reflect effective compensation structure of company and is connected to firm value.