글로벌 경제 위기 상황에서의 보상 전략：Covid－19와 경영자 보상의 관련성을 중심으로

[Purpose] This study aims to examine the impact of the business crisis faced by companies due to external economic conditions such as COVID－19 on executive compensation, based on the firm’s performance. It seeks to investigate whether executive compensation remains consistent with pre－COVID－19 levels, reflecting a “sharing of pain” approach, or if it decreases beyond the deteriorated business performance caused by the pandemic. Additionally, the study aims to provide further evidence regarding executive compensation contracts. [Methodology] Using data from companies listed on the KOSPI and KOSDAQ stock markets from 2011 to 2022, this study examines the relationship between business risks faced after the onset of COVID－19 and executive compensation. The study also explores various factors including changes in firm performance, implementation of workforce reductions, and differentiation between companies based on stock market listings. [Findings] The study reveals that business risks following the COVID－19 pandemic have an impact on executive compensation. Particularly in companies experiencing a decline in firm performance, executive compensation is adjusted downward, underscoring the influence of external environmental changes on executive compensation. Similar results are observed for companies implementing workforce reductions and those listed in the KOSPI stock market, indicating a willingness among these companies to bear the burden of the crisis. [Implications] This study underscores the significance of external economic shifts as determining factors in executive compensation contracts. It demonstrates that executive compensation adjusts in accordance with business risks during times of crisis, reflecting the principle of sharing the burden. This research sheds light on the nuanced dynamics of executive compensation amidst changing economic landscapes.