경영자 권한과 ESG 성과 연계 보상 구조가 미래 기업 가치에 미치는 영향

As economic uncertainty in South Korea increases, firms are strengthening their ESG management, with a growing integration of ESG performance into executive compensation. However, the impact of ESG-linked compensation on firm value remains inconclusive. This study empirically examines the effect of managerial power on ESG-linked compensation and its implications for firm value to provide policy insights. The findings reveal that, contrary to expectations, firms with higher managerial power tend to exhibit lower levels of total compensation, suggesting that executives may adjust compensation levels in response to external evaluations. However, higher managerial power is associated with increased non-financial performance-based compensation, indicating a preference for stable compensation structures. Furthermore, non-financial performance-linked compensation negatively affects firm value, implying a misalignment with shareholder value maximization. In contrast, ESG-linked compensation positively influences firm value, supporting the notion that sustainable management practices contribute to long-term corporate performance. This study extends the literature by empirically analyzing managerial power’s influence on compensation structures and assessing the effectiveness of ESG-linked incentives, offering practical insights for corporate governance and executive compensation policies.