한국 기업의 ESG 성과 연계 보수 도입 분석

This study investigates the determinants of the adoption of ESG-contingent compensation and analyzes its impact on firm value in Korea. We find that firms with high foreign ownership are more likely to adopt ESG-contingent compensation. Given that a significant proportion of foreign capital inflows into Korea are from the US and Europe, where ESG-contingent compensation practices are more prevalent, foreign investors may have driven the adoption of ESG pay. The proportion of independent directors representing diverse stakeholder interests was also found to have a positive impact on the adoption of ESG pay. In contrast, the ownership of domestic institutional investors and majority shareholders do not show a significant relationship with ESG pay practices. The limited influence of domestic institutional investors suggests that preferences for ESG-oriented management in the Korean capital market may still be underdeveloped relative to Western markets. We also find that Chaebol firms are more likely to adopt ESG-contingent compensation. Finally, we examine the impact of ESG-contingent compensation on ESG performance and firm value. We find that ESG-contingent compensation improves ESG performance but does not lead to an increase in firm value. In order to enhance the effectiveness of ESG-contingent compensation, it is necessary to assess whether improvements are needed in the disclosure and structure of compensation systems to better support firm value.