확정급여제도 재측정요소가 성과-보상 민감도에 미치는 영향

Previous studies have examined the impact of managerial discretion in actuarial assumptions on current earnings, but have largely overlooked the effects of changes in remeasurement factors. The purpose of this study is twofold: first, to investigate how the remeasurement factor of defined benefit plans affects executive compensation; and second, to examine how the performance–pay sensitivity varies with the inclusion of remeasurement factors. The empirical results show that accounting performance is significantly and positively associated with executive compensation, indicating that accounting performance serves as a key determinant of managerial remuneration. In contrast, the remeasurement factor exhibits a significant negative relationship with executive compensation. This finding suggests that, since the remeasurement factor does not represent accounting performance per se, it may be excluded from or discounted in the compensation determination process, thereby leading to lower managerial remuneration. Furthermore, the remeasurement factor exerts a positive effect on performance–pay sensitivity. This implies that remeasurement factors, when based on reasonable actuarial assumptions, enhance the reliability of accounting performance and indirectly influence executive compensation. Overall, this study provides evidence that remeasurement factors grounded in reasonable assumptions can serve as a signal of accounting reliability. Accordingly, to mitigate agency problems, regulatory authorities should establish guidelines that enhance the rationality and transparency of actuarial assumptions to prevent distortions in remeasurement components and managers should disclose the basis for calculating defined benefit obligations in the notes to the financial statements.