종업원의 근속연수와 평균 임금 수준이 기업의 초과현금 보유에 미치는 영향

[Purpose] This study aims to empirically examine how employee characteristics, specifically, employee tenure and average wage level affect firms’ excess cash holdings. In particular, it investigates whether the wage level moderates the relationship between employee tenure and cash holding policies. [Methodology] Using panel data from listed companies in Korea between 2011 and 2023, we employ the model of Opler et al.(1999) to conduct multiple regression analyses with excess cash holdings as the dependent variable. The main independent variables are employee tenure, average wage level, and their interaction term. Various control variables are included in the model to account for firm－specific characteristics. [Findings] The results show that firms with longer employee tenure tend to hold significantly lower levels of excess cash. Furthermore, the relationship between tenure and excess cash holdings is moderated by the industry wage level: in industries with higher average wages, firms with longer employee tenure are more likely to increase their cash holdings in anticipation of future labor costs. [Implications] This study provides empirical evidence that human resource management significantly influences firms’ financial strategies, particularly cash holding policies. The findings suggest that managers should consider employee composition and compensation schemes when designing financial strategies to ensure both stability and growth. Moreover, understanding the interaction between human resource characteristics and financial policy can enable more effective organizational management.