한국융합학회논문지 (Journal of the Korea Convergence Society)

  • 제10권9호
  • /
  • Pages.221-228
  • /
  • 2019
  • /
  • 2233-4890(pISSN)
  • /
  • 2713-6353(eISSN)
한국융합학회 (Korea Convergence Society)
권호 표지
DOI QR코드

DOI QR Code

기업의 사회적 책임이 경영자 성과-보상민감도에 미치는 영향

Corporate Social Responsibility and Executive Performance -Impact on Compensation Sensitivity

  • 황성준 (경남도립남해대학 금융회계사무과) ;
  • 김동일 (부산대학교 경영학과)
  • Hwang, Seong-Jun (Dept. of Finance and Accounting Office,University of Gyeongnam Namhae) ;
  • Kim, Dong-Il (Dept. of Business Administration, Pusan National University)
  • 투고 : 2019.07.31
  • 심사 : 2019.09.20
  • 발행 : 2019.09.28
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

기업들은 CSR을 다양한 측면의 경영전략으로 통합시키기 위해 큰 노력을 기울이고 있다. 기업 경영의 주요 목적이 CSR 활동이 아님에도 경영자가 CSR에 직간접적으로 참여하고 수행하는 의도가 무엇인지에 대해서 많은 연구가 수행됐다. 본 연구에서는 경영자가 CSR에 참여하는 동기를 나타내는 지표로 경영자 보상을 추가로 고려하여 연구를 수행하였다. 본 연구의 주요 목적은 CSR 활동을 하는 기업 경영자에게 성과에 따른 보상을 제공할 때 회계성과측정치와 시장성과측정치 중에서 어느 쪽에 더 가중치를 두고 보상을 제공하는지 분석하였다. CSR과 경영자 성과-보상민감도의 관련성을 분석한 결과 CSR을 적극적으로 수행하는 기업 경영자는 회계성과측정치 보다는 시장성과측정치에 더 가중치를 두고 보상을 제공하는 것으로 나타났다. 경영자 보상을 지급할 때에 CSR의 성과가 장기적으로 나타남을 고려하여 회계적 성과보다는 시장성과(주식성과)에 더 가중치를 두고 보상을 지급하는 것으로 나타났다. 본 연구를 통해 경영자가 CSR수행을 적극적으로 유도하기 위한 보상계약설계 설계에 유용할 것으로 판단된다.

Companies are making great efforts to integrate CSR into various aspects of their management strategies. A lot of research has been conducted on what management intends to do indirectly and indirectly. Was performed. In this study, we conducted additional research considering executive compensation as an indicator of the motivation for management to participate in CSR. The main purpose of this study was to analyze whether accounting performance measures or market performance measures are given more weight when providing rewards for performance to corporate managers conducting CSR activities. The analysis of the relationship between CSR and executive performance-reward sensitivity showed that corporate executives who actively implement CSR pay more weight to market performance measures rather than accounting performance measures. Considering the long-term performance of CSR when paying executives' compensation, the company pays more for market performance than accounting performance. This study is expected to be useful for executives to design compensation contracts to actively induce CSR implementation.

키워드

참고문헌

  1. Deckop, Merriman, & Gupta. (2006). The effects of CEO paystructure on corporatesocial performance. Journal of Management, 32, 329-342. https://doi.org/10.1177/0149206305280113
  2. M. Manner. (2010). The impact of CEO characteristics on corporate social performance. Journal of Business Ethics, 93, 53-72. https://doi.org/10.1007/s10551-010-0626-7
  3. Slater & Dixon-Fowler. (2009). CEO internal assignment experience and corporate social performance. Journal of Business Ethics, 89, 473-489. https://doi.org/10.1007/s10551-008-0011-y
  4. T. H. Ahn & B. G. Park. (2019). The Effects of Corporate Social Responsibility on Company Image and Customer Citizenship Behavior : Focused on Japanese Students. Journal of Digital Convergence, 17(6), 185-192. https://doi.org/10.14400/JDC.2019.17.6.185
  5. S. W. Yoo. (2019). A Study on the Relationship between Corporate Social Responsibility, Trust, Distrust and Reputation. Journal of Digital Convergence, 17(3), 93-106. https://doi.org/10.14400/JDC.2019.17.3.093
  6. S. H. Oh & H. S. Park. (2018). The Effect of Management Innovation on the Relationship between Corporate Social Responsibility and Financial Performance. Journal of Digital Convergence, 16(6), 175-185. https://doi.org/10.14400/JDC.2018.16.6.175
  7. A. R. Choi & J. H. Koo. (2016). A Study on the Effect of Firm Internationalization - Focused on the Corporate Social Responsibility. Journal of Digital Convergence, 14(6), 109-118. https://doi.org/10.14400/JDC.2016.14.6.109
  8. S. G. Kim. (2016). The Study on the CSR - Focused on LG Electronics. Journal of Digital Convergence, 14(6), 69-83. https://doi.org/10.14400/JDC.2016.14.6.69
  9. J. H. Bae & H. S. Park. (2016). The Effect of SME's Organizational Capabilities on Proactive CSR and Business Performance. Journal of Digital Convergence, 14(3), 181-197. https://doi.org/10.14400/JDC.2016.14.3.181
  10. N. G. Park. (2014). A Study on the Effect of the Corporate Social Responsibility Activities on Brand Equity and Purchase Intention - Focused on Moderating Effect of the Customer's Mobile Communication Service Quality. Journal of Digital Convergence, 12(12), 189-202. https://doi.org/10.14400/JDC.2014.12.12.189
  11. K. Y. Song & J. W. Roh & Y. Y. You. (2015). Effect of Management Commitment on Perceived Consulting Quality - Focusing on Government Supported Convergence Consulting. Journal of Digital Convergence, 13(4), 127-135. https://doi.org/10.14400/JDC.2015.13.4.127
  12. Jensen & Meckling. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3, 305-350. https://doi.org/10.1016/0304-405X(76)90026-X
  13. R. E. Freeman. (1984). Strategic Management: A Stakeholder Approach, Bostoni; Pitman Publishing.
  14. X. Deng, J. Kang & B. S. Low. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers, Journal of Financial Economics, 110, 87-109. https://doi.org/10.1016/j.jfineco.2013.04.014
  15. H. T. Oh. (2018). Goodwill Impairment and Managerial Ability. Journal of Digital Convergence, 16(11), 267-274. https://doi.org/10.14400/JDC.2018.16.11.267
  16. J. H. Kim, J. B. Kim & J. M. Choi. (2017). The Corporate Life Cycle and Management Compensation. Journal of Digital Convergence, 15(1), 85-96. https://doi.org/10.14400/JDC.2017.15.1.85
  17. E. J. Lee, W. M. Sim & J. K. Kim. (2018). The Effect of Management Forecast Precision on CEO Compensation-Accounting Performance. Journal of Digital Convergence, 16(10), 123-132.
  18. C. H. Lee, D. M. Lee & C. Lu. (2019). Relative Importance of Executive Competency Factors of SMEs and Venture Firms in Credit Evaluation. Journal of Digital Convergence, 17(4), 123-136. https://doi.org/10.14400/JDC.2019.17.4.123
  19. M. N. Jo & D. H. Lee. (2016). The Impact of CEO's Values System and Employee's Awareness, Sympathy on Organizational Performance. Journal of Digital Convergence, 14(12), 95-103. https://doi.org/10.14400/JDC.2016.14.12.95
  20. H. C. Lee, S. T. Park & K. J. Song. (2017). Analysis of Management Performance Change of Korean Agricultural Co-operatives around CEO turnover. Journal of Digital Convergence, 15(11), 175-185. https://doi.org/10.14400/JDC.2017.15.3.175
  21. J. M. Park & H. Y. Kim. (2011). Relationship Between the Technology Innovation Performance of IT Venture Business and CEO Characteristics. Journal of Digital Convergence, 9(6), 173-186. https://doi.org/10.14400/JDPM.2011.9.6.173
  22. S. A. Waddock & S. B. Graves. (1997). The corporate social performance link. Strategic Management Journal, 18(4), 303-319. https://doi.org/10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.0.CO;2-G
  23. H. Ortiz-Molina. (2007). Executive compensation and capital structure : the effects of convertible debt and straight debt on CEO pay. Journal of Accounting and Economics, 43, 69-93. https://doi.org/10.1016/j.jacceco.2006.09.003
  24. C. S. Kim. (2009). Corporate Social Responsibility and Firm Value. Korean journal of financial studies, 38(4), 507-545.
  25. Y. K. Lee & J. K. Ko. (2013). The effect of corporate social responsibility on the cost of equity capital and information asymmetry, Korean accounting journal, 22(5), 159-193.
  26. E. F. Fama & M. C. Jensen. (1983). Corporations and Private Property: A Conference Sponsored by the Hoover Institution. Journal of Law and Economics, 26(2), 301-325. https://doi.org/10.1086/467037
  27. R. A. Lambert, & D. F. Larcker. (1987). An Analysis of the Use of Accounting and Market Measures of Performance in Executive Compensation Contracts, Journal of Accounting Research, 85-125
  28. M. C. Jensen & K. L. Murphy. (1990). Performance pay and top management incentives, Journal of Political economy, 225-264.
  29. R. G. Sloan. (1993). Accounting Earnings and Top Executive Compensation, Journal of Accounting and Economics, 16, 55-100. https://doi.org/10.1016/0165-4101(93)90005-Z
  30. T. S. Kim, J. S. Jung & S. K. Chi. (1999). Relationship between Executive Compensation and Management Performance in Korean Companies, Korean accounting review, 24(2), 87-115.
  31. H. J. Choi & D. C. Moon. (2013). The Relationship between Corporate Social Responsibilities and Accounting Transparency, Korean accounting review, 38(1), 135-171.
  32. L. Jin, D. H. Yang, Y. D. Hong & J. H. Choi. (2016). International Comparison of the Relationship Between Corporate Social Responsibility and Firm Value: Korea and China, Korean accounting journal, 25(5), 67-112.