CEO 보상의 결정요인에 관한 연구

Determinants of CEO Compensation in Korea: A Corporate Governance Perspective

CEO compensation is a representative corporate governance system that regulates the management of entrepreneurs’ interests and entrenchment, which is important to be designed in tandem with corporate performance. Recently, in Korea, we disclose personal compensation information of top management to strengthen transparency and social responsibility of company management. However, even though the individual compensation of listed company executives has been announced for the last three years, related data are not systematically collected and related research results are not reported. This study is significant in that it attempted to understand executive compensation practices of listed companies in Korea by conducting empirical analysis for the first time in Korea where research on CEO compensation is limited due to lack of data. As a result of analysis, it was confirmed that the owner family CEO has a higher share of fixed salary than professional managers. Moreover, the proportion of bonus items linked to company performance is significantly lower. These results were stronger in the CEOs who did not sign in the annual business report and the large group sample. In addition, it was confirmed that the proportion of bonus items was significantly higher than the case where no compensation committee was installed.