임직원 근로조건과 기업생존

Working Conditions and Firm Survival

This paper empirically analyzes how working conditions of employees and executives affect Korean companies’ survival. To this end, a survival analysis based on the accelerated failure time model is conducted from the end of December 2012 to the end of September 2018 on the 2012 year-end financial data for corporations whose common stocks have ever been listed either in the KOSPI market or in the KOSDAQ market with fiscal year ending at the end of December. The analysis shows that the average wage level per employee and the number of executives relative to the number of employees threaten while the average duration of service for female employees prolongs firm survival. Here, the average wage level per employee has turned out to worsen firm survivability regardless of the gender of employees in question while the average duration of service improves firm survivability only in case the employees are female: the average duration of service for male employees or the entire employees has turned out not to have any statistically significant influence on firm survival. The average compensation per executive and the percentage of temporary employees have turned out not to have any statistically significant influence on firm survival while the percentage of female employees has shown statistically significant positive influence on firm survival in some, although not all, models employed in our study. These results are expected to be a good reference in the course of our reaching agreements regarding the improvement of working conditions either between firms and employees or among the members of the entire society.