성과급제와 기업성과의 관계 -성과급적용 수준의 차별적 효과- = Performance-based Incentives and Firm Performance -The Effects of Incentive Pay Components-

다국어 초록 (Multilingual Abstract)

This paper investigates the relationship between performance-based incentive program and firm performance in Korean firms. Even though performance-based incentive program is expected to enhance firm performance by motivating employees and reducing moral hazard problem, different impacts of each incentive component on the firm performance is not well examined. Incorporating cultural values and social norms salient in Korea, the results suggest that costs of group based incentive program such as free-riding can be alleviated. Using the sample of 1,287 firm-years, we investigate whether the impact of performance-based incentive on firm performance can be differentiated according to the level or composition of incentive plan. Our results suggest that performance-based incentive has positive impact on firm performance, showing the larger the ratio of performance-based incentive is, the higher the Growth rate and ROA. In addition, the ratio of group-based incentive has positive impact on Growth rate and ROA. When having all 4 types of incentive in the model, the division-wide incentive ratio is positively related to Growth rate and the corporate wide incentive ratio has marginal impact on Growth rate. These results support the hypothesis that groub-based incentive will improve firm performance more significantly compared to individual or team incentives do in Korea.

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