기업의 전략적 보상시스템과 자산성 지출의 적합성이 경영성과에 미치는 영향 = The Effect of Fitness between Strategic Reward System and Expenditure of Asset Characterization in Business Performance

다국어 초록 (Multilingual Abstract)

The purpose of this study is to analyze the effect of the fitness between strategical reward system(hereafter referred to as SRS) and expenditure of asset characterization(hereafter referred to as EAC) on the business performance in Korean listed companies. Most of the prior studies on reward system have focused on the relationship between manager compensation and performance or on the cognitive attitude toward employee reward. However, in this study, we analyzed the effect of the fitness between the reward system as a strategy which applied to both managers and employees and the results of implementing the strategy on the business performance(accounting performance/market performance).
The procedure of the study is as follows. First, we find out whether the reward system of firms affects on the business performance by period. The firms’ reward system is measured by the questionnaire about reward system included in the National Corporate Activity Survey. Then we separated the reward system as cash based reward system(short-term reward system) and stock based reward system(long-term reward system). Second, the effects of the EAC which is the results of implementing the strategy on the performance are classified into short and long term. When we classified the EAC, we used the concept of perspectives based on Balanced Score Card(BSC). Finally, we analyze whether the strategically established reward system affects on the performance in connection with the EAC.
The results of the study are as follows. First, the hypothesis 1(the application of the SRS has a positive effect on the performance) was partially supported. Second, the hypothesis 2(the broader application of the strategic reward system has a positive effect on the performance) was also partially supported. Third, The hypothesis 3(the EAC has a positive effect on performance) was partially supported. Finally, according to the interaction approach, the hypothesis 4(the higher fitness between the SRS and the EAC has a positive effect on the performance) was hardly supported. However, according to the systems approach, if there is a fitness between the SRS and the EAC, the group of high level on the EAC shows higher performance than the group of low level.
This study suggests the fitness between the SRS and the EAC is necessary to manage the firms’ performance more effectively, when a firm establishes a short-term and long-term strategy.

목차 (Table of Contents)

• 1. 서론 1
• 1.1 연구의 목적 1
• 1.2 연구의 방법 4
• 2. 이론적 배경 및 선행연구 5
• 2.1 이론적 배경 5
• 2.1.1 경영통제시스템(Management Control System, MCS) 5
• 2.1.2 전략적 보상시스템(Strategic Reward System, SRS) 8
• 2.1.3 균형성과표(BSC)와 기업의 자산성 지출(EAC) 16
• 2.1.4 경영성과 19
• 2.1.5 적합성 이론 21
• 2.1.6 기업활동조사 22
• 2.2 선행연구 24
• 2.2.1 보상시스템과 경영성과 24
• 2.2.2 자산성 지출과 경영성과 관련 선행연구 26
• 2.2.3 보상시스템과 기업특성 간의 적합성과 경영성과 29
• 2.3 선행연구와 본 연구의 차이점 31
• 3. 가설 설정 및 연구 모형 설계 33
• 3.1 연구 가설 설정 33
• 3.2 연구 모형 39
• 3.3 변수 측정 42
• 3.3.1 종속변수 42
• 3.3.2 독립변수 44
• 3.3.3 통제변수 46
• 4. 표본 선정 및 실증 분석 47
• 4.1. 자료수집과 표본 선정 47
• 4.2 기술통계량 및 상관관계 분석 결과 50
• 4.2.1 각 변수별 기술통계량 50
• 4.2.2. 각 변수별 상관관계 분석결과 53
• 4.3 차이 분석 및 분산 분석 결과 55
• 4.3.1 차이분석(T-test) 결과 55
• 4.3.2 분산분석(ANOVA) 결과 65
• 4.4 회귀분석 결과 75
• 4.4.1 전략적 보상시스템 적용여부가 경영성과에 미치는 영향: 가설1 검증 75
• 4.4.2 전략적 보상시스템 적용범위가 경영성과에 미치는 영향: 가설2 검증 81
• 4.4.3 자산성 지출이 경영성과에 미치는 영향: 가설3 검증 87
• 4.4.4 전략적 보상시스템과 자산성 지출의 적합성이 경영성과에 미치는 영향: 가설4 검증 94
• 5. 결론 112
• 참고문헌 116
• Abstract 122