스톡옵션 특성이 조직태도에 미치는 영향에 관한 연구 - 옵션경과시점의 조절효과를 중심으로 = Effects of Stock Option and Attitudes: Moderating Effect of Option Progress Time

국문 초록 (Abstract)

  본 연구는 스톡옵션 특성이 조직태도에 미치는 영향과 스톡옵션의 부여에서부터 매각까지의 시점별로 스톡옵션 특성이 조직태도에 어떠한 영향을 미치는 지를 분석하였다. 본 연구는 연구가설로서 스톡옵션의 기대수익이 높을수록 수혜종업원의 조직태도가 긍정적으로 나타날 것이라 기대하였고 스톡옵션으로 인한 기대수익이 수혜종업원의 조직태도에 미치는 영향은 옵션경과시점에 따라 차이가 있을 것으로 예측하였다. 2003년 2월부터 8월까지 2차에 걸쳐 스톡옵션을 도입한 12개 기업의 수혜종업원 122명을 대상으로 설문조사를 수행하였다. 연구의 실증분석에 의하면 주식가치전망이 긍정적일수록 조직몰입이 높아지고 이직의도가 낮아지는 경향이 있었다. 그러나 스톡옵션의 수혜율이나 보상내 스톡옵션의 구성비는 이와 같이 개인의 조직태도에 유의한 영향을 미치지는 않는 것으로 나타났다. 또한 스톡옵션 경과시점의 기간별로 스톡옵션 수혜율, 보상내 구성비, 주식가치전망이 개인의 조직태도에 미치는 조절효과를 살펴본 결과 스톡옵션의 수혜율과 조직태도의 관계에 대하여 스톡옵션 경과시점의 조절효과가 있는 것으로 나타났다. 즉, 스톡옵션 수혜율이 높은 구성원일수록 조직몰입과 이직의도의 수준이 행사기간부터 매각 전까지의 단계에 있는 종업원들에게 가장 뚜렷하게 변화되는 경향이 있었다. 이는 수혜율이 높을수록 스톡옵션의 행사기간부터 매각 전까지 단계에 있는 종업원이 상대적으로 높은 조직몰입도와 상대적으로 낮은 이직의도를 갖게 됨을 시사하는 현상이다.

다국어 초록 (Multilingual Abstract)

  Many Korean companies have begun to adopt stock option plans as a way to provide long-term incentives to employees as well as to top executives. About 20% of 677 publicly traded companies adopted stock option plans in 2003. However, only 52 companies had formal provisions on stock option plans, an approximately 38.8% of companies that introduced stock option plans. Stock option plans are still experimental to publicly traded large firms, spurred by examples from small venture companies.<BR>  This study examines current practices of stock option plans in publicly traded companies to see whether stock option plans influence employees’ organizational attitudes positively. To this end, survey questionnaires were mailed out to 700 employees in 12 publicly traded companies twice, one in February and the other in August, 2003. The response rates are 22.1% and 21.6% respectively. The stock market composite indices for February and August are 500 and 750 respectively, which indicates that samples reflect different stock market conditions. Samples came from 122 individuals who were entitled to, or who have already been provided, stock options.<BR>  In the study, employees’ organizational attitudes are measured by their organizational commitment and intention to turnover. Stock option plans are assessed in several respects: the number of employee’s stock options divided by total number of stock options, ratio of stock option values to total compensation, prospective view on stock prices, and stock option progress time. The number of stock options given to individual employees varied widely from 10 to 30,000 stock options. So the number of stock options was divided by all stock options the company provided to employees. This reduces the screwed distribution of stock options over individual employees. The ratio of stock option values to total compensation shows how important stock option is as a reward. Prospective view on stock prices is a subjective measure based on 5 Likert scale. If one expects stock prices of his own company to rise very highly, he expresses his response as 5 point in Likert scale, while the other extreme is 1 point. Lastly, stock option progress time is divided into four distinctive stages: time before stock option provided, time between stock option provision and excise period, excise period, time after excising stock options. Surveyed respondents were classified into one of these four categories. We expected that organizational attitudes would differ depending on stock option progress times.<BR>  We hypothesize that characteristics of stock option plans have an effect on individual organizational attitudes. When more stock options are given to an employee, he/she will commit more to the company and have less intention to turnover. When stock options have a bigger portion in the total compensation, employees will have stronger organizational commitment and be less likely to turnover. When employees expect stock prices to rise in the future, they will also have more positive organizational attitudes. Employees’ attitudes are more positive in all these instances because they all suggest more return to stock options. That is, the number of stock options, ratio of stock options in total compensation, and future expected stock price contribute to higher expected benefits from the stock options, leading to a more positive impact on employee’s organizational attitudes.<BR>  As to stock option progress time, it is hypothesized that individual employees will commit most and least likely turnover when they are in the excise period. This is why one’s effort will result in higher stock price, and then his expected return to stock options is about to be realized in this period. In the stages other than exercise period, employees are a long way from realizing benefits from stock options because they can’t exercise their stock options. We also tested moderating e

목차 (Table of Contents)

• 〈초록〉
  Ⅰ. 서론
  Ⅱ. 문헌연구 및 가설설정
  Ⅲ. 연구방법
  Ⅳ. 가설검증
  Ⅴ. 결론 및 논의
  참고문헌
  ABSTRACT
  

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