스톡옵션 특성, 조직공정성 및 직무태도 간의 관계에 관한 탐색적 연구

국문 초록 (Abstract)

본 연구는 장기 인센티브 보상시스템으로 자리 잡고 있는 스톡옵션 제도가 임직원의 직무태도에 미치는 영향을 분석하고, 이러한 영향요인이 조직공정성 지각에 의해 매개되는지를 살펴보는 데 목적이 있다. 이에 대한 연구문제로 스톡옵션의 수혜량과 총 보상에서의 비율, 스톡옵션에 대한 경제적 가치 지각이 분배공정성과 절차공정성에 어떠한 영향을 미치고, 스톡옵션 도입 시 의사표명 기회와 스톡옵션 제도의 정당화 정도가 조직구성원의 조직몰입과 이직의도에 어떠한 영향을 미치며, 분배공정성 및 절차공정성 요인이 스톡옵션 제도의 특성과 조직몰입 및 이직의도에 매개효과를 나타내는지를 검토하였다.
표본은 43개 기업에 1,018부를 배포하여 최종적으로 15개 기업으로부터 222부를 회수하여 설문분석을 실시하였다. 연구의 실증분석에 의하면 총 보상에서의 비율은 분배공정성 지각에 긍정적으로 유의한 영향을 미치고 있었다. 스톡옵션 도입 시 의사결정의 참여 정도가 절차공정성 지각에 긍정적으로 유의한 영향을 미치는 것으로 나타났다. 스톡옵션에 대한 분배공정성 지각은 조직몰입에, 스톡옵션에 대한 절차공정성의 지각은 조직몰입과 이직의도에 모두 긍정적으로 유의한 영향을 미치는 것으로 확인되었다. 그러나 스톡옵션 특성과 직무태도 간의 관계에서 있어서 분배공정성과 절차공정성의 매개효과에 대해 분석한 결과, 공정성을 통해 매개되는 효과는 통계적으로 확인되지 못하였다.

다국어 초록 (Multilingual Abstract)

This study has the purpose to examine how stock option characteristics influence employees’ organizational equity and job attitudes, and to examine the mediating effects of organizational equity degree on the relationship between stock option characteristics and job attitudes. Questionaire survey was executed twice times between February 2003 and August 2003.
We found that the ratio of stock option values in total compensation is positively related with percieving distributive justice, and that decision-making participation on introducing stock option plans is positively related with percieving procedural justice. Percieving distributive justice about stock option positively influenced organizational commitment and percieving procedural justice about stock option positively influenced organizational commitment and turnover intention. We couldn’t find clear evidences that distributive and procedural justice mediates the relationship between stock option variables and job attitude such as organizational commitment and turnover intention.
This study implies that the performance just as much as the efforts require to operate appropriately as compensation system, and it is necessary to enhance subjective expectation for stock option. Also institutional devices must be complemented to perceive procedural justice highly about introducing and operating stock option plans.

목차 (Table of Contents)

• Ⅰ. 서론
• Ⅱ. 이론 및 가설 설정
• Ⅲ. 연구 방법
• Ⅳ. 가설 검증
• Ⅴ. 논의 및 시사점
• 참고문헌
• abstract

참고문헌 (Reference)

1 차성호, "한국 기업의 보상제도 개선을 통한 경쟁력 제고 방안 : 스톡옵션의 부여에 관한 인식과 보상공정성, 직무태도 및 이직의도와의 관계에 관한 연구" 한국컴퓨터정보학회 16 (16): 267-278, 2011

2 김창수, "톡옵션제도 도입기업의 특성" 13 (13): 135-167, 2000

3 이상철, "종업원 스톡옵션 도입이 생산성에 미치는 영향" 한국관리회계학회 9 (9): 51-73, 2009

4 박상수, "스톡옵션제도의 정립과 운영 개선방안" 한국상장회사협의회 1999

5 김형태, "스톡옵션제도의 문제점과 개선방안" 3 : 23-33, 2002

6 김창수, "스톡옵션과 보상설계" 신론사 2001

7 차성호, "스톡옵션 특성이 조직태도에 미치는 영향에 관한 연구: 옵션경과시점의 조절효과를 중심으로" 한국인사조직학회 14 (14): 153-189, 2006

8 한국상장회사협의회, "상장회사 스톡옵션 부여 및 운영현황" 2003

9 한국상장회사협의회, "상장회사 스톡옵션 부여 및 운영현황" 2005

10 최상희, "벤처기업의 스톡옵션제도와 조직구성원 태도와의 관계에 관한 탐색적 연구" 영남대학교 대학원 2011

11 김해룡, "벤처기업 스톡옵션제도에 대한 연구" 8 (8): 97-119, 2011

12 강정애, "국내 벤처기업의 스톡옵션 도입실태" 30 (30): 231-241, 2000

13 Long, R. J., "Worker Ownership and Job Attitudes: A Field Study" 21 : 196-215, 1980

14 Tyler, T. R., "Why People Cooperate with Organization : An Identity-based Perspective" 21 : 201-246, 1999

15 Singh, H., "Top Management Tenure, Corporate Ownership Structure and Magnitude of Golden Parachutes" 10 : 143-156, 1998

16 John, T. A., "Top Management Compensation and Capital Structure" 48 : 949-974, 1993

17 Jensen, M. C., "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure" 305-360, 1976

18 Lind, E. A., "The Social Psychology of Procedural Justice, New" Plenum 1988

19 Daly, J. P., "The Role of Fairness in Implementing Large-Scale Change: Employee Evaluations of Process and Outcome" 1994

20 Baron, R. M., "The Moderator-mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic and Statistical Consideration" 51 : 1173-1182, 1986

21 Lee, C., "The Importance of Justice Perceptions on Pay Effectiveness: A Two-year study of a Skill-Based Pay Plan" 25 : 851-873, 1999

22 Williams, S., "The Effects of Distributive and Procedural Justice on Performance" 133 (133): 183-193, 1999

23 DeFusco, R. A., "The Effect of Stock Option Plans on Stockholders and Bondholders" 55 : 617-627, 1990

24 Dunford, Benjamin B., "The Dark Side of Stock Options: Downside Risk and Employee Separation" Center for Advanced Human Resource Studies 1-25, 2001

25 Defusco, R., "The Association between Executive Stock Option Plan Changes and Managerial Decision Making" 20 : 36-43, 1991

26 Sesil, James C., "Sharing Ownership via Employee Stock Ownership" 1-21, 2001

27 Nunnally, J. C., "Psychometric Theory" Holt Rinehart & Winston 195-, 1978

28 Kruse, D. L., "Profit Sharing and Productivity: Microeconomic Evidence from the United States" 102 : 24-36, 1992

29 Thibaut, J., "Procedural Justice: A Psychology Analysis" Erlbaum 1975

30 Korsgaard, M. A., "Procedural Justice in Performance Evaluation : The Role of Instrumental and Non-instrumental Voice in Performance Appraisal Discussions" 21 : 657-669, 1995

31 Schaubroeck, J., "Procedural Justice Explanation and Employee Reactions to Economic Hardship: A Field Experiment" 29 (29): 3-, 1994

32 Katzell, R. A., "Personal Values, Job Satisfaction and Job Behavior, In Man in a World of Work" Houghton Mifflin 341-363, 1964

33 Jensen, M. C., "Performance Pay and Top-management Incentives" 98 : 225-264, 1990

34 정승화, "Patterns in the Adoption of Stock Options" 2000

35 O'Reily III, C., "Organizational Commitment and Psychological Attachment: The Effect of Compliance, Identification, and Internalization on Prosocial Behavior" 7 (7): 1986

36 Harris, M., "Optimal Incentive Contracts with Information" 20 : 231-259, 1979

37 Rice, R. W., "Multiple Discrepancies and Pay Satisfaction" 75 : 386-393, 1990

38 Holmstrom, B., "Moral Hazard and Observability" 74-91, 1979

39 Van de Ven, A. H., "Measuring and Assessing Organizations" Wiley 1980

40 Morck, R., "Management Ownership and Market Valuation: An Empirical Analysis" 20 : 293-315, 1998

41 Cobb, A., "Justice in Making: Toward understanding the Theory and Practice of Justice in Organization Change and Development, In Research in Organizational Change and Development, Vol.8" JAI Press Inc 1995

42 Bies, R. J., "Interactional Justice : Communication Criteria of Fairness, In Research in Negotiations in Organizations" JAI Oress 1986

43 Earley, P., "Informational Mechanisms of Participation Influencing Goal Acceptance, Satisfaction, and Performance" Univ. of Illinois 1984

44 Ambrose, M. L., "Influence of Social Comparisons on Perceptions of Organization Fairness" 76 : 239-246, 1991

45 Adams, J. S., "Inequity in Social Exchange, In Advances in Experimental Social Psychology, Vol.2" Academic Press 422-436, 1965

46 Daly, J., "Explaining Changes to Employees: The Influence of Justification and Change Outcomes on Employees' Fairness Judgements" 31 (31): 415-428, 1995

47 Mehran, H., "Executive Compensation Structure, Ownership, and Firm Performance" 38 : 163-184, 1995

48 Mobley, W. H., "Employee Turnover: Causes, Consequences and Control, Reading" Addison-Wesley 1982

49 Klein, K. J., "Employee Stock Ownership and Employee Attitude: A test of Three Models" 72 : 319-332, 1987

50 Goldstein, S., "Employee Share Ownership and Motivation" 20 : 311-330, 1978

51 Dulebohn, J. H., "Employee Perceptions of the Fairness of Work Group Incentive Pay Plans" 24 (24): 469-488, 1998

52 Holsinger, Loraine B., "Employee Participation in Stock Option Plans and Organizational Commitment" University of California. 2000

53 Buchko, A. A., "Employee Ownership, Attitudes, and Turnover: An Empirical Assessment" 45 : 711-733, 1992

54 Rosen, C. M., "Employee Ownership in America: The Equity Solution" Lexington Books 1986

55 Yermack, D., "Do Corporations Award CEO Stock Options Effectively" 39 : 237-269, 1995

56 Folger, R., "Distributive and Procedural Justice: Combined Impact of 'Voice' and Improvement on Experienced Inequity" 35 : 108-119, 1977

57 Cohen, R. L., "Distributive Justice: Theory and Research" 1 : 19-40, 1987

58 Klein, K. J., "Correlates of Employee Satisfaction with Stock Ownership: Who likes an ESOP most" 73 : 630-638, 1988

59 Burzawa, S., "Broad-based Stock Option Plans are used to attract, retain and motivate Employee" 1 : 1998

60 Lockwood, C. M., "Bootstrapping the Standard Error of the Mediated Effect" 997-1002, 1998

61 Sobel, M. E., "Asymptotic Confidence Intervals for Indirect Effects in Structural Equation Models, In Sociological Methodology 1982" Sociological Association 290-312, 1982

62 Cohen, J., "Applied Multiple Regression/Correlation Analysis for the Behavioral Science" Hillsdale 1983

63 Thibaut, J., "A Theory of Procedure" 66 : 541-566, 1978

64 Hauenstein, N. M., "A Meta-analysis of the Relationship between Procedural Justice and Distributive Justice: Implications for Justice Research" 13 : 39-56, 2001