최고경영자보상이 미래연구개발비 투자에 미치는 영향 연구

Abstract

This paper empirically investigates the relationship between CEO' compensation incentive and the future research and development(R&D) investment, especially in the high technology industry with general-purpose and infrastructural characteristics. We test the hypotheses using the data of Korean manufacturing firms in the high technology industry that had disclosed CEO' compensation in annual report from 2013 to 2016, which is more than 5 hundred million won. The high technology industry consists of IT industry, Bio industry and New material industry. The data was collected using TS 2000 provided by Korea Listed Companies Association. In this study, Tobit regression is employed to model censored dependent variable. There are positive association between CEO' total compensation and the future R&D investment in the high technology industry and there are also negative association between CEO' cash compensation portion and the future R&D investment. But the relationship between CEO' stock option and the future R&D investment is not statistically significant. In addition, there are also negative association between the future R&D investment and some control variables such as controling stock holder's ownership ratio, outside director' portion, debt equity ratio and growth rate of sales. The results implies that the increase in future R&D investment induced by CEO' total compensation incentive improves the future performance of the firm in the high technology industry. The findings of this study shed some lights on the stakeholder of the firm who wants to improve the performance as well as the value of the company by promoting the future R&D investment of the company.