유통업에서 임원보수가 기업가치에 미치는 영향

Abstract

This paper, among the listed Korean companies in retail sector, analyzed whether the savings ofcash outflow that created from the difference between marginal remuneration, which were approvedat the shareholder’s general meeting and the actual total amount of remuneration for officers iswhether or not would be helpful in corporate value. As the amount of officers’ remuneration oflisted companies has been revealed, public opinions have stated that officers are getting paid morethan they should get paid. This trend of public opinion shows that people think that officers aregetting a large amount of remuneration regardless of their contribution in creating corporate value. The results of this analysis can provide the guidance to stake holders how the information ofofficers’ remuneration can be used and also this could be used in development of regulation policy. To test the hypothesis, multiple regression models using Tobin’s Q as the dependant variable areemployed. Total of three conclusions have been drawn in this analysis. First, the difference of amount of remuneration paid between executive officers, internal auditorand non executive officers have positive influences on corporate value regardless of types ofofficers. This clearly shows that investors are aware that corporate value will increase by the amountof difference in remuneration paid, which prevent the cash outflow of the firm. Second, the average amount of remuneration paid to executive officers, internal auditor and nonexecutive officers have positive influences on corporate value. Regardless of types of officers,investors aware that higher amount of remuneration paid would motivate officers to create andincrease the corporate value. The conclusions of this study prove that disclosure of executive remuneration of publicly tradedcompanies that are engaged in the distribution industry is useful information to the stake holders andinvestors. It is also significant as it justifies the disclosure of the amount of remuneration paid toofficers.