경영자 과신성향과 수직적 임금격차의 관련성

초록

This study investigates the impact of CEO overconfidence on pay disparity and future firm performance. While previous research has primarily focused on the financial consequences of overconfident managerial behavior, this paper examines how psychological traits affect internal compensation structures and their subsequent influence on firm outcomes. Using a panel of Korean firms listed on the KOSPI and KOSDAQ markets from 2013 to 2023, we construct multidimensional overconfidence indicators (MOC1 and MOC2) following Kim, Wang, and Zhang (2016). Empirical analysis reveals two key findings. First, CEO overconfidence significantly decreases the pay gap between executives and employees. Second, the effect of CEO overconfidence on subsequent firm profitability (measured by ROA, ROE) varies depending on the level of pay disparity. Although CEO overconfidence negatively affects future firm performance, this adverse effect is mitigated in firms with a larger executive－employee pay gap. These findings suggest that the interaction between managerial cognitive bias and compensation structures plays a crucial role in shaping firm performance. Our results provide practical insights for leadership assessment and incentive design.

키워드