기업 규모별 총요소생산성과 종업원보상 (Total Factor Productivity and Employee Compensation by Firm Size)

서지정보

· 발행기관 : 대한경영학회
· 수록지 정보 : 대한경영학회지 / 35권 / 12호 / 2267 ~ 2286페이지
· 저자명 : 안동환, 조승호, 유시용

초록

본 연구는 2007년부터 2018년까지 국내 상장기업을 대상으로 구성된 기업-연도 패널데이터를 활용하여총요소생산성과 종업원보상의 관계를 연구하였다. 총요소생산성은 Levinsohn and Petrin(2003)의 측정방법을활용하였고 종업원보상은 종업원 1인당 현금보상으로 측정하였다. 실증분석방법으로 pooled-OLS와 고정효과모형을 비교하였으며 기업규모를 대기업, 중견기업, 중소기업으로 나누어 규모별 영향을 살펴보았다. 추정 결과, 총요소생산성은 종업원보상에 양(+)의 영향을 미치는 것으로 나타났다. 즉, 기업에서 총요소생산성을 개선하여생산효율을 증가시키면 종업원은 더 높은 보상을 받을 수 있다는 연구 결과를 도출하였다. 기업규모별 실증분석으로 pooled-OLS 분석 결과 모든 기업규모에서 총요소생산성이 종업원보상에 양(+)의 영향을 미쳤고, 고정효과모형 분석 결과 대기업을 제외한 기업규모에서 총요소생산성이 종업원보상에 긍정적인 관계를 나타냈다.
본 연구는 다음의 관점에서 의의가 있다. 먼저 종업원보상 결정에 총요소생산성이 활용될 수 있음을 제시하였다.
기업 수준에서 경영자가 최대 산출을 통한 기업이익 증대를 추구할 때 지표로 총요소생산성을 고려하며 종업원보상을 결정할 수 있음을 제시하였다. 또한 본 연구에서는 종업원보상 결정 시 노사 양측의 입장을 고려할수 있는 재무 데이터와 고용 관련 변수를 사용하였고, 기업규모별 분석을 통해 중견기업 및 중소기업의 종업원보상에도 총요소생산성이 중요한 요인이라는 것을 보였다.

영어초록

Since a firm aims to pursue profit by increasing productivity, it will hire employees to find the most efficient way to determine employee compensation such as wages and performance bonuses. In addition, companies decide inputs in consideration of productivity and as a result, they seek to maximize output. It is necessary to focus on the fact that all productivity will be considered in corporate decisionmaking, total factor productivity will also be fully considered by management and may also be considered for employee compensation.
This study studied the relationship between total factor productivity and employee compensation using firm-year panel data comprised of domestic listed companies from 2007 to 2018. Total factor productivity was measured using Levinsohn and Petrin’s (2003) measurement method and employee compensation was measured as cash compensation per employee.
As an empirical analysis method, the pooled-OLS and fixed-effects models were compared and the effect of each size was examined by dividing the firm size into large firm, medium-sized firm and small-sized firm.
As a result of the study, total factor productivity has a positive(+) effect on employee compensation. In other words, the results of the study have been drawn that employees can receive higher rewards when firms increase production efficiency by improving total factor productivity. Prior to the analysis by firm size, trends in total factor productivity and employee compensation were confirmed through annual averages. In both variables, medium-sized firms tended to narrow the gap with large firms, and after 2013, it was more evident in employee compensation. Also, as a result of pooled-OLS analysis, total factor productivity had a positive (+) effect on employee compensation in all companies, and as a result of fixed effect model analysis, total factor productivity showed a positive relationship on employee compensation in all companies except large firms. This paper can suggest that there is a need to consider TFP in employee compensation for small and medium-sized firms as well as large firms with relatively systematic employee compensation processes.
Combining the results of previous studies and this study, an increase in total factor productivity leads to employee compensation, and an increase in employee compensation leads to an increase in total factor productivity.
This study has the following implications. First, it is suggested that total factor productivity can be used in determining employee compensation. In other words, at the firm level, when managers seek to increase firm’s profits through maximum output, total factor productivity is considered as an index, and the possibility of using employee compensation to make decisions is suggested. Second, financial data and employment-related variables that can consider both sides of the labor and management position were used in the formation of employee compensation and were analyzed more precisely. The position of employees such as employment stability was controlled through the employment type and length of service of the employee, and the position of the company was controlled by considering the current status of the firm that can be grasped using financial data. Third, the degree of interest in total factor productivity for employee compensation of medium-sized firms and small-sized firms was presented as an analysis by firm size.

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