CEO 권력과 경영자 노동시장이 CEO 보상에 미치는 영향

초록

Prior research identifies CEO power over the board as a key determinant of CEO compensation, yet it has paid little attention to how conditions in the executive labor market shape the CEO-board relationship and CEO compensation. This study examines the roles of strategic conformity and labor market supply as conditions of the executive labor market. Specifically, we argue that strategic conformity affects a CEO’s mobility while labor market supply affects a CEO’s replaceability, and that both conditions not only directly influence the level of CEO compensation but also alter the relationship between CEO power and CEO compensation. Analyzing S&P 1500 firms from 2011 to 2023, we find support for the main effects of CEO power, strategic conformity, and labor market supply, and confirm that strategic conformity strengthens the relationship between CEO power and CEO compensation. We further find that strategic conformity and labor market supply offset each other in their effects on CEO compensation. This study integrates board-centered compensation research and executive labor market research, and identifies the boundary conditions under which labor market discipline operates.

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