[9_1]_2011_안태식_외_성과평가시스템에서의_목표설정_kar

10 panel a

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Unformatted text preview: 을 의미한다. 25) 본 연구에서는 일반적인 panel 데이터의 기업-연도 구조와는 다른, 기업-연도-지표의 요소로 이루어진 데이터를 이용하여 분석하였다. 각 요소 사이에 의존성(dependency)이 존재할 가능성을 배재할 수 없기 때문에 본 연구는 기업-연도를 기준으로 한 clustering, 기업-지표를 기준으로 한 clustering 및 NeweyWest 등 다양한 통계적 방법론을 이용하여 연구결과의 강건성을 확인하였다. 그럼에도 불구하고, 데이 터의 특성상 추정 오류가 남아 있을 가능성을 완전히 배재할 수는 없을 것으로 판단된다. 성과평가시스템에서의 목표설정 217 Independent Variables Full Sample Panel A. Regression without outliers larger than │3ρ│ 0.3240*** PERFORM (10.67) 0.0047 MISS (0.16) -0.0783 MISS *PERFORM (-0.50) <Table 9> Robustness Test 1 H2 : Asymmetric Ratcheting Across Target Setting Methods TREND BETA ASSIGN 0.1797*** (4.24) -0.0325 (-0.51) 0.1363 (0.37) 0.2539*** (3.02) 0.0389 (0.42) 0.6150 (0.66) 0.5849*** (8.18) -0.0038 (-0.10) -0.8039*** (-4.22) NEGOTIATE H3 : The Relative Importance in Target Setting (1) (2) (3) 0.4587*** (6.10) 0.1282** (2.17) 1.1507** (2.43) 0.2783** (2.41) 0.2341*** (2.85) -0.1177 (-1.55) ch_PERFORM ch_TARGET BEAT CONTROLS N Adjusted R2 F-statistic Panel B. Median Regression PERFORM MISS MISS * PERFORM Included 1,399 0.1652 8.69*** 0.2338*** (7.72) -0.0343** (-2.30) 0.2305 (1.25) Included 530 0.1171 3.20*** Included 91 0.4751 3.75*** Included 292 0.4048 7.02*** 0.1996*** (5.78) -0.0282 (-0.62) 0.3513 (1.09) 0.6060*** (7.00) -0.0114 (-0.11) 0.0560 (0.04) 0.7583*** (6.04) -0.0106 (-0.48) -0.8153*** (-4.74) Included 484 0.3734 10.01*** Included 1,039 0.0974 4.20*** 0.3022*** (2.85) 0.0136 (0.53) 0.8575** (2.03) ch_TARGET BEAT 1. 2. 3. 4. Included 1,440 0.0778 Included 547 0.1103 Refer to <Table 3> for variable definitions. The table presents OLS coefficient estimates and (in parentheses) t-statistics. All variables are winsorized at 1% and 99%. *, **, *** Significant at 10%, 5%, and 1% two-tailed level, respectively Included 95 0.3879 Included 305 0.2074 Included 493 0.1675 0.0531 (0.54) -0.0259 (-0.25) 0.1523** (2.05) Included 1,044 0.1599 6.37*** 0.2749*** (3.03) 0.2186** (2.29) -0.0851 (-1.38) ch_PERFORM CONTROLS N pseudo R2 0.0973 (1.30) -0.0716 (-0.80) 0.1778*** (2.56) Included 1,037 0.1599 6.37*** Included 1,070 0.0439 0.0499 (0.55) -0.0994 (-0.93) 0.1782*** (2.74) Included 1,070 0.0592 0.0036 (0.26) 0.1126 (0.77) 0.0438* (1.76) Included 1,070 0.0843 218 회 계 학 연 구 Independent Variables Full Sample <Table 10> Robustness Test 2 H2 : Asymmetric Ratcheting Across Target Setting Methods TREND BETA ASSIGN NEGOTIATE H3 : The Relative Importance in Target Setting (1) (2) (3) Panel A. Clustering Approach PERFORM MISS MISS * PERFORM 0.2314*** (4.11) -0.0562* (-1.84) -0.2643 (-0.91) 0.1192** (2.02) -0.1070 (-1.55) 0.2271 (0.68) 0.3054 (1.21) -0.1746 (-0.68) -2.2012 (-0.97) 0.5374** (2.53) -0.0389 (-0.77) -0.9646** (-2.08) 0.3622*** (3.00) 0.0996** (2.17) 1.1357*** (2.55) 0....
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This document was uploaded on 09/24/2013.

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