[9_1]_2011_안태식_외_성과평가시스템에서의_목표설정_kar

Of actual performance vs target performance in target

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Unformatted text preview: εi,j,t Independent Variables Expected Sign Intercept ch_PERFORM + ch_TARGET + BEAT ? ASSIGN ? NEGOTIATE ? CHARACTER ? SIZE ? LEV + ROA + LOSS - INFLATION - GDP_GROWTH + (1.4) -0.0004*** (-2.57) 0.1372*** (2.66) -0.0955 (-1.56) [Model 2] (2.1) (2.2) (2.3) -0.0004*** -0.0004*** -0.0004*** (-2.62) (-2.62) (-2.72) 0.1137** 0.1147** 0.1138** (2.14) (2.19) (2.20) -0.0773 -0.0872 -0.0739 (-1.27) (-1.42) (-1.22) 0.1023*** 0.1107*** 0.1046*** (3.73) (3.90) (3.59) (2.4) -0.0004*** (-2.71) 0.1144** (2.21) -0.0759 (-1.26) 0.1007*** (3.43) + TREND [Model 1] (1.2) (1.3) -0.0003** -0.0004*** (-2.44) (-2.56) 0.1424*** 0.1376*** (2.69) (2.67) -0.1088* -0.0939 (-1.75) (-1.54) + PERFORM (1.1) -0.0003** (-2.44) 0.1368*** (2.58) -0.0969 (-1.57) 0.0046 (0.11) 0.0478 (1.04) 0.0627* (1.74) -0.0548* (-1.77) 0.0055 (0.13) 0.0479 (1.04) 0.0599* (1.67) -0.0565* (-1.81) 0.0799 (1.08) 0.2199** (2.27) 0.0832 (0.28) -0.0218 (-0.65) 0.0053 (0.13) 0.0461 (0.99) 0.0595* (1.65) -0.0557* (-1.79) 0.0966 (1.31) 0.2321** (2.36) 0.0865 (0.29) -0.0116 (-0.35) 25.2088 (0.65) -6.0107 (-1.49) -0.0014 (-0.04) 0.0745 (1.58) 0.0554 (1.55) -0.0564* (-1.83) -0.0004 (-0.01) 0.0731 (1.54) 0.0533 (1.50) -0.0576* (-1.86) 0.0786 (1.05) 0.1768* (1.77) 0.5639 (0.19) -0.0228 (-0.68) -0.0003 (-0.01) 0.0705 (1.48) 0.0533 (1.49) -0.0569* (-1.84) 0.0929 (1.25) 0.1889* (1.85) 0.0603 (0.20) -0.0137 (-0.42) 21.1695 (0.55) -5.4034 (-1.34) (3.1) -0.0004*** (-2.64) 0.0485 (0.84) -0.0098 (-0.15) 0.0702** (2.35) 0.1264** (2.26) [Model 3] (3.2) (3.3) -0.0004*** -0.0004*** (-2.78) (-2.84) 0.0169 0.0182 (0.30) (0.31) 0.0107 0.0215 (0.17) (0.34) 0.0685** 0.0636** (2.26) (2.07) 0.1914*** 0.1889*** (3.14) (3.10) -0.1037*** -0.1025*** (-2.82) (-2.80) -0.0549 -0.0541 (-1.55) (-1.53) 0.0147 0.0146 (0.36) (0.36) -0.0489 -0.0489 (-1.58) (-1.57) 0.0790 (1.04) 0.1493 (1.45) 0.1185 (0.45) -0.0459 (-0.49) (3.4) -0.0004*** (-2.83) 0.0182 (0.31) 0.0199 (0.31) 0.0593* (1.92) 0.1901*** (3.11) -0.1026*** (-2.81) -0.0540 (-1.52) 0.0120 (0.30) -0.0481 (-1.54) 0.0941 (1.26) 0.1619 (1.54) 0.1230 (0.47) -0.0065 (-0.21) 22.2566 (0.56) -5.6117 (-1.37) 성과평가시스템에서의 목표설정 215 <Table 8> OLS Regression of the Relative Importance of Actual Performance vs Target Performance In Target Setting (continued) [Model 1] [Model 2] [Model 3] (1.1) (1.2) (1.3) (1.4) (2.1) (2.2) (2.3) (2.4) (3.1) (3.2) (3.3) (3.4) DUM_YEAR Included Included Included Included Included Included Included Included Included Included Included Included DUM_FIRM Included Included Included Included Included Included Included Included Included Included Included Included N 1,070 1,070 1,070 1,070 1,070 1,070 1,070 1,070 1,070 1,070 1,070 1,070 Adjusted R 0.0704 0.0828 0.0890 0.0923 0.0801 0.0932 0.0982 0.1009 0.0893 0.1115 0.1161 0.1189 F-statistic 2.89*** 3.14*** 3.12*** 2.99*** 3.74*** 3.86*** 3.73*** 3.54*** 3.78*** 4.26*** 4.19*** 3.99*** 2 1. DUM_YEAR and DUM_FIRM are indicator variables equaling 1 according to specific year and GOE, respectively, else 0. Refer to <Table 3> for other variable definitions. 2. The table presents OLS coefficient estimates and (in parentheses) t-statistics based on White (1980) standard errors. 3. All variable...
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This document was uploaded on 09/24/2013.

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