성과 피드백이 기업의 R&D 활동에 미치는 영향에 대한 성과주의 제도의 조절 효과

Abstract

This study examines the moderating effect of performance-based pay systems on the relationship between performance feedback and research and development (R&D) activities. When a firm’s performance either falls short of or exceeds aspiration levels, such performance feedback influences organizational decision-making by increasing or decreasing search behaviors. Prior research has highlighted the significant impact of performance feedback on R&D activities, which are critical to a firm’s long-term survival and growth, despite their inherent uncertainty and risk. However, the role of reward systems—which significantly influence employee motivation and attention allocation—in shaping the relationship between performance feedback and R&D activities remains underexplored. This study argues that performance-based pay systems, widely adopted by Korean firms since the late 1990s, pressure employees to prioritize short-term performance and reinforce their risk-averse tendencies, potentially hindering R&D decisions. An analysis of panel data from Korean manufacturing firms between 2009 and 2017 reveals that firms with performance-based pay systems tend to reduce R&D activities more significantly than their counterparts when performance falls short of aspiration levels. Similarly, these firms are more likely to decrease R&D activities even when their performance exceeds aspiration levels. The findings underscore the importance of incorporating organizational reward systems into performance feedback models and provide theoretical insights into how performance-based pay systems indirectly influence R&D activities by shaping responses to performance feedback. Practically, the study emphasizes the need for strategically designed reward systems to prevent unintended reductions in R&D activities in response to performance feedback.