<p>Group 2 of AHP results for strategy/HR/IR.</p>

This study views RSUs (Restricted Stock Units) as a strategic tool to achieve sustainable growth, shareholder value enhancement, and key talent retention, and proposes RSUs introduction and operation framework for Korean companies. To this end, a three-round Delphi survey was conducted with 31 experts (11 from the legal and accounting group and 20 from the strategy, HR, and IR group), to derive key decision-making items for each stage of ‘strategy setting, execution, evaluation and control’. The panel size fits the appropriate range of existing research, and the content validity and level of agreement were statistically verified using CVR (Content Validity Ratio) and Kendall’s W (Kendall’s coefficient of concordance (W)). Subsequently, based on the industrial classification system GICS (Global Industry Classification Standard), four industries were classified (consumer goods, resources and energy, industry and infrastructure, technology and communications) and a total of 48 leaders, including C-level, executives, and team leaders, were selected across the four industry groups (12 per group) as panelists and the relative importance and priorities of each item were calculated based on the criterion of a CR(Consistency Ratio below 0.1. The AHP (Analytic Hierarchy Process) results of the legal and accounting groups showed that ‘Compliance with relevant standards’ and ‘Preparation for audit and supervision response’ were the top factors, suggesting that the stability of RSUs operations is dependent on regulatory compliance and external supervision response capabilities. In the areas of strategy, HR, and IR, the importance of the strategy execution stage was higher than the strategy setting, evaluation, and control stage in all industries. Consumer goods, technology and communications industries evaluated ‘Core talent incentives’ and ‘Incentive model diversification’ as key priorities, while resource/energy and industrial/infrastructure industries evaluated ‘RSUs retention period’ and ‘Short and long-term performance evaluation model’ as key priorities. This study contributes by addressing the limitations of previous studies that only derived the relationship between variables such as RSUs introduction or vesting period and scale and financial performance and analyzing RSUs introduction and operation from the perspective of the process of ‘strategic setting-execution-evaluation and control’. It also demonstrated empirically that a strategy that reflects the characteristics of each industry is needed rather than a uniform introduction of RSUs, provides policy and practical implications for preparing Korea’s RSU guidelines, and can serve as a strategic benchmark for countries or companies with similar environments. Unfortunately, this study does not include the financial and healthcare industries, so further research is needed. Additionally, although Delphi-AHP presents priorities, it cannot verify the causal relationship of RSUs on financial performance or shareholder value, so the results of this study can be extended to follow-up verification studies applied to actual data.本研究将限制性股票单位（Restricted Stock Units, RSUs）视作实现可持续增长、提升股东价值以及留存核心人才的战略工具，并为韩国企业提出了限制性股票单位的引入与运营框架。为此，本研究开展三轮德尔菲（Delphi）调研，共邀请31位专家参与，其中法律与会计组11人、战略与人力资源（Human Resources, HR）及投资者关系（Investor Relations, IR）组20人，旨在推导「战略制定、执行、评估与管控」各阶段的关键决策项。该专家小组规模符合现有研究的合理区间，并通过内容效度比（Content Validity Ratio, CVR）与肯德尔和谐系数（Kendall’s coefficient of concordance (W), Kendall’s W）对内容效度与共识水平完成了统计学验证。随后，本研究基于全球行业分类标准（Global Industry Classification Standard, GICS）将目标行业划分为四大类别：消费品、资源与能源、工业与基础设施、科技与通信。随后从四大行业组别中各选取12名专家小组成员，共计48名涵盖C级高管、中层管理者与团队负责人的核心骨干作为调研对象，并以一致性比率（Consistency Ratio, CR）低于0.1为判定准则，计算各项目的相对重要性与优先级。法律与会计组的层次分析法（Analytic Hierarchy Process, AHP）结果显示，「遵守相关监管标准」与「做好审计与监管应对准备」为首要考量因素，这表明限制性股票单位运营的稳定性，取决于合规性水平与外部监管应对能力。在战略、人力资源与投资者关系领域，各行业中战略执行阶段的重要性均高于战略制定、评估与管控阶段。消费品行业与科技、通信行业将「核心人才激励」与「激励模式多元化」列为核心优先级，而资源与能源、工业与基础设施行业则将「限制性股票单位留存期限」与「长短结合的绩效评估模型」列为核心优先级。本研究弥补了既往研究的局限：既往研究仅推导限制性股票单位引入或限售期等变量与企业规模、财务绩效间的关联，而本研究从「战略制定-执行-评估与管控」的全流程视角，分析限制性股票单位的引入与运营。同时，本研究通过实证表明，相较于统一推行限制性股票单位，适配各行业特性的战略更为必要；这为韩国制定限制性股票单位指引提供了政策与实践启示，也可为具有相似营商环境的国家或企业提供战略参考基准。遗憾的是，本研究未涵盖金融与医疗健康行业，因此有待进一步拓展研究。此外，尽管德尔菲-层次分析法可得出优先级排序，但无法验证限制性股票单位对财务绩效或股东价值的因果关系，因此本研究成果可延伸至基于实际数据的后续验证性研究。