<p>AHP results for Legal/Accounting.</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）视为实现可持续增长、提升股东价值及留存核心人才的战略工具，并为韩国企业提出了RSUs的引入与运营框架。为此，研究开展了三轮德尔菲（Delphi）调查，邀请31位专家（法律与会计组11人，战略、人力资源与投资者关系组20人），推导得出“战略制定、执行、评估与管控”各阶段的关键决策事项。该专家组规模符合现有研究的适宜范围，并采用内容效度比（Content Validity Ratio，CVR）与肯德尔和谐系数（Kendall’s coefficient of concordance，Kendall’s W）对内容效度与共识水平进行了统计学验证。随后，本研究基于全球行业分类标准（Global Industry Classification Standard，GICS）将研究对象划分为四大行业：消费品、资源与能源、工业与基础设施、科技与通信。从四大行业组别中各选取12名受访者，共计48名包括首席执行官级管理人员、高管及团队负责人在内的领导层作为评审团成员，基于一致性比率（Consistency Ratio，CR）低于0.1的标准，计算得到各事项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“准备审计与监管应对”为首要影响因素，表明RSUs运营的稳定性取决于合规性与外部监管应对能力。在战略、人力资源与投资者关系领域，所有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、科技与通信行业将“核心人才激励”与“激励模式多元化”列为核心优先级，而资源/能源与工业/基础设施行业则将“RSUs锁定期”与“长短结合的绩效评估模型”列为核心优先级。本研究弥补了以往研究的局限——以往研究仅推导RSUs引入或授予期等变量与企业规模、财务绩效之间的关系，本研究则从“战略制定-执行-评估与管控”的流程视角分析RSUs的引入与运营。本研究还实证表明，相较于统一推行RSUs，应采用契合各行业特性的战略，为韩国制定RSUs指引提供了政策与实践层面的启示，同时可为具有相似营商环境的国家或企业提供战略基准参考。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RSUs对财务绩效或股东价值的因果关系，因此本研究结果可延伸至基于实际运营数据的后续验证类研究。