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Cost Behavior of Decline-Stage firms with High R&D Intensity
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연구개발 집약도가 높은 쇠퇴기 기업들의 원가행태

논문 기본 정보

Type
Academic journal
Author
Sang Hoon Oh (한양대학교) Yi Sung Wook (한양대학교)
Journal
강원대학교 경영경제연구소 아태비즈니스연구 아태비즈니스연구 제12권 제3호 KCI Accredited Journals
Published
2021.9
Pages
397 - 415 (19page)
DOI
https://doi.org/10.32599/apjb.12.3.202109.397

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Cost Behavior of Decline-Stage firms with High R&D Intensity
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Abstract· Keywords

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Purpose - The purpose of this study is to analyze the cost behavior of firms, taking into account both high R&D intensity and situations in which R&D activities are likely to be performed efficiently. Design/methodology/approach - During the sample period from 2002 to 2019, regression analysis is conducted on the manufacturing firms with December fiscal year listed on KOSDAQ. The degree of R&D expenditure was measured by R&D intensity. The efficient R&D situation is measured as the decline stage firms in the KOSDAQ market, which are relatively smaller than the KOSPI market. Findings ? Firms in the decline phase and high R&D intensity showed the cost stickiness. Because these firms anticipate an optimistic future, they do little to cut current costs even if their current sales decrease. Research implications or Originality - Firstly, it is confirmed that both the extent of R&D expenditure and the situation in which R&D will be effectively performed are important in the study of cost behavior. Secondly, we present a new perspective on strategy research that favors the use of cost advantage strategy related to cost anti-stickiness for the decline firms.
#Cost Stickiness #Decline #Firm Life Cycle #R& #D intensity

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Anderson, M. C. / 2003 / Are Selling General, and Administrative Costs “Sticky”? / Journal of Accounting Research 41(1):47~63 google schola Anthony J. / 1992 / Association between Accounting Performance Measures and Stock Prices : A Test of the Life Cycle Hypothesis / Journal of Accounting and Economics 15:203~227 google schola Black, E. L. / 1998 / Life-cycle impacts on the incremental value-relevance of earnings and cash flow measures / Journal of Financial Statement Analysis 4:40~56 google schola Chen, C. H. / 2012 / The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs / Contemporary Accounting Research 29:252~282 google schola Homburg, C. / How Timely are Earnings When Costs are Sticky? Implications for the Link Between Conditional Conservatism and Cost Stickiness google schola

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