기업지배구조가 물류비의 비대칭적 행태에 미치는 영향

Using Korean manufacturing firms’ logistics costs, we investigate whether logistics costs are “sticky” and how the degree of stickiness of logistics costs varies with firms’ characteristics, which includes both management characteristics and corporate governance structure such as majority shareholders’ ownership percentage and outside director ratio on the board. Our main results are as follows. First, we find that logistics costs increase on average 0.599% per 1%increase in sales but decrease only 0.447% per 1% decrease in sales,which can be interpreted that managers are slower in adjusting the logistics resources when sales decrease than when sales increase. Secondly, we find that the effect of management types(i.e. whether managers are owners or not) on the degree of cost stickiness is not statistically significant, which is inconsistent with that of prior studies using Korean cost data. Therefore, the issue on the effect of management types on the degree of stickiness of logistics costs warrants further research. Lastly, we find that the effect of majority shareholders’ownership percentage significantly reduces the degree of stickiness of logistics costs, which is consistent with prior studies. This paper has limitation in that it uses estimated logistics costs data because of data-availability limitation.