경영자의 낙관적 태도가 원가행태에 미치는 영향

When managers are uncertain about future demand, they may retain excess resources, and the excess capacity causes the cost stickiness. In this case managerial optimism or pessimism is a key determinant of cost stickiness. By the recency effect and the representative heuristic, the trend of change of sales in two or three periods affects the level of optimism or pessimism of management who will decide the allocation of resources by taking into account the future demand. In this paper I test how managerial optimism (or pessimism) affects resource allocation decisions, which result in cost stickiness, by using ANOVA model suggested by Banker et al.(2010). Findings in this study are that the change in cost is greater when managers are more optimistic(sales increase in two consecutive periods) or more pessimistic( sales decrease in two consecutive periods) than when they are neutral(sales change are opposite direction in two periods). In three periods settings, the change in costs in the strong optimistic or pessimistic groups are greater than that in semi strong optimistic, semi strong pessimistic, and neutral group. But the change of cost for semi strong optimistic and pessimistic groups are not more greater than that for neutral groups. Finally, I compare the magnitude of stickiness of Anderson ANCOVA Model with that of Banker ANOVA Model. The result of the comparison is that the magnitude of stickiness by Anderson Model is 0.10 and that of Banker Model is 0.29. The difference of the magnitude of stickiness is due to the fact that Anderson ANCOVA Model combine the optimistic data with neutral data.