이익조정된 비대칭적 재량적 원가는 반전되는가?

This study tests whether the cost asymmetry of current period shows systematic association with the cost behavior of next period, especially for the selling, general, and administrative costs, the salary expenses, and the education and training costs. Cost stickiness tends to be mitigated as a result of earning management. This paper extends prior studies testing that a elastic cost behavior to decreasing sales initiated by earnings management of current period is significantly associated with the cost behavior of next period. Samples are the listed firms of 5,921 from the year of 2000 to 2010, and multiple regression model derived by Anderson et al.(2003) is applied. Empirical results show that the suspect firm-years suggesting elastic cost of current period turns to be cost reversed representing fortified cost stickiness of next period. The results are confirmed in the selling, general, and administrative costs, the salary expenses, and the education and training costs for the firms which their earnings managements are measured by modified Jones(Jones 1991) model, while are confirmed in the selling, general, and administrative costs, for the firms which their earnings managements are measured by Burgsthahler and Dichev(1997) model. The result implies that cost reversal is witnessed also in cost management which has been recognized in accruals reversal until now. Furthermore, this also extends testing time-coverage of cost management through cost stickiness by extending temporary testing period. Second, systematic cost reversal between multiple time periods is to be considered in stock valuation in the practical perspective. This may also be contributable to the usefulness of accounting information.