원가의 하방경직성이 회계이익－세무이익 차이에 미치는 영향

This paper focuses on the effect of the cost stickiness on Book－Tax Difference(BTD). Prior researches show that the costs change is less sensitive to sales change when sales decrease than when sales increase. This “asymmetric reaction of cost” comes from the manager’s decision that tends to maintain the level of cost factors such as labors and production facilities in spite of the sales reduction based on the optimistic expectation (Anderson et al. 2003). Prior research posit that cost stickiness has the positive role in the capital market by restraining earnings management(Homburg and Nasev 2008；Koo 2011). In this sense, we consider the cost stickiness may have the effect on the properties of BTD. Using the firm－year data from 2002 to 2013 listed in Korea Stock Exchange(KSE), we find the following results. First, the cost stickiness has the negative BTD. Second, the negative relation between the cos stickiness and BTD is incrementally intensified when tax income is bigger than book income. This study has several contributions. By improving our understanding the effect of cost stickiness on the properties of BTD, it provides a better way to get more fundamental value of a firm and, helps make more efficient ways to allocate resources. Also it provides the market participants with interpreting the information on firm disclosure by figuring out the properties of financial statement.