투자전략이 원가행태에 미치는 영향

This paper investigates the impact of investment strategy on asymmetric cost behavior. Managers set up strategy for achievement of target, and run business depending on the strategy. To confirm whether the resource is allocated by strategy or not, we need to understand the cost behavior, one of the cost information. Because, cost behavior can be seen as the results of strategic decision if cost is allocated by firm’s strategy. The aim of this paper is investigating the effect of hysteresis behavior on cost behavior. According to Dixit(1989), hysteresis behavior is manager’s sticky decision about disinvestment against economic unfavorable situation. Again, decision about not disinvestment but keeping investment when sales decreases, is somewhat similar to asymmetry cost behavior, which costs are decline less in response to sales decreases than they rise for equivalent sales increases (Anderson et al. 2003). Therefore, We analyse the impact of hysteresis strategy on asymmetric cost behavior with two hypotheses, and the results are as follows. First, firms with higher ratio of foreign sales, they have an incentive to keep foreign division even though sales decrease. Therefore, cost behavior appeared to be stickiness and hysteresis strategy makes cost stickiness stronger. The results support hypothesis 1. Next, firms belong to competitive or monopolistic industry, have an incentive to keep division form preventing entrance of potential competitors. Therefore, cost behavior appeared to be stickiness and hysteresis strategy makes cost stickiness stronger. The results support hypothesis 2. Lastly, if firms have higher asset intensity and belong to industry with higher asset intensity, firms have an incentive to keep division to holding co-specialized asset. Therefore, cost behavior appeared to be stickiness and hysteresis strategy makes cost stickiness stronger. The results support hypothesis 3. This paper contributes to the accounting research by investigating the influence of strategy on asymmetric cost behavior. Also it shows that manager’s decision for resource adjustment are related with not only resource capacity but also investment, itself. However, further studies are needed to done for sophisticated investigation for the relationship between strategy and cost behavior. Strategy are set up by various determinants, so there are possibility of endogeneity problem. Lastly, the results of multiple period suggest indirect effect of investment strategy on cost behavior, it should be interpreted with caution.