경영전략과 시장경쟁이 원가행태의 비대칭성에 미치는 영향

The purpose of this study is to analyze the effects of business strategy and market competition on the asymmetry of cost behavior. This study analyzes downward sticky (or downward anti－sticky) of cost behavior, which is asymmetry when sales decrease, and upward sticky (or upward anti－sticky), which is asymmetry when sales increase. This sample consists of 3,341 firm－years (non－banking firms) listed on the Korean Stock Exchange over the period of 2009－2018. The main results are as follows. First, when sales decrease the cost behavior is downward anti sticky, and when sales increase the cost behavior is upward anti－sticky. Second, prospector－type business strategy tends to mitigate downward anti sticky(or strengthen downward sticky) and to relieve upward anti sticky(or reinforce upward sticky). Third, there is a difference in the effect of business strategy on the asymmetry of cost behavior according to market competition. This study analyzes the effect of business strategy that has the implication of ‘the tone at the top’ affecting overall management factors on the asymmetry of cost behavior and considers the external factors such as market competition. In addition, by analyzing the upward sticky (or upward anti－sticky) along with the downward sticky(or downward anti－sticky) of cost behavior, this study complements previous studies and has expanded the scope of ralated research.