회계이익과 과세소득의 차이가 비대칭적 원가행태에 미치는 영향

Since Anderson et al. (2003) have shown that cost behavior for Selling, General and Administrative Expense (SG&A) can be asymmetrical, previous studies have argued for the agency problem as the main cause of cost stickiness. This study empirically analyzes the difference between Book-Tax Differences (hearafter BTD) and asymmetric cost behavior in terms of agency costs. In addition, I examine the relationship between BTD and asymmetric cost behavior according to corporate strategy. I use the absolute value of BTD as the proxy for BTD, and the asymmetric cost behavior is modeled by Anderson et al. (2003). Also, corporate strategy is divided into cost leadership strategy and product differentiation strategy. The analysis results of this study are as follows. First, BTD and cost behavior were significant in the negative direction. This means that the higher the BTD level, the higher the cost stickiness. Second, as a result of dividing and analyzing the samples according to corporate strategy, BTD and cost behavior were significant in the negative direction in the total cost and cost of goods sold (hearafter COGS). This can be inferred from the case of firms pursuing a cost leadership strategy, which shows cost stickiness at the COGS. Meanwhile, firms pursuing a product differentiation strategy were positive in the direction of BTD, total cost, and COGS, and negative in the selling cost. It can be inferred that the COGS represents a elastic cost behavior and the selling cost represents a sticky cost behavior. This study is meaningful because it directly examined the factors of asymmetric cost behavior using BTD information as a measure of agency problems. In addition, the results of this study suggest that asymmetric cost behaviors and cost factors can be differentiated according to corporate strategies.