기업의 하방경직적 고용 의사결정에 관한 연구：정규직과 비정규직의 근무인원을 중심으로

[Purpose] This study investigates the differences in managerial decision between regular and non－regular employee. I also try to investigate whether the decision is different according to the firm’s average working periods. [Methodology] For listed firms in Korea, I use the number of employees and financial data from 2013 to 2019. Based on the empirical model proposed by Anderson et al. (2003), I utilize the number of employees (regular and non－regular) as the dependent variable instead of cost variable. [Findings] First, I find that the number of regular employees are sticky in response to changes in revenues. Second, the number of non－regular employees are symmetric with changes in revenues. Third, regardless of working periods, the number of regular employees are sticky in response to changes in revenues. On the other hands, I find the significant stickiness in number of non－regular employees for firms with short average working periods. [Implications] By extending the previous research that analyzed cost behavior for total labor costs, I focus on the number of employees rather than labor costs. In addition, I try to figure out the differences in firms’ employment decisions between regular and nonregular employees.