경영자의 과신성향이 원가행태에 미치는 영향：제조업과 비제조업을 중심으로

[Purpose]This study identified the impact of managerial overconfidence on the company’s cost stickiness and conducted an empirical comparison analysis of the manufacturing and non－manufacturing industries in the market to differences in cost stickiness. [Methodology]The sample of this study was analyzed by 13,321 companies from 2003 to 2019, measured based on the study of Schrand and Zechman (2012), and the asymmetric cost stickiness was analyzed using Anderson et al. (2003). [Findings]First, it was analyzed that companies with higher overconfidence tendencies of managers show higher cost stickiness. Second, the difference between manufacturing and non－manufacturing was analyzed, and it was found that the overconfidence trend in non－manufacturing had a greater effect on the downward rigidity of cost compared to manufacturing. [Implications]The downward rigidity of the cost was identified by Schrand and Zechman (2012)’s Management’s Overconfidence measures, and the Management’s Overconfidence rigidity, which was not identified in prior studies, could be confirmed even in sales and management costs. It is also the first study to confirm the direction of each measurement with prior domestic and international studies by analyzing the over－the－counter measures of Malmendier and Tate (2005), Ahmed and Duellman (2013), as well as Schrand and Zechman (2012).