경영자 능력, 경영전략이 원가의 비대칭적 행태에 미치는 영향

[Purpose] This study examines whether there were any differences in the cost behavior due to business strategies and managerial ability or not. Cost is basically based on symmetry proportional to activity level. However, when the level of activity decreases, the rate of change in cost is not proportional to the case where the level of activity increases, due to the learning effect, fixed cost, and discretion, and has a stickiness. [Methodology] This study, managerial ability measured based on efficiency in the study of Demerjian et al.(2012, 2013) was used. Also, I analyzed management strategy using the method used in Snow and Miles(1978, 2003). This study analyses cost behavior for cost of good sold, selling, general and administrative cost over the 2007－2017 period. I drawn on initial sample of firms listed on the Korean Stock Exchange. Our sample consists of 3,361(firm－years) retrieved from the TS－2000. [Findings] The analysis results are as follows. First, the cost behavior was found to be more downward elasticity. Second, The manager’s ability to change the cost elasticity according to the decrease in the activity level. Third, the business strategy effect cost behavior. Firms closed to prospector tend to more sticky, but depender tend to more elasticity. Lastly, The manager’s ability had an effect on the relationship between management strategy and cost asymmetry. [Implications] These results show that business strategies and managerial ability have an effect on cost asymmetry. To the future performance and firm’s value because of excessive investment activities.