동일 산업 내 기업의 정보 환경에 따른 기업의 비대칭적 원가 행태

[Purpose] This study examines whether asymmetrical cost behavior is present according to the information environment measured using peer－firm information environment by same industry. [Methodology] The study empirically tests the asymmetric cost behavior according to heterogeneous information environment of firm using the 19,804 firm－year sample from 2003 to 2018 listed in KSE and KOSDAQ. In order to measure the information environment in the same industry, we operationally defined the individual firm－level information environment by combining peer information environment proxies of peer－firm in the same industry following Shroff et al. (2017). [Findings] Results suggest that, when the information environment of individual companies is good, managers that consume(upward elastic) more resources(increases in cost) for sales growth, while consume(downward direct) less resources for revenue reduction. These indicate that information environment plays as an important role in determining resource consumption. [Implications] This study contributes that information from peer－firm and its impact on individual firm information environment is important in the decision－making process involving the increase in available resources that may increase the burden of adjustment costs in the future.