사업다각화가 산업 경쟁 강도와 원가 비대칭성의 관계에 미치는 영향

[Purpose]This study examines whether the effects of industrial competition intensity and business diversification on cost asymmetry or not. In addition, this paper analyzes the effect of business diversification on the relationship between industrial competition intensity and cost asymmetry. Business diversification is a firm's special strategy to prepare for industry competition. Therefore, this study examines the effect of business diversification on the relationship between industrial competition and cost asymmetry. [Methodology]To test the hypothesis, the intensity of industry competition was calculated as the sum of industry concentration and operating profit ratio against total assets in the industry. In addition, business diversification was measured by the proportion of sales in the relevant business division, and cost asymmetry was estimated through total cost, cost of sales, and SG&A. [Findings]As a result of the analysis, first, among the intensity of industrial competition, the degree of industry concentration has an effect on the asymmetry of total cost and cost of sales. Second, the sum of operating profit ratios to total assets within the industry had a positive (＋) effect on the cost stickiness of total cost and cost of sales. Business diversification resulted in cost stickness in total cost, cost of sales, and SG&A. In the group with a high level of business diversification, the intensity of industrial competition had a significant effect on the cost asymmetry. [Implications]These results are likely to be meaningful in identifying the role of business diversification, which is a firm's strategy, in the cost asymmetric structure due to the characteristics of the industry.