시장 불확실성이 원가의 비대칭성에 미치는 영향

[Purpose] This study investigate whether cost stickiness is strengthened or weakened when market uncertainty increases. When market uncertainty increases, cost stickiness can be weakened as managers assume the worst case scenario and make conservative decisions. Conversely, managers who avoid uncertainty may postpone decision－making until the uncertainty is resolved, which may strengthen cost stickiness. [Methodology] Our sample consists of 16,685 firm－year observations listed on the KOSPI market and KOSDAQ market from 2010 to 2022. To investigate the impact of market uncertainty on asymmetric cost behavior, multivariate regression analysis was performed using Anderson et al.(2003) model. [Findings] Empirical results show that the higher degree of market uncertainty, the stronger the cost stickiness. As the market becomes more uncertain, managers do not actively reduce costs when business activities decrease. But they postpone decision－making until uncertainty is resolved, which can be interpreted as strengthening cost stickiness. In addition, the robustness of the study results was confirmed even when cost was defined as labor and sales costs, and when sample groups were classified according to the strength of market uncertainty. [Implications] This study is different from p revious studies in that it uncovered the market uncertainty can act as a cause of cost stickiness at the macroeconomic level. It is also meaningful in that it expands on previous research that analyzed cost stickiness as an individual economic events that increase market uncertainty and generalizes the research results. In addition, market uncertainty was added as a factor for accounting information users to consider in the process of utilizing accounting information. It also has a contribution in that it improved understanding of the role of market uncertainty, a macroeconomic factor, in the managerial decision－making process.