전환사채 발행과 판매관리비 하방경직성

This study investigates the impact of issuing convertible bonds (CBs) on the degree of stickiness of selling, general, and administrative (SG&A) costs. Anderson et al. (2003) found that costs exhibit downward rigidity as managers deliberately adjust the resources allocated to activities, and subsequent studies have investigated factors influencing these ‘sticky’ costs. However, research on capital financing that supports the maintenance of idle resources is relatively scarce. This study extends prior literature by focusing on convertible bonds, which is a key financial instrument used for capital financing. Analyzing listed firms from 2017 to 2023, the study finds that, firstly, firms issuing convertible bonds exhibited an increase in the degree of stickiness of SG&A costs compared to non-issuing firms. Similarly, the greater the face value of the convertible bonds, the higher the degree of stickiness of SG&A costs. Secondly, upon analyzing based on the purpose of financing, the trend was pronounced for purposes such as 'operating funds'. This can be interpreted as funds raised to secure operating capital being actually used in operating activities, resulting in the maintenance of resources such as personnel and assets when sales decline. This study contributes by investigating capital financing as a factor influencing the degree of stickiness of SG&A costs. It also empirically demonstrates that funds raised through the issuance of convertible bonds are utilized consistently with their disclosed financing purposes.