IPO기업의 비대칭적 원가행태

초록

This study aims to examine asymmetric cost behavior patterns of pre-IPO firms in which managers could pursue opportunistic behavior easily with strong growth expectations. In analyzing cost behavior, we consider committed costs such as SG&A, labor costs and depreciation costs as managers can change and adjust the related resources by decision-making. We establish [Hypothesis 1] to analyze how the stickiness of committed costs differs between pre-IPO firms and control firms. Also, we establish [Hypothesis 2] to examine that the relationship between the managerial ownership and the level of cost stickiness in pre-IPO period, when the motive of opportunistic behavior of ownership managers might be strengthened. The empirical results are as follows. First, the stickiness of SG&A turned up definitely in IPO firms though the stickiness of SG&A did not exist in control firms. And the elasticity of labor costs and depreciation costs have weakened in IPO firms in comparison with those in control firms. Second, the stickiness(or elasticity) of committed costs items such as SG&A and labor costs have strengthened(or weakened) as the shares of ownership managers have increased.

키워드