경영자 및 재무분석가의 성장기대와 원가의 하방경직성

초록

In order to examine the effect of firm’s growth expectations on cost stickiness, Anderson et al., 2003) use GNP growth rates as a proxy of the expectations. Hence, GNP growth expectations may fail to reflect growth expectations specific to a firm. To mitigate this problem, we employ management’s- and analyst’s forecast data to explicitly measure the growth expectations. Analysing the effect of management’s- and analyst’s forecasts on sticky costs, we find the positive link between management’s sales forecast errors and the degree of cost stickiness. Further, the results of additional tests based on the adjusted models controlling GNP growth rates show more strong evidence in either cases using management’s- or analyst’s forecasts.

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