기업지배구조가 물류비의 비대칭적 행태에 미치는 영향
The Effect of Corporate Governance Structure on the Asymmetric Behavior of Logistic Costs
0
조회
0
다운로드
3
인용
0
참고문헌
키워드
초록
Using Korean manufacturing firms’ logistics costs, we investigate whether logistics costs are “sticky” and how the degree of stickiness of logistics costs varies with firms’ characteristics, which includes both management characteristics and corporate governance structure such as majority shareholders’ ownership percentage and outside director ratio on the board. Our main results are as follows. First, we find that logistics costs increase on average 0.599% per 1%increase in sales but decrease only 0.447% per 1% decrease in sales,which can be interpreted that managers are slower in adjusting the logistics resources when sales decrease than when sales increase. Secondly, we find that the effect of management types(i.e. whether managers are owners or not) on the degree of cost stickiness is not statistically significant, which is inconsistent with that of prior studies using Korean cost data. Therefore, the issue on the effect of management types on the degree of stickiness of logistics costs warrants further research. Lastly, we find that the effect of majority shareholders’ownership percentage significantly reduces the degree of stickiness of logistics costs, which is consistent with prior studies. This paper has limitation in that it uses estimated logistics costs data because of data-availability limitation.
Abstract
Using Korean manufacturing firms’ logistics costs, we investigate whether logistics costs are “sticky” and how the degree of stickiness of logistics costs varies with firms’ characteristics, which includes both management characteristics and corporate governance structure such as majority shareholders’ ownership percentage and outside director ratio on the board. Our main results are as follows. First, we find that logistics costs increase on average 0.599% per 1%increase in sales but decrease only 0.447% per 1% decrease in sales,which can be interpreted that managers are slower in adjusting the logistics resources when sales decrease than when sales increase. Secondly, we find that the effect of management types(i.e. whether managers are owners or not) on the degree of cost stickiness is not statistically significant, which is inconsistent with that of prior studies using Korean cost data. Therefore, the issue on the effect of management types on the degree of stickiness of logistics costs warrants further research. Lastly, we find that the effect of majority shareholders’ownership percentage significantly reduces the degree of stickiness of logistics costs, which is consistent with prior studies. This paper has limitation in that it uses estimated logistics costs data because of data-availability limitation.
참고문헌 (44)
- 구정호, "전략적 선택에 따른 원가행태의 비대칭성", 한국회계학회 학술연구발표회 논문집 (2008)
- 박종국, "비대칭적 원가행태의 원가특성별 차이", 한국경영학회 하계학술연구발표회 발표논문집 (2007)
- 송승아, "한국제조기업의 비대칭적 원가행태에 대한 재조명", 회계저널, 19(1), pp.253~280 (2010), 한국회계학회
- 안태식, "단위의료행위원가 추정 방법론의 개발과 적용", 경영학연구, 33(1), pp.7~7 (2004), 한국경영학회
- 육근효, "한국기업에 있어서 물류관리의 과제와 개선방안", 경영학연구, 26(3) (1997), 한국경영학회
- 이동기, "이사회 구조가 연구 개발투자에 미치는 영향", 경영학연구, 30(4), pp.1251~1263 (2001), 한국경영학회
- 이석영, "비대칭적 원가행태의 산업별 차이", 한국회계학회 하계학술발표대회 발표논문집(하) (2004)
- 이용규, "원가행태와 경영자유형", 관리회계연구, 5(2) (2005), 한국관리회계학회
- 이용규, "이익-보상 관계와 원가의 비대칭성", 관리회계연구, 10(1), pp.191~214 (2010), 한국관리회계학회
- 장승현, "기업의 경영조건이 비대칭적 원가행태에 미치는 영향: 원가관리와 이익조정의 역할", 회계학연구, 34(4), pp.71~107 (2009), 한국회계학회
- 정문종, "설비용량 조정과 원가하방경직성의 관계", 관리회계연구, 9(1), pp.28~50 (2009), 한국관리회계학회
- 정형록, "한국제조기업의 비대칭적 원가행태 결정요인에 관한 연구", 회계정보연구, 25(3), pp.2~28 (2007), 한국회계정보학회
- 2006년 기업물류비 실태조사 및 기업물류비 산정지침 보고서, "한국무역협회 국제물류지원단", ~ (2007)
- Anderson, M., "Are Selling, General, and Administrative Costs “sticky”", Journal of Accounting Research, pp.47~63 (2003)
- Does Capacity Utilization Affect the Stickiness of Cost, "Balakrishnan, R.", The University of Iowa and The University of Colorado at Boulder, ~ (2003)
- Barclay, M., "Private Benefits from Control of Public Corporation", Journal of Financial Economics, 25, pp.371~395 (1989)
- Beasley, M., "An Analysis of U.S. Public Companies", SEC Committee of Sponsoring Organizations of the Treadway Commission (1999)
- Beasley, M., "The Relationship between Board Characteristics and Voluntary Improvements in Audit Committee Composition and Experience", Contemporary Accounting Research, 18(4), pp.539~570 (2001)
- 장세진, "STRATEGY, STRUCTURE AND PERFORMANCE OF KOREAN BUSINESS GROUPS - A TRANSACTIONS COST APPROACH", JOURNAL OF INDUSTRIAL ECONOMICS, 37, pp.141~158, BLACKWELL PUBLISHING
- Managerial Empire Building, Corporate Governance, and the Asymmetrical Behavior of Selling, General, and Administrative Costs, "Chen, C.", University of Illinois at Urbana Champaign, ~ (2008)
- Cooper, R., "Activity－Based Systems: Measuring the Cost of Resource Usage", Accounting Horizons, 6(3), pp.1~13 (1992)
- Cooper, R., "The Design of Cost Management Systems: Text, Cases, and Readings" (1998), Prentice Hall
- Fama, E., "Separation of Ownership and Control", Journal of Law and Economics, 26, pp.301~325 (1983)
- Fama, E., "Agency Problem and the Theory of the Firm", Journal of Political Economy, 88, pp.288~308 (1980)
- Grossman, S. J., "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation", Bell Journal of Economics, 11, pp.42~64 (1980)
- Hambrick, D., "Top Executive Committment to the State Quo: Some Tests of It’s Determinants", Strategic Management Journal, 14, pp.401~418 (1993)
- Jensen, M., "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure", Journal of Financial Economics, 3, pp.305~360 (1976)
- Jensen, M., "Performance Pay and Top Management Incentives", Journal of Political Economy, 98, pp.225~264 (1990)
- Emerging Market Business Groups, Foreign Investors, and Corporate Governance, "Khanna, T.", ~, pp.NBER Working Paper Series 6955 (1999)
- Khanna, T., "Is Group Affiliation Profitable in Emerging Markets", Journal of Finance, 55, pp.867~891 (2000)
- Klein, A., "Economic Determinants of Audit Committee Independence", The Accounting Review, 77(2), pp.435~452 (2002)
- Leff, N., "Industrial Organization and Entrepreneurship in the Developing Countries: The Economic Group", Economic Development and Cultural Change, 26, pp.661~675 (1987)
- Management Turnover in Subsidiaries of Conglomerates versus Stand-alone Firms, "McNeil, Ch.", University of South Carolina, ~ (2002)
- Michael, J., "Diversification Posture and Top Management Team Characteristics", Academy of Management Journal, 35, pp.9~37 (1992)
- Miller, D., "Stale in the Saddle: CEO Tenure and the Match between Organization and Environment", Management Science, 37, pp.34~52 (1991)
- Noreen, E., "Are Overhead Costs Strictly Proportional to Activity", Journal of Accounting and Economics, 17, pp.255~278 (1994)
- Petra, S., "The Effects of Corporate Governance on the Informativeness of Earnings", Economics of Governance, 8(2), pp.129~152 (2007)
- Schmidt, W., "Managerial Values in Perspective" (1983), American Management Association
- Shleifer, A., "Large Shareholders and Corporate Control", Journal of Political Economy, 95, pp.461~488 (1986)
- Staw, B., "Commitment in an Experimenting Society: A Study of the Attribution of Leadership from Administrative Scenarios", Journal of Applied Psychology, 65, pp.249~260 (1980)
- Stevenson, J., "Assessing Personal, Rate, and Organizational Predictors of Managerial Commitment", Academy of Management Journal, 21, pp.380~396 (1978)
- Addition Evidence on the Sticky Behavior of Costs, "Subramaniam, C.", Texas Christian University, ~ (2003)
- Tushman, V., "Organizational Evolution: A Metamorphic Model of Inertia and Reorientation", Research in Organization Behavior, 7, pp.172~222 (1985)
- Wiersema, M., "Top Management Team Demography and Corporate Strategic Change", Academy of Management Journal, 35(1), pp.91~121 (1992)