Journal of Digital Convergence (디지털융복합연구)

The Society of Digital Policy and Management (한국디지털정책학회)
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The Effect of Business Strategy on Cost Asymmetry according to Corporate Life Cycle

기업수명주기에 따라 경영전략이 원가비대칭성에 미치는 영향

  • Received : 2020.01.28
  • Accepted : 2020.05.20
  • Published : 2020.05.28
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Abstract

The purpose of this study investigates the relationship between business strategy and cost behavior according to the corporate life cycle. To do so, I first examine the relationship between cost behavior and business strategy. And then, I analyze the effect of the business strategy on cost behavior conditional upon corporate life cycle based on listed Korean firms from 2000 to 2019. Specifically, the business strategy index is calculated by using the six continuous financial factors and the Prospector and Defender was defined on the score. Also, the corporate life cycle is distinguished based on the cash flow pattern. I find the evidence that the Prospector firms are likely to strengthen the asymmetry of cost behavior (cost stickiness), and examined that such a relationship was most strongly represented in the Introduction. This study is meaningful in that this is a more comprehensive analysis by examining business strategy and cost strategy according to the corporate life cycle and expand the application of financial information by using financial indicators to distinguish business strategies.

본 연구의 목적은 기업의 수명주기에 따른 경영전략과 원가행태의 관계를 살펴보는 것이다. 본 연구를 수행하기 위해 먼저, 2000년부터 2019년 사이에 국내 상장기업을 대상으로 경영전략과 원가행태의 관계를 실증분석 하고, 기업수명주기 단계별로 경영전략이 기업의 원가행태에 미치는 영향을 분석하였다. 구체적으로, 연속적 재무지표를 이용한 경영전략지수를 산출하여 선도형(Prospector) 또는 방어형(Defender) 기업에 가까운 기업으로 구분하고 기업의 현금흐름를 토대로 기업수명주기 단계를 구분하였다. 분석 결과, 선도형 전략에 가까운 기업일수록 원가 비대칭성이 심화되는 것으로 나타났으며, 기업수명주기 단계 중 도입기에 그러한 관계가 가장 강하게 나타남을 확인하였다. 본 연구는 기업의 경영전략과 원가전략을 기업수명주기 단계별로 살펴봄으로써 보다 포괄적인 분석을 수행하였으며, 재무적 지표를 활용하여 경영전략을 구분함으로써 재무정보의 적용 사례를 확장하였다는 것에 의미가 있다.

Keywords

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