Asia-Pacific Journal of Business (아태비즈니스연구)

KNU The Institute of Management & Economy Research (강원대학교 경영경제연구소)
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Cost Behavior of Decline-Stage firms with High R&D Intensity

연구개발 집약도가 높은 쇠퇴기 기업들의 원가행태

  • Oh, Sang-Hoon (Department of Accounting & Tax, Hanyang University) ;
  • Yi, Sung-Wook (Department of Buisness Administration, Hanyang University)
  • Received : 2021.08.31
  • Accepted : 2021.09.21
  • Published : 2021.09.30
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Abstract

Purpose - The purpose of this study is to analyze the cost behavior of firms, taking into account both high R&D intensity and situations in which R&D activities are likely to be performed efficiently. Design/methodology/approach - During the sample period from 2002 to 2019, regression analysis is conducted on the manufacturing firms with December fiscal year listed on KOSDAQ. The degree of R&D expenditure was measured by R&D intensity. The efficient R&D situation is measured as the decline stage firms in the KOSDAQ market, which are relatively smaller than the KOSPI market. Findings - Firms in the decline phase and high R&D intensity showed the cost stickiness. Because these firms anticipate an optimistic future, they do little to cut current costs even if their current sales decrease. Research implications or Originality - Firstly, it is confirmed that both the extent of R&D expenditure and the situation in which R&D will be effectively performed are important in the study of cost behavior. Secondly, we present a new perspective on strategy research that favors the use of cost advantage strategy related to cost anti-stickiness for the decline firms.

Keywords

Acknowledgement

이 논문은 2019년 한양대학교 교내연구비 지원으로 연구되었음(HY-2019-G).

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