성장기회와 원가하방경직성 간에 경영전략의 조절효과

초록

[Purpose] Investment is necessary for a company to grow, and investment decisions may vary depending on business strategies. This is because the competitive advantage elements pursued by companies are different. This study aims to examine the moderating effects of business strategies on the relationship between growth opportunity and cost stickiness. [Methodology] Business strategies were divided into prospector and defender, and growth opportunity was measured by the MTS ratio. Cost stickiness was measured using COGS and SG&A. A sample of 930 company－years were selected among the companies listed on the Korea stock exchange. [Findings] There was no moderating effects of strategies between growth opportunity and stickiness of COGS, and it was found that there was a moderating effects of strategies on SG&A. These results are thought to be due to differences in the characteristics and causes of COGS and SG&A. [Implications] This study is meaningful because there is a very limited amount of prior research linking growth opportunity and strategies. It suggests that even if there are growth opportunity, not all companies will respond in the same way, and that factors of competitive advantage can be important decisionmaking criteria.

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