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Cost stickiness during the financial crisis: rational resource management or wasteful overspending?
Uppsala universitet, Humanistisk-samhällsvetenskapliga vetenskapsområdet, Samhällsvetenskapliga fakulteten, Företagsekonomiska institutionen.
2017 (engelsk)Independent thesis Advanced level (degree of Master (Two Years)), 20 poäng / 30 hpOppgave
Abstract [en]

Purpose: The purpose of this paper is to advance the understanding of the relationship between asymmetric cost behavior in the recent global financial crisis of 2008/09 and long-term firm performance. We evaluate managerial decision making on cost behavior to a certain degree, based on whether cost stickiness during the financial crisis was value creating or value diminishing in the long run.

Design/Methodology/Approach: We apply a linear regression model to a sample of 675 U.S. based firms. We proxy cost stickiness through changes in COGS in relation to sales and use a market (Total Shareholder Return) as well as an aggregated accounting based measure (ROA) to proxy for long-term firm performance.

Findings: Sticky costs are negatively correlated to firm performance. The market-based model is significant on a 1% level and the accounting based model is significant on a 10% level.

Originality/Value: No paper, to our knowledge, has conducted a direct analysis between cost stickiness during the financial crisis and long-term firm performance. We contribute directly to the “good” or “bad” discussion of sticky costs.

Keywords: Cost behavior research, asymmetric cost behavior, long-term firm perfor-mance, management controlling, agency theory, resource-based viewPaper type: Master’s Thesis

sted, utgiver, år, opplag, sider
2017. , s. 54
HSV kategori
Identifikatorer
URN: urn:nbn:se:uu:diva-325513OAI: oai:DiVA.org:uu-325513DiVA, id: diva2:1114958
Fag / kurs
Business Studies
Utdanningsprogram
Master Programme in Business and Management
Tilgjengelig fra: 2017-06-26 Laget: 2017-06-26 Sist oppdatert: 2017-06-26bibliografisk kontrollert

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