The Effect of Strategy on the Asymmetric Cost Behavior of SG&A Expenses

被引:39
作者
Ballas, Apostolos [1 ,2 ]
Naoum, Vasilios-Christos [3 ]
Vlismas, Orestes [2 ]
机构
[1] Athens Univ Econ & Business, Business Anal & Valuat Lab, 76 Patission Str, GR-10434 Athens, Greece
[2] Athens Univ Econ & Business, Dept Accounting & Finance, 76 Patission Str, GR-10434 Athens, Greece
[3] Univ Piraeus, Dept Maritime Studies, Piraeus, Greece
关键词
Asymmetric cost behavior; Strategy; SG&A expenses; MANAGEMENT; UNCERTAINTY;
D O I
10.1080/09638180.2020.1813601
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Asymmetric cost behavior has been attributed to deliberate managerial resource commitment decisions and a firm's strategic choices is a significant determinant of these decisions. This study investigates the effect of strategy on the intensity and direction of the asymmetric cost behavior of selling, general, and administrative (SG&A) expenses. Employing a sample of US-listed firms for the period 1991-2014, we provide empirical evidence that a firm's strategic orientation determines the direction and intensity of cost asymmetry. Firms classified as prospectors exhibit SG&A cost stickiness whereas firms classified as defenders exhibit SG&A cost anti-stickiness. Sensitivity and causality tests indicate that a firm's strategic positioning and its portfolio of intangible re-sources independently affect the resource allocation decisions that are responsible for the direction of cost asymmetry for the SG&A expenses.
引用
收藏
页码:409 / 447
页数:39
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