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Cost Stickiness of Private and Public Firms: Some Mediation Analyses
( Sera Choi ),( Iny Hwang ),( Moony Lee ),( Woo-jong Lee ) 한국회계학회 2021 회계학연구 Vol.46 No.2
This paper extends prior literature on cost behavior by providing evidence of whether and how access to public financing affects the degree of SG&A cost stickiness. Based on a comprehensive dataset covering both public and private firms in Korea, we document that the degree of cost stickiness is, in general, greater for private firms than it is for public firms. Furthermore, we identify four candidate mediators for the association between listing status and cost stickiness: demand uncertainty, financial risk, reporting incentives, and ownership wedge. Mediation analyses reveal that demand uncertainty mainly accounts for the difference in cost stickiness between private and public firms. This finding suggests that public firms better address uncertainty by diversifying idiosyncratic risk in the capital market than private firms do and hence exhibit lower asymmetry in SG&A costs. Overall, we present evidence that access to equity financing influences operations and consequently affects cost behavior.
The Role of Managerial Ability on the Relation between SG&A Cost and Future Profitability
Sera Choi(최세라),Jiwon Hyeon(현지원),Sewon Kwon(권세원) 한국경영학회 2018 經營學硏究 Vol.47 No.5
We examine whether managerial ability affects the relation between selling, general, and administrative costs (hereafter, SG&A costs) and future profitability. To operationalize our research question, we employ Baumgarten, Bonenkamp, and Homburg (2010)’s approach in differentiating an increase in the SG&A ratio as managers’ deficient cost control (SG&A cost inefficient firms) versus deliberate investment on input resource (SG&A cost efficient firms), which is intended by the management to improve future performance. Using Korean listed firms from 2000 to 2014, we find that the positive association between changes in SG&A ratio and future operating performance appears only in SG&A cost efficient firms. More importantly, we find that the positive association between changes in SG&A ratio and future operating performance among SG&A-efficient firms is mainly driven by high ability managers. Our findings fill the void in Baumgarten et al. (2010) by providing the evidence that the positive association between an intentional increase in the SG&A ratio and future profitability can be partially explained by high managerial ability.
Managerial Ability and Asymmetric SG&A Cost Behavior
Sera Choi,Iny Hwang,Jin-Ha Park 한국회계정보학회 2016 한국회계정보학회 학술대회발표집 Vol.2016 No.1
This paper investigates how the degree of cost stickiness is related to managerial ability, and whether managers have good estimations about the firm’s situation. We find that the degree of SG&A costs stickiness is positively associated with managerial ability, and this result is more prevalent when environmental volatility is larger or when the firm is a growth frim where we expect slack resources to be more important. Results remain consistent after controlling for manager’s empire building incentive which is another cause of SG&A slack. In addition, we extend to examine how managers’ compensation incentive system works under different level of managerial ability by means of the degree of cost stickiness. These findings suggest that able managers, who have better knowledge of the firm and the market and who can effectively transforms slack resources into profits, strategically keep slack resources, and they are well-aligned with their compensation incentives.
Cost Stickiness of Private and Public Firms
Sera Choi,Iny Hwang,Moonyoung Lee,Woo-Jong Lee 한국회계정보학회 2016 한국회계정보학회 학술대회발표집 Vol.2016 No.2
This paper extends prior literature on cost behavior by providing evidence on whether and how external financing of equity affects the degree of SG&A cost stickiness. Based on a comprehensive dataset covering both public and private firms in Korea, we compare the degree of cost stickiness between public and private firms. We document that cost stickiness is in general greater in private firms than in public firms. Mediation analyses further reveal that differential financial constraints between private and public firms are mainly attributable to the difference in cost stickiness. Overall, our findings suggest that access to financing influences operations and hence cost structure of a firm.
Sun Myeong Choi,Sera Lee,Yong-Joo Kim,Ji Hun Lee,Soon W. Lee,Jun-Chul Choi 대한화학회 2020 Bulletin of the Korean Chemical Society Vol.41 No.2
Suzuki-Miyaura C-C coupling using BINAP-Pd(II) azide.
APEX-paddy 모델을 활용한 SSPs 시나리오에 따른 논 필요수량 변동 평가
최순군 ( Choi Soon-kun ),조재필 ( Cho Jaepil ),정재학 ( Jeong Jaehak ),김민경 ( Kim Min-kyeong ),엽소진 ( Yeob So-jin ),조세라 ( Jo Sera ),오수당콰에릭 ( Owusu Danquah Eric ),방정환 ( Bang Jeong Hwan ) 한국농공학회 2021 한국농공학회논문집 Vol.63 No.6
Global warming due to climate change is expected to significantly affect the hydrological cycle of agriculture. Therefore, in order to predict the magnitude of climate impact on agricultural water resources in the future, it is necessary to estimate the water demand for irrigation as the climate change. This study aimed at evaluating the future changes in water demand for irrigation under two Shared Socioeconomic Pathways (SSPs) (SSP2-4.5 and SSP5-8.5) scenarios for paddy rice in Gimje, South Korea. The APEX-Paddy model developed for the simulation of paddy environment was used. The model was calibrated and validated using the H2O flux observation data by the eddy covariance system installed at the field. Sixteen General Circulation Models (GCMs) collected from the Climate Model Intercomparison Project phase 6 (CMIP6) and downscaled using Simple Quantile Mapping (SQM) were used. The future climate data obtained were subjected to APEX-Paddy model simulation to evaluate the future water demand for irrigation at the paddy field. Changes in water demand for irrigation were evaluated for Near-future-NF (2011-2040), Mid-future-MF (2041-2070), and Far-future-FF (2071-2100) by comparing with historical data (1981-2010). The result revealed that, water demand for irrigation would increase by 2.3%, 4.8%, and 7.5% for NF, MF and FF respectively under SSP2-4.5 as compared to the historical demand. Under SSP5-8.5, the water demand for irrigation will worsen by 1.6%, 5.7%, 9.7%, for NF, MF and FF respectively. The increasing water demand for irrigating paddy field into the future is due to increasing evapotranspiration resulting from rising daily mean temperatures and solar radiation under the changing climate.