본 연구는 매출변화에 따라 원가의 행태가 어떻게 차이가 나는지를 검증하였으며, 경영자들이 기업 손실에 대해 상이한 원가전략을 수행하는지를 살펴보았다. 연구결과에 의하면 판매관리비, 인건비 모두 지속적으로 매출이 감소한 기업이 일시적으로 매출이 감소한 기업보다 매출감소율 대비 원가감소율이 큰 것으로 나타났다. 그러나 매출이 지속적으로 증가한 기업이 일시적으로 증가한 기업보다 매출증가율 대비 원가증가율이 크다는 증거를 발견할 수 없었다. 또한, 적자규모가 큰 기업은 판매관리비, 인건비의 하방경직성이 이익을 보고한 기업이나 적자규모가 작은 기업보다 큰 것으로 나타났다. 이와 같이 매출 변화 추세는 경영자의 생산설비, 시설투자 등의 의사결정에 주요한 영향을 미치기 때문에 원가행태 분석 시 고려해야 할 것이다. 뿐만 아니라 큰 규모의 적자보고 기업의 원가행태가 이익을 보고한 기업이나 적자규모가 작은 기업과는 다르다는 본 연구결과는 적자규모가 큰 기업들이 이익조정을 위한 방법으로 원가를 사용할 수 있음을 제시하고 있다.

In this study, we investigated the effect of the time-series sales changes on cost behavior and suggested that managers make different cost-related decisions under the loss of their firms. The results of this paper are as follows. First, manufacturing costs and salaries/wages expenses showed different cost behaviors depending whether sales decrease(increase) temporarily or consecutively. The selling, general and administrative expenses behaved differently only when sales decline temporarily or consecutively. Second, the selling, general and administrative expenses and salaries/wages expenses reduction rates with the sales decreases of the loss firms are smaller than those of the earning firms. Especially, we found that the selling, general and administrative expenses decreases of big-loss firms are smaller than those of others firms when sales go down. It implies that in big-loss firms managers take Big Bath instead of saving costs for the future performance. The fact that cost behaviors of the loss firms are different from those of others indicates the loss firms use cost-related decisions for earning management.

In this study, we investigated the effect of the time-series sales changes on cost behavior and suggested that managers make different cost-related decisions under the loss of their firms. The results of this paper are as follows. First, manufacturing costs and salaries/wages expenses showed different cost behaviors depending whether sales decrease(increase) temporarily or consecutively. The selling, general and administrative expenses behaved differently only when sales decline temporarily or consecutively. Second, the selling, general and administrative expenses and salaries/wages expenses reduction rates with the sales decreases of the loss firms are smaller than those of the earning firms. Especially, we found that the selling, general and administrative expenses decreases of big-loss firms are smaller than those of others firms when sales go down. It implies that in big-loss firms managers take Big Bath instead of saving costs for the future performance. The fact that cost behaviors of the loss firms are different from those of others indicates the loss firms use cost-related decisions for earning management.

Cost behavior, Time-series sales change, Earning management, Big-loss firms