상세검색
최근 검색어 전체 삭제
다국어입력
즐겨찾기0
149752.jpg
학술대회자료

Related-party Transactions and Asymmetric Cost Behavior

  • 2

This study examines whether related-party transactions impact firms’ asymmetric cost behavior. We find that firms with higher level of related-party transactions present greater cost stickiness. We also find that related-party transactions in firms with high proportion of largest shareholders’ ownership lead to greater cost stickiness. Our finding suggests that information asymmetry between managers and outside stakeholders caused by related-party transactions triggers managers to maintain unutilized resources even when demand falls so that they can maximize their personal utility, resulting in cost asymmetry. This paper contributes to the extant literature by providing additional evidence that related-party transactions which exacerbate agency problems may lead to cost stickiness.

1. Introduction

2. Theoretical background and hypotheses

3. Research design and sample description

4. Empirical Results

5. Summary and Conclusion

로딩중