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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.
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.
Park, Sera,Park, Hae-Jung,Kyeong, Sung-Hyon,Moon, In Seok,Kim, Minbum,Kim, Hee Nam,Choi, Jae-Young Informa Healthcare 2013 Acta oto-laryngologica Vol.133 No.6
<P><I>Conclusion:</I> The study showed that combined repetitive transcranial magnetic stimulation (rTMS) on the auditory cortex and prefrontal cortex has more benefit than rTMS on the auditory cortex alone for tinnitus control in patients with depression. Further studies for the most optimal combination of stimulation on both areas are needed. <I>Objective:</I> Recent studies suggest that the neuronal network changes of chronic tinnitus are beyond the auditory pathway. There is increasing evidences for the application of rTMS on multiple brain cortices in addition to the auditory cortex for the treatment of tinnitus. Sequential rTMS was performed on the auditory cortex alone as well as the auditory cortex combined with prefrontal cortex in patients with both chronic tinnitus and depression. <I>Methods:</I> Patients who presented with chronic tinnitus of more than 1 year were enrolled in the present study (seven males, four females; mean age 54 years). To select the site for the rTMS, PET CT was performed. Patients received the first rTMS on the primary auditory cortex for 5 days and on the primary auditory cortex and prefrontal cortex in the second application after tinnitus relapse. The Tinnitus Handicap Inventory (THI), visual analog scale (VAS), and Beck Depression Inventory (BDI) were evaluated before and after rTMS. <I>Results:</I> The mean THI score of the eight patients with depression changed from 77.5 ± 15 to 61.8 ± 20.1 after the second rTMS. There was statistical significance only for the second rTMS. The VAS score changed from 8.6 ± 1.6 to 6.3 ± 1.8 after the first rTMS and from 7.6 ± 2.4 to 4.6 ± 2.7 after the second rTMS, showing statistically significant changes both times. The THI changes after the second rTMS were greater than after the first rTMS, and the changes in VAS score showed a similar pattern. The changes in BDI score, which indicates the severity of depression, showed a variable pattern after rTMS. Patients with mild depression (10≤ BDI score <16, <I>n</I> = 4) showed significant improvement of THI with the second combined rTMS (ΔTHI = 24.5) as compared with the first rTMS on the auditory area (ΔTHI = 6). In contrast, combined rTMS did not show any better improvement on THI (ΔTHI = 6.5) than the first rTMS on the auditory cortex (ΔTHI = 7) in patients without depression (BDI <10, <I>n</I> = 3) and patients with moderate to severe depression (BDI ≥16, <I>n</I> = 4).</P>