원가의 하방경직성에 따른 보유현금가치 = The Effect of Cost Stickiness on the Value of Cash Holding

다국어 초록 (Multilingual Abstract)

Prior studies indicate that the financial crisis occurred at 2008 affects the value of cash holding. The higher the level of cash holding, the higher the corporate value. However, when cash holding level is increased, the downward stickiness of selling, general and administrative cost (SG&AC) is strengthened. There is a positive aspect that this phenomenon is caused by the maintenance of profitable resources for future growth. However, there is also a negative outlook that this phenomenon comes from spending on privileged consumption or inefficient asset management such as overinvestment. Therefore, this study examines the value of cash holding according to the downward stickiness of SG&AC. The findings of this study are summarized as follows: First, the value of cash holding due to the downward stickiness of SG&AC is decreased in firms with poor governance, but such a relation is not found in firms with good governance. Second, the value of cash holding by the downward stickiness of SG&AC is decreased in the companies with professional managers, but such a relation is not seen in the companies with owner managers. Third, the cash holding value due to the downward stickiness of SG&AC is decreased in low growth companies, but the association disappears in high growth companies. These findings suggest that investors consider the positive and negative impacts of the downward stickiness of SG&AC, when they evaluates the values of corporate cash holdings. The results of this study will be helpful in evaluating investment firms and developing firms’ cash and cost management strategies.

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