The Effect of Corporate Sustainable Management on the Relationship between Cost Stickiness and Earnings Transparency
Abstract
:1. Introduction
2. Literature Review and Hypotheses Development
2.1. Asymmetric Cost Behavior and Earnings Transparency
2.2. Corporate Sustainable Management, Cost Stickiness, and Earnings Transparency
2.3. Hypothesis Development
3. Research Design and Data
3.1. Empirical Models
3.2. Measurement of Variables
3.2.1. Earnings Transparency
3.2.2. Earnings Transparency
3.2.3. Cost Stickiness
3.2.4. Corporate Sustainable Management
3.3. Samples and Data
4. Empirical Results
4.1. Descriptive Statistics
4.2. Pearson Correlations
4.3. Multivariate Results
4.3.1. Cost Stickiness and Earnings Transparency (H1)
4.3.2. CSM, Cost Stickiness, and Earnings Transparency (H2)
5. Discussion and Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
Appendix A. Variable Definitions
Dependent Variables | ||
TRANS | ||
TRANS1 | = | earnings transparency, which is measured using the method of Cheng and Subramayam [10]; |
TRANS2 | = | earnings transparency, which is measured using the method of Barth et al. [8]. |
Explanatory Variables | ||
STICKY | ||
STICKY1 | = | asymmetric cost behavior, which is measured using the method of Homburg and Nasev [23]; |
STICKY2 | = | asymmetric cost behavior, which is measured using the method of Park et al. [24]; |
CSM | = | corporate sustainable management, ESG ratings (ESG integration sector, governance sector, social sector, and environmental sector) of the KCGS (Korean Corporate Governance Service). |
Control Variables | ||
SIZE | = | the natural log of total assets; |
ROA | = | the return on assets, pretax income/lagged total assets; |
LEV | = | leverage, total debts/total assets; |
INTAN | = | the intangible assets/total assets; |
GRW | = | the growth rate, which is measured as (total assets for firm i in year t—lagged total assets)/lagged total assets; |
AGE | = | the natural log of the number of years between t − 1 year and initial listing year; |
MTB | = | the market value of equity/the book value of equity; |
FOR | = | the foreign ownership ratio; |
OWN | = | the ownership ratio; |
YD | = | year dummy; |
ID | = | industry dummy. |
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Criteria | Firm Year Observations |
---|---|
Quoted firms for fiscal years 2011–2017 | 4897 |
(less) Non-December 31 firms for fiscal years and financial firms | (306) |
(less) Firms for which financial, stock data, and corporate sustainable management grade could not be obtained from FN Guide, KCGS | (208) |
Final sample | 4383 |
Industry | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | Observations |
---|---|---|---|---|---|---|---|---|
Food, beverage | 33 | 34 | 34 | 34 | 34 | 36 | 36 | 237 |
Fiber, clothes, and leathers | 24 | 24 | 24 | 23 | 24 | 26 | 27 | 189 |
Timber, pulp, and furniture | 23 | 23 | 24 | 24 | 24 | 24 | 24 | 187 |
Cokes and chemical | 62 | 64 | 66 | 67 | 67 | 67 | 67 | 507 |
Medical manufacturing | 30 | 30 | 32 | 32 | 34 | 36 | 37 | 265 |
Rubber and plastic | 17 | 19 | 19 | 19 | 19 | 19 | 19 | 151 |
Non-metallic | 18 | 18 | 19 | 19 | 20 | 21 | 21 | 136 |
Metallic | 46 | 46 | 46 | 48 | 51 | 51 | 50 | 406 |
PC and medical | 40 | 40 | 40 | 40 | 40 | 41 | 41 | 311 |
Machine and electronic | 39 | 39 | 39 | 40 | 42 | 42 | 41 | 320 |
Other transportation | 42 | 43 | 44 | 46 | 47 | 49 | 49 | 375 |
Construction | 30 | 30 | 30 | 30 | 31 | 30 | 31 | 185 |
Retail and whole sales | 46 | 47 | 47 | 50 | 53 | 55 | 54 | 400 |
Transportation services | 20 | 20 | 20 | 20 | 21 | 21 | 21 | 154 |
Publishing and broadcasting | 11 | 13 | 14 | 14 | 14 | 14 | 14 | 122 |
Professional services | 63 | 63 | 66 | 66 | 65 | 70 | 70 | 404 |
Other | 49 | 50 | 50 | 50 | 53 | 54 | 54 | 369 |
Total | 593 | 603 | 614 | 622 | 639 | 656 | 656 | 4383 |
Variable | Mean | Std. | Min | 25% | Median | 75% | Max |
---|---|---|---|---|---|---|---|
TRANS1 | −0.120 | 0.325 | −3.899 | −0.103 | −0.032 | −0.006 | 0.000 |
TRANS2 | −0.312 | 0.207 | −1.040 | −0.442 | −0.288 | −0.158 | 0.102 |
STICKY1 | 0.279 | 0.448 | 0.000 | 0.000 | 0.000 | 1.000 | 1.000 |
STICKY2 | 0.199 | 0.399 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 |
TOTAL_SCORE | 7.235 | 0.563 | 7.000 | 7.000 | 7.000 | 7.000 | 10.000 |
GOV_SCORE | 6.618 | 1.202 | 5.000 | 5.000 | 7.000 | 7.000 | 10.000 |
SOC_SCORE | 7.309 | 0.682 | 7.000 | 7.000 | 7.000 | 7.000 | 10.000 |
ENV_SCORE | 7.356 | 0.650 | 7.000 | 7.000 | 7.000 | 8.000 | 10.000 |
SIZE | 27.089 | 1.576 | 24.000 | 25.995 | 26.884 | 27.951 | 31.478 |
ROA | 0.019 | 0.077 | −0.364 | 0.002 | 0.027 | 0.056 | 0.203 |
LEV | 0.472 | 0.200 | 0.090 | 0.312 | 0.479 | 0.618 | 0.947 |
INTAN | 0.036 | 0.067 | 0.000 | 0.006 | 0.014 | 0.038 | 0.771 |
GRW | 0.117 | 0.971 | −0.969 | −0.022 | 0.035 | 0.105 | 19.861 |
AGE | 2.870 | 0.851 | 0.000 | 2.485 | 3.135 | 3.526 | 4.127 |
MTB | 1.221 | 1.159 | 0.168 | 0.546 | 0.854 | 1.396 | 6.852 |
FOR | 9.951 | 13.006 | 0.000 | 1.156 | 4.306 | 14.182 | 60.579 |
OWN | 44.547 | 16.747 | 8.930 | 32.360 | 44.800 | 55.970 | 83.360 |
(2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
(1) TRANS1 | −0.094 | −0.036 | −0.044 | −0.077 | 0.020 | 0.002 | 0.012 | 0.003 | −0.005 | 0.209 | −0.033 | −0.031 |
(2) TRANS2 | −0.010 | −0.007 | −0.004 | −0.020 | 0.032 | −0.078 | 0.013 | 0.029 | −0.055 | −0.007 | −0.010 | |
(3) STICKY1 | 0.809 | −0.039 | −0.114 | −0.012 | −0.020 | −0.039 | 0.044 | −0.042 | −0.048 | −0.015 | ||
(4) STICKY2 | −0.010 | −0.074 | −0.015 | −0.017 | −0.032 | 0.043 | −0.044 | −0.023 | −0.005 | |||
(5) SIZE | 0.120 | 0.258 | 0.125 | 0.146 | 0.028 | −0.065 | 0.475 | −0.018 | ||||
(6) ROA | −0.263 | −0.046 | 0.016 | −0.063 | −0.022 | 0.162 | 0.114 | |||||
(7) LEV | 0.011 | 0.031 | 0.036 | 0.004 | −0.126 | −0.123 | ||||||
(8) INTAN | 0.012 | −0.071 | 0.094 | 0.073 | −0.039 | |||||||
(9) GRW | −0.006 | 0.005 | 0.082 | −0.031 | ||||||||
(10) AGE | −0.088 | 0.009 | −0.165 | |||||||||
(11) MTB | 0.105 | −0.097 | ||||||||||
(12) FOR | −0.138 | |||||||||||
(13) OWN | 1.000 |
= + + + + + + + + + + + + + | ||||||
Variables | Model 1 = TRANS1 | Model 2 = TRANS2 | ||||
Coefficient | t-Value | Coefficient | t-Value | |||
Intercept | 0.320 | 3.340 | *** | 0.275 | 4.090 | *** |
STICKY1 | −0.022 | −2.060 | ** | −0.017 | −2.180 | ** |
SIZE | −0.012 | −3.240 | *** | 0.001 | 0.220 | |
ROA | 0.101 | 2.840 | *** | −0.017 | −0.610 | |
LEV | 0.029 | 1.110 | −0.006 | −0.300 | ||
INTAN | 0.029 | 0.390 | −0.027 | −0.500 | ||
GRW | 0.001 | 0.900 | 0.001 | 0.670 | ||
AGE | 0.006 | 1.120 | −0.002 | −0.550 | ||
MTB | 0.044 | 14.800 | *** | −0.005 | −2.400 | |
FOR | −0.001 | −2.450 | ** | −0.001 | −0.200 | |
OWN | −0.001 | −0.800 | −0.001 | −0.780 | ||
YD | Included | Included | ||||
ID | Included | Included | ||||
F-value | 12.55 *** | 15.22 *** | ||||
Adj. R2 | 15.83% | 19.51% | ||||
Variables | Model 3 = TRANS1 | Model 4 = TRANS2 | ||||
Coefficient | t-Value | Coefficient | t-Value | |||
Intercept | 0.315 | 3.290 | *** | 0.271 | 4.040 | *** |
STICKY2 | −0.028 | −2.350 | ** | −0.018 | −2.060 | ** |
SIZE | −0.012 | −3.200 | *** | 0.001 | 0.250 | |
ROA | 0.103 | 2.900 | −0.014 | −0.500 | ||
LEV | 0.029 | 1.110 | −0.005 | −0.280 | ||
INTAN | 0.029 | 0.390 | −0.027 | −0.490 | ||
GRW | 0.001 | 0.900 | 0.001 | 0.680 | ||
AGE | 0.006 | 1.150 | −0.002 | −0.550 | ||
MTB | 0.044 | 14.780 | *** | −0.005 | −2.400 | ** |
FOR | −0.001 | −2.440 | ** | −0.001 | −0.170 | |
OWN | −0.001 | −0.780 | −0.001 | −0.740 | ||
YD | Included | Included | ||||
ID | Included | Included | ||||
F-value | 12.60 *** | 15.20 *** | ||||
Adj. R2 | 15.85% | 19.49% |
= + + + + + + + + + + + + + + | ||||||
Variables | Model 1 = TRANS1 | Model 2 = TRANS2 | ||||
Coefficient | t-Value | Coefficient | t-Value | |||
Intercept | 0.161 | 1.500 | 0.462 | 6.210 | *** | |
STICKY1 | −0.028 | −2.410 | ** | −0.019 | −2.230 | ** |
TOTAL_DUM | −0.067 | −3.660 | *** | 0.020 | 1.860 | * |
STICKY1ⅹTOTAL_DUM | 0.050 | 2.030 | ** | 0.058 | 2.680 | *** |
SIZE | −0.005 | −1.310 | −0.006 | −2.020 | ** | |
ROA | 0.096 | 2.680 | *** | −0.006 | −0.220 | |
LEV | 0.023 | 0.860 | 0.033 | 1.740 | * | |
INTAN | 0.045 | 0.610 | −0.220 | −4.030 | *** | |
GRW | 0.001 | 0.400 | 0.001 | 1.240 | ||
AGE | 0.007 | 1.190 | 0.006 | 1.530 | ||
MTB | 0.044 | 15.030 | *** | −0.005 | −2.710 | *** |
FOR | −0.001 | −2.230 | ** | 0.001 | 0.130 | |
OWN | −0.001 | −1.090 | 0.001 | 0.230 | ||
YD | Included | Included | ||||
ID | Included | Included | ||||
F-value | 12.16 *** | 4.18 *** | ||||
Adj. R2 | 16.05% | 11.06% | ||||
Variables | Model 3 = TRANS1 | Model 4 = TRANS2 | ||||
Coefficient | t-Value | Coefficient | t-Value | |||
Intercept | 0.187 | 1.810 | * | 0.461 | 6.210 | *** |
STICKY2 | −0.034 | −2.560 | ** | −0.022 | −2.260 | ** |
TOTAL_DUM | −0.067 | −3.840 | *** | 0.020 | 1.530 | |
STICKY2ⅹTOTAL_DUM | 0.054 | 1.970 | ** | 0.076 | 3.200 | *** |
SIZE | −0.004 | −1.090 | −0.006 | −2.030 | ** | |
ROA | 0.099 | 2.790 | *** | −0.004 | −0.140 | |
LEV | 0.015 | 0.590 | 0.033 | 1.760 | * | |
INTAN | 0.024 | 0.340 | −0.219 | −4.010 | *** | |
GRW | 0.001 | 0.320 | 0.001 | 1.270 | ||
AGE | 0.009 | 1.730 | * | 0.006 | 1.540 | |
MTB | 0.043 | 14.780 | *** | −0.005 | −2.740 | *** |
FOR | −0.001 | −2.210 | ** | 0.001 | 0.080 | |
OWN | −0.001 | −1.070 | 0.001 | 0.240 | ||
YD | Included | Included | ||||
ID | Included | Included | ||||
F-value | 23.84 *** | 4.38 *** | ||||
Adj. R2 | 15.35% | 11.13% |
= + + + + + + + + + + + + + + + | ||||||
Variables | Model 1 = TRANS1 | Model 2 = TRANS2 | ||||
Coefficient | t-Value | Coefficient | t-Value | |||
Intercept | 0.317 | 3.370 | *** | 0.267 | 3.920 | *** |
STICKY1 | −0.037 | −2.100 | ** | −0.045 | −3.640 | *** |
GOV_DUM | −0.033 | −2.930 | *** | −0.029 | −3.780 | *** |
STICKY1ⅹGOV_DUM | 0.024 | 1.690 | * | 0.051 | 3.250 | *** |
SIZE | −0.009 | −2.560 | ** | 0.001 | 0.420 | |
ROA | 0.106 | 2.990 | *** | −0.012 | −0.430 | |
LEV | 0.015 | 0.590 | 0.034 | 1.790 | * | |
INTAN | 0.019 | 0.260 | −0.148 | −2.740 | *** | |
GRW | 0.001 | 0.620 | 0.001 | 0.200 | ||
AGE | 0.010 | 1.880 | * | 0.004 | 1.010 | |
MTB | 0.041 | 14.030 | *** | −0.007 | −3.240 | *** |
FOR | −0.001 | −2.280 | ** | 0.001 | 0.310 | |
OWN | 0.001 | −0.770 | 0.001 | −0.120 | ||
YD | Included | Included | ||||
ID | Included | Included | ||||
F-value | 18.20 *** | 12.33 *** | ||||
Adj. R2 | 16.00% | 16.61% | ||||
Variables | Model 3 = TRANS1 | Model 4 = TRANS2 | ||||
Coefficient | t-Value | Coefficient | t-Value | |||
Intercept | 0.315 | 3.370 | *** | 0.334 | 4.930 | *** |
STICKY2 | −0.049 | −2.400 | ** | −0.039 | −2.620 | *** |
GOV_DUM | −0.032 | −3.040 | *** | −0.028 | −3.640 | *** |
STICKY2ⅹGOV_DUM | 0.037 | 1.840 | * | 0.054 | 2.920 | *** |
SIZE | −0.009 | −2.450 | ** | −0.001 | −0.180 | |
ROA | 0.107 | 3.000 | *** | −0.005 | −0.160 | |
LEV | 0.014 | 0.540 | 0.027 | 1.420 | ||
INTAN | 0.016 | 0.220 | −0.209 | −3.830 | *** | |
GRW | 0.001 | 0.460 | 0.001 | 0.400 | ||
AGE | 0.011 | 1.940 | * | 0.007 | 1.660 | * |
MTB | 0.042 | 14.470 | *** | −0.004 | −2.560 | *** |
FOR | −0.001 | −2.400 | ** | 0.001 | 0.470 | |
OWN | 0.001 | −0.750 | −0.001 | −0.100 | ||
YD | Included | Included | ||||
ID | Included | Included | ||||
F-value | 23.84 *** | 4.07 *** | ||||
Adj. R2 | 15.35% | 11.03% |
= + + + + + + + + + + + + + + | ||||||
Variables | Model 1 = TRANS1 | Model 2 = TRANS2 | ||||
Coefficient | t-Value | Coefficient | t-Value | |||
Intercept | 0.216 | 2.110 | ** | 0.421 | 5.740 | *** |
STICKY1 | −0.025 | −2.090 | ** | −0.019 | −2.170 | ** |
SOC_DUM | −0.057 | −3.470 | *** | 0.006 | −0.440 | |
STICKY1ⅹSOC_DUM | 0.043 | 2.050 | ** | 0.056 | 2.680 | *** |
SIZE | −0.006 | −1.410 | −0.004 | −1.480 | ||
ROA | 0.103 | 2.900 | *** | −0.007 | −0.230 | |
LEV | 0.017 | 0.650 | 0.031 | 1.660 | * | |
INTAN | 0.031 | 0.440 | −0.217 | −3.960 | *** | |
GRW | 0.001 | 0.380 | 0.001 | 1.050 | ||
AGE | 0.010 | 1.800 | * | 0.006 | 1.460 | |
MTB | 0.043 | 14.840 | *** | −0.005 | −2.700 | *** |
FOR | −0.001 | −2.250 | ** | 0.001 | 0.250 | |
OWN | −0.001 | −0.930 | 0.001 | 0.040 | ||
YD | Included | Included | ||||
ID | Included | Included | ||||
F-value | 23.43 *** | 3.68 *** | ||||
Adj. R2 | 15.26% | 11.01% | ||||
Variables | Model 3 = TRANS1 | Model 4 = TRANS2 | ||||
Coefficient | t-Value | Coefficient | t-Value | |||
Intercept | 0.213 | 2.090 | ** | 0.419 | 5.710 | *** |
STICKY2 | −0.033 | −2.480 | ** | −0.022 | −2.210 | ** |
SOC_DUM | −0.053 | −3.380 | *** | 0.006 | 0.460 | |
STICKY2ⅹSOC_DUM | 0.042 | 1.760 | * | 0.075 | 3.250 | *** |
SIZE | −0.006 | −1.390 | −0.004 | −1.470 | ||
ROA | 0.104 | 2.920 | *** | −0.005 | −0.190 | |
LEV | 0.016 | 0.640 | 0.031 | 1.670 | * | |
INTAN | 0.029 | 0.410 | −0.216 | −3.940 | *** | |
GRW | 0.001 | 0.390 | 0.001 | 1.080 | ||
AGE | 0.010 | 1.820 | * | 0.006 | 1.500 | * |
MTB | 0.043 | 14.800 | *** | −0.005 | −2.680 | *** |
FOR | −0.001 | −2.280 | ** | 0.001 | 0.200 | |
OWN | −0.001 | −0.920 | 0.001 | 0.060 | ||
YD | Included | Included | ||||
ID | Included | Included | ||||
F-value | 23.54 *** | 3.92 *** | ||||
Adj. R2 | 15.28% | 11.09% |
= + + + + + + + + + + + + + + | ||||||
Variables | Model 1 = TRANS1 | Model 2 = TRANS2 | ||||
Coefficient | t-Value | Coefficient | t-Value | |||
Intercept | 0.205 | 1.930 | * | 0.517 | 7.120 | *** |
STICKY1 | −0.027 | −2.220 | ** | −0.021 | −2.380 | ** |
ENV_DUM | −0.045 | −2.920 | *** | 0.041 | 3.600 | *** |
STICKY1ⅹENV_DUM | 0.032 | 1.710 | * | 0.036 | 2.210 | ** |
SIZE | −0.007 | −1.810 | * | −0.008 | −2.820 | ** |
ROA | 0.095 | 2.670 | *** | −0.001 | −0.030 | |
LEV | 0.028 | 1.040 | 0.033 | 1.770 | * | |
INTAN | 0.029 | 0.380 | −0.200 | −3.680 | *** | |
GRW | 0.001 | 0.510 | 0.001 | 1.520 | ||
AGE | 0.007 | 1.290 | 0.005 | 1.240 | ||
MTB | 0.044 | 14.860 | *** | −0.005 | −2.770 | *** |
FOR | −0.001 | −2.280 | ** | 0.001 | 0.060 | |
OWN | −0.001 | −0.960 | 0.001 | 0.170 | ||
YD | Included | Included | ||||
ID | Included | Included | ||||
F-value | 11.97 *** | 5.40 *** | ||||
Adj. R2 | 15.96% | 11.47% | ||||
Variables | Model 3 = TRANS1 | Model 4 = TRANS2 | ||||
Coefficient | t-Value | Coefficient | t-Value | |||
Intercept | 0.202 | 1.910 | * | 0.517 | 7.120 | *** |
STICKY2 | −0.037 | −2.640 | *** | −0.028 | −2.760 | *** |
ENV_DUM | −0.045 | −3.020 | *** | 0.038 | 3.460 | *** |
STICKY2ⅹENV_DUM | 0.044 | 1.970 | ** | 0.060 | 2.970 | *** |
SIZE | −0.007 | −1.800 | * | −0.008 | −2.850 | *** |
ROA | 0.096 | 2.710 | *** | 0.001 | 0.030 | |
LEV | 0.027 | 1.020 | 0.034 | 1.790 | * | |
INTAN | 0.028 | 0.380 | −0.198 | −3.630 | *** | |
GRW | 0.001 | 0.510 | 0.001 | 1.530 | ||
AGE | 0.007 | 1.340 | 0.005 | 1.310 | ||
MTB | 0.044 | 14.830 | *** | −0.005 | −2.780 | *** |
FOR | −0.001 | −2.270 | ** | 0.001 | 0.100 | |
OWN | −0.001 | −0.930 | 0.001 | 0.200 | ||
YD | Included | Included | ||||
ID | Included | Included | ||||
F-value | 12.05 *** | 5.78 *** | ||||
Adj. R2 | 11.05% | 11.59% |
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Oh, H.; Park, S. The Effect of Corporate Sustainable Management on the Relationship between Cost Stickiness and Earnings Transparency. Sustainability 2021, 13, 13453. https://doi.org/10.3390/su132313453
Oh H, Park S. The Effect of Corporate Sustainable Management on the Relationship between Cost Stickiness and Earnings Transparency. Sustainability. 2021; 13(23):13453. https://doi.org/10.3390/su132313453
Chicago/Turabian StyleOh, Hyunmin, and Sambock Park. 2021. "The Effect of Corporate Sustainable Management on the Relationship between Cost Stickiness and Earnings Transparency" Sustainability 13, no. 23: 13453. https://doi.org/10.3390/su132313453