Journal Article コスト構造と企業リスク : 近年の理論・実証研究からの示唆
Cost Structure and Firm Risk : Implications from Recent Theoretical and Empirical Studies

椎葉, 淳  ,  Atsushi, Shiiba  ,  大阪大学大学院経済学研究科  ,  Graduate School of Economics, Osaka University

Firm value is determined by the future free cash flow and the discount rate that reflects the firm risks. Recent studies reveal that a firm's cost structure is closely linked to its risk. This study discusses the association between a firm's cost structure and risk, and highlights the importance of focusing on management incentives to examine these cost structures in management accounting. Further, I examine empirical literature on asymmetric cost behavior, especially regarding the asymmetric CVP model, in which management incentives serve as key factors in studying cost structures. Finally, I suggest that the theory of the firm as the cost function and agency-theory model should be analyzed in a unified framework.

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