本研究旨在探討成本僵固性與企業未來獲利的關係是否受到管理者能力的好壞而調節。過去研究發現成本僵固的現象，一方面代表著管理者對成本控制的無效率，一方面也代表管理者面對銷售下降時仍對未來看好而維持資源的決策。公司在面臨銷售下降時是否調整資源得宜，需仰賴管理者對於未來公司前景的判斷，並正確評估保留資源能否帶來效益。因此，本研究預期管理者能力好時，成本僵固性愈會是管理者對未來前景看好的訊號，故成本僵固與未來獲利呈正相關；但管理者能力差時，成本僵固性較可能是成本調整無效率的展現，故成本僵固與未來獲利呈負相關。本文以臺灣證券交易所上市櫃公司為研究對象，研究期間為2012至2017年，實證結果發現在管理者能力差的公司，成本僵固性對於未來獲利有顯著負向關係，但在管理者能力佳的公司，成本僵固性與未來獲利呈正向關係，惟未達統計上的顯著水準。額外測試發現研發支出高之公司，其成本僵固性與未來獲利的關係，受到管理者能力調節效果會大於研發支出低之公司。整體而言，本研究發現部分證據顯示，成本僵固性與未來獲利之間的關係會隨著管理者能力調節。

This study investigates whether the relationship between sticky costs and future earnings is moderated by managerial ability. Prior studies have found that sticky costs represent, on the one hand, the inefficiency of cost control by managers, and on the other hand, the decision of managers to maintain resources when they are optimistic about the future in the face of declining sales. Whether a firm adjusts its resources properly in the face of declining sales depends on the manager's judgment of the future firm's prospects and a proper assessment of the benefits of retaining resources. Using a sample of Taiwanese listed companies from 2012 to 2017, the empirical results show that sticky costs are negatively and significantly associated with future profits in the companies with low managerial ability. However, in the firms with high managerial ability, sticky costs are positively associated with future profits, but it does not reach the statistically significant level. The additional test found that the relationship between sticky costs and future earnings of firms with high R&D expenditures is greater than that of firms with low R&D expenditures due to managerial ability. Overall, this study provides some evidence that the relationship between sticky costs and future earnings will be moderated by managerial ability.

林有志、傅鍾仁、陳筱平，成本僵固性之實證研究，當代會計，第12卷第2期，2011年，頁191-220。
Abarbanell, J. S., and Bushee, B. J. (1997). Fundamental analysis, future earnings, and stock prices. Journal of Accounting Research, 35(1) , 1-24.
Anderson, M. C., R. D. Banker, and S. N. Janakiraman, (2003). Are selling, general, and administrative costs “sticky”?. Journal of Accounting Research, 41, 47-63.
Anderson, M., Banker, R., Huang, R., and Janakiraman, S. (2007). Cost behavior and fundamental analysis of SG&A costs. Journal of Accounting, Auditing & Finance, 22(1), 1-28.
Andreou, P. C., Ehrlich, D., and Louca, C. (2013). Managerial ability and firm performance: Evidence from the global financial crisis. In European Financial Management Association, Annual Conference.
Baik, B. O. K., Farber, D. B., and Lee, S. A. M. (2011). CEO ability and management earnings forecasts. Contemporary Accounting Research, 28, 1645-1668.
Baik, B., Kim, J. M., and Kim, W. (2017). Electricity Consumption, Future Earnings, and Stock Returns. Working Paper.
Banker, R. D., and Chen, L. (2006). Predicting earnings using a model based on cost variability and cost stickiness. The Accounting Review, 81(2), 285-307.
Banker, R. D., Basu, S., Byzalov, D., and Chen, J. (2013). Asymmetries in cost-volume-profit relation: Cost stickiness and conditional conservatism. Available at SSRN 2312179.
Banker, R. D., Byzalov, D., Ciftci, M., and Mashruwala, R. (2014). The moderating effect of prior sales changes on asymmetric cost behavior. Journal of Management Accounting Research, 26(2), 221-242.
Baker, N., and Freeland, J. (1975). Recent advances in R&D benefit measurement and project selection methods. Management Science, 21(10), 1164-1175.
Calleja, K., Steliaros, M., and Thomas, D. C. (2006). A note on cost stickiness: Some international comparisons. Management Accounting Research, 17(2), 127-140.
Carmeli, A., and A. Tishler. (2004). Resources, capabilities, and the performance of industrial firms: A multivariate analysis. Managerial and Decision Economics, 25(6-7) , 299-315.
Charnes, A., W. W. Cooper, and E. Rhodes. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2(6), 429-444.
Chen, C. X., Lu, H., and Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research, 29(1), 252-282.
Chen, C. X., Gores, T., and Nasev, J. (2013). Managerial overconfidence and cost stickiness. Available at SSRN 2208622.
Demerjian, P., Lev, B., and McVay, S. (2012). Quantifying managerial ability: a new measure and validity tests. Management Science, 58, 1229-1248.
Demerjian, P. R., Lev, B., Lewis, M. F., and McVay, S. E. (2013). Managerial ability and earnings quality. The Accounting Review, 88(2), 463-498.
Dierynck, B., W. R. Landsman, and A. Renders. (2012). Do managerial incentives drive cost behavior? Evidence about the role of the zero earnings benchmark for labor cost behavior in private Belgian firm. The Accounting Review, 87, 1219-1246.
Douhan, R., G. Eliasson, and M. Henrekson. (2007). Israel M. Kirzner: An outstanding Austrian contributor to the economics of entrepreneurship. Small Business Economics, 29 (1-2) , 213-223.
Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2010). The effect of executives on corporate taxavoidance. The Accounting Review, 85(4) , 1163-1189.
Farrell, M. J. (1957). The Measurement of Productive Efficiency. Journal of the Royal Statistical Society , 120(3) , 253-281.
Fee, C. E., and Hadlock, C. J. (2003). Raids, rewards, and reputations in the market for managerial talent. The Review of Financial Studies, 16(4), 1315-1357.
Gan, H. (2019). Does CEO managerial ability matter? Evidence from corporate investment efficiency. Review of Quantitative Finance and Accounting, 52 (4), 1085-1118.
Hambrick, D. C., and Mason, P. A.. (1984). Upper Echelons: The Organization as Reflection of Its Top Managers”Managers. Academy of Management Review, 193-206.
Hatry, H. P. (2006). Performance measurement: Getting results. The Urban Insitute.
He, D., Teruya, J., and Shimizu, T. (2010). Sticky selling, general, and administrative cost behavior and its changes in Japan. Global Journal of Business Research, 4(4), 1-10.
Homburg, C., and Nasev, J. (2009). How timely are earnings when costs are sticky? Implications for the link between conditional conservatism and cost stickiness. Implications for the Link Between Conditional Conservatism and Cost Stickiness. AAA.
Lee, W. J., Pittman, J., and Saffar, W. (2020). Political uncertainty and cost stickiness: Evidence from national elections around the world. Contemporary Accounting Research, 37(2), 1107-1139.
Soliman, M. T. (2008). The use of DuPont analysis by market participants. The Accounting Review, 83(3), 823-853.
Subramaniam, C., and Watson, M. W. (2016). Additional evidence on the sticky behavior of costs. In Advances in Management Accounting. Emerald Group Publishing Limited.
Sougiannis, T. (1994). The accounting based valuation of corporate R&D. The Accounting Review, 69, 44-8.
Switzer, L. N., and J. F. Bourdon. (2011). Management quality and operating performance:Evidence for Canadian IPOs. International Journal of Business, 16 (2), 133-149.
Milbourn, T. T. (2003). CEO reputation and stock-based compensation. Journal of Financial Economics, 68, 233-262.
Murphy, Kevin, J., and Ján Zábojník. (2004). CEO Pay and Appointments: A Market-Based Explanation for Recent Trends. American Economic Review, 94 (2), 192-196.
Noreen, E. (1991). Conditions under which activity-based cost systems providerelevant costs. Journal of Management Accounting Research, 3(4), 159-168.
Noreen, E., and N. Soderstrom, (1997). The accuracy of proportional cost models:Evidence from hospital service departments. Review of Accounting Studies, 2, 89-114.
Rouxelin, F., Wongsunwai, W., and Yehuda, N. (2018). Aggregate cost stickiness in GAAP financial statements and future unemployment rate. The Accounting Review, 93(3), 299-325.
Weiss, D. (2010). Cost behavior and analysts’ earnings forecasts. The Accounting Review, 85, 1441-1471.
Yung, K., and C. Chen. (2018). Managerial ability and firm risk-taking behavior. Review of Quantitative Finance and Accounting, 51 (4), 1005-1032.