本研究主要針對 1991-2013 年美國上市公司探討以下兩個問題：第一、銷管成本僵固性與股價崩跌之關係，第二、在資訊透明度越高之公司下，是否能有效降低成本僵固對於股價崩跌之影響。實證結果發現成本僵固與股價崩跌成正相關，說明成本越僵固的公司，其盈餘波動性越大，越易造成投資人無法輕易判斷公司財務資訊與營運狀況，進而使得資訊不對稱程度越高，增加股價崩跌之風險；再者實證亦發現資訊揭露可以加強公司治理效果，降低公司內部與外部資訊不對稱之情況，強化外部投資大眾監督力道，減少管理階層隱匿負面消息之機會，有效降低成本僵固對於股價崩跌之影響。

This study provides strong and robust evidence that sticky costs reliably predict stock price crash risk. Using a large sample of U.S. firms over the period 1991–2003, we find that sticky cost behavior, as measured by the method in Weiss (2010), is associated with a greater likelihood of a firm’s future stock price crashes. This finding holds for multiple measures of sticky cost and crash risk, and is robust to controlling for other known determinants of crash risk, year-fixed effects and firm-fixed effects. Moreover, we find that the relation between sticky cost behavior and crash risk is more pronounced for firms with lower information transparency. Overall, our results are consistent with the notion that information transparency limits managerial incentive and ability to overstate performance and hide bad news from investors, which, in turn, reduces stock price crash risk.

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