本論文探討管理者資源調整之潛在動機，透過1990年至2011年美國各州企業所得稅稅率變化之資料檢視稅率變化對成本僵固性程度之影響。實證結果發現，當管理者面對稅率上升時，為避免因虧損而導致無法抵減損失，將會縮減閒置資源、透過降低成本僵固程度以降低虧損風險。亦即，於了解企業成本習性之決定因素時，應考慮管理者所面對之誘因，尤其是所得稅稅率變化所可能帶來之潛在影響。透過進一步測試，本研究發現，稅率變化與成本僵固性間之反向關係，於僅存在小額獲利之企業將更加明顯。於額外測試中，本研究發現，管理者對於稅率變化係上升或下降，其認知將會有所不同，使得資源調整之程度於面對稅率上升時將較大。

This paper investigates incentives underlying managerial decisions related to resource adjustments. The focus is on the impact of staggered changes in corporate income tax rates across the U.S. on the degree of cost stickiness from 1990 to 2011. I find that when managers face tax rate increases, they will cut slack resources and lower the risk of loss to prevent negative consequences of the inability to offset losses as well as the subsequent decreases in expected returns. These deliberate decisions will consequently lessen the degree of cost stickiness. Through further tests, I also find the reverse relationship between changes in tax rates and the degree of cost stickiness to be stronger for companies with only small profits. In additional tests, the results show that the managerial perceptions of tax rate increases and decreases will be different, making the level of resource adjustments higher when managers face tax rate increases. Overall, the results suggest that we should take the incentives faced by managers into account when attempting to understand factors related to a firm’s cost behavior, particularly the potential influences that result from changes in corporate income tax rates.

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