| In convetional theory of management accounting,there is a strict lineral function relationship between the cost and the voume of business,which means that the cost will change in the same propotion when the voume of business increase or decrease.While,since Anderson et al.(2003)first confirm the asymmetric change between cost and operating income by using data from US listed companies,’ cost stickiness’becomes the research objective of many scholars.The existing literatures have reached a consensus on the existence of cost stickiness,and some researchers suggest several theoretical courses from the perspective of contract view,adjustment cost,opportunism and efficiency view.With the deepening of research,scholars have extended the driving factors of cost stickiness from internal corporate governance mechanism to the external legal and economic environment.This article combines political uncertainty and enterprise cost stickiness,based on system environment,and intends to investigate whether the uncertainty steming from political environment will change the enterprise’s cost stickiness.In this papper,we build the basical hypothesis that the tunrover of municipal party secretary will enhence the enterprise’s cost stickiness after analyzing existing literatures at first,and then we confirm the assumption by using the financial data of A-share listed copmanies in 2007-2015.Then we inspect the path mechanism in which the turnover of municipal party secretary effects cost stickiness,and find that the "legal political power transfer" and the "transfer of factual political power"brought by the change of municipal party secretary have combined to enhance the company’s cost stickiness.Hereafter,in this papper we we find that the cost stickiness is enhenced by municipal party secretaries’turnover mainly in the non-monopolistic industry and the manufacturing industry,under the path of legal political power transfer.And then,we find that the strengthening effect of municipal party secretaries’ turnover on the stickiness of enterprises is mainly concentrated in enterprises with hing finiacal constraints and low-marketization areas,under the path of factual political power transfer.At last,we investigate the inter-temporal impact of political uncertainty on the costs stickiness of corporates.We find that the the manifestation of the cost stickiness of enterprise,brought by political uncertainty steming from municipal party secretaries’turnover,mainly exists in the current period after the change of secretaries.The local government still plays a leading role in the development of local economy in the transition economy,and political uncertainty can’t be ignored in the development of enterprises.The research of this paper will help to deepen the understanding of the formation mechanism and influencing factors of the cost stickiness from the institutional level,and provide a new example of how the macro system effects the micro decision making of enterprises.At the same time,this paper reveals the influence mechanism of political uncertainty on the stickiness of enterprises’ cost,which provides the reference for enterprises to make scientific management decisions and improve the management level of cost. |
