Binhua Qian, Boyuan Yang
Zhejiang Business Technology Institute, Ningbo, China.
University of International Business and Economics, Beijing, China.
PLoS One. 2024 Dec 20;19(12):e0315675. doi: 10.1371/journal.pone.0315675. eCollection 2024.
This study delves into the complex domain of enterprise finance to explore the relationship between cost stickiness and enterprise risks, with a particular emphasis on the role of absorbed slack. Our analysis is based on a comprehensive examination of 3,177 Chinese listed enterprises over a period of ten years, from 2007 to 2022. The findings reveal that cost stickiness is a widespread phenomenon among Chinese listed enterprises, exhibiting variation across different industries. Notably, a strong positive correlation is identified between cost stickiness and enterprise risks, a correlation that remains consistent through various robustness tests, including indicator permutation, sample reconfiguration, and the resolution of endogeneity issues. The research further highlights the mediating effect of absorbed slack in the relationship between cost stickiness and enterprise risks. This study not only confirms the ubiquity of cost stickiness and its association with enterprise risks but also underscores the significant impact of absorbed slack. We offer a novel perspective on the interaction among cost stickiness, absorbed slack, and enterprise risks, providing valuable insights for enterprises aiming to enhance their risk management strategies. The conclusions and recommendations presented serve as a guide for those engaged in the challenging task of managing enterprise risks.
本研究深入探讨企业财务的复杂领域，以探究成本粘性与企业风险之间的关系，尤其关注吸收冗余的作用。我们的分析基于对2007年至2022年十年间3177家中国上市公司的全面考察。研究结果表明，成本粘性在中国上市公司中是一种普遍现象，在不同行业中存在差异。值得注意的是，成本粘性与企业风险之间存在强烈的正相关关系，通过各种稳健性测试，包括指标置换、样本重新配置和内生性问题的解决，这种相关性依然成立。该研究进一步强调了吸收冗余在成本粘性与企业风险关系中的中介作用。本研究不仅证实了成本粘性的普遍性及其与企业风险的关联，还强调了吸收冗余的重大影响。我们为成本粘性、吸收冗余和企业风险之间的相互作用提供了一个新颖的视角，为旨在加强风险管理策略的企业提供了有价值的见解。所呈现的结论和建议为从事企业风险管理这一具有挑战性任务的人员提供了指导。
