系統識別號 U0026-1002202019414700
論文名稱(中文) 天氣對成本僵固性的影響
論文名稱(英文) Does Weather Affect Cost Stickiness?
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 108
學期 1
出版年 109
研究生(中文) 蘇群雅
研究生(英文) Chun-Ya Su
學號 R87071362
學位類別 碩士
語文別 中文
論文頁數 27頁
口試委員 指導教授-周庭楷
中文關鍵字 天氣  成本僵固性 
英文關鍵字 Weather  Cost stickiness 
中文摘要 本研究基於心理學文獻,陽光照射量與管理者情緒正相關,探討天氣對成本僵固性的影響,依據美國上市公司總部所在的城市天氣狀況作為管理者情緒的代理變數,實證發現天氣與成本僵固性顯著正相關。當公司銷貨收入下降,好天氣驅動的正面情緒影響管理者做決策時較樂觀,認為銷貨收入的下降只是暫時的,傾向做出減緩或不調減資源的決策,使公司的成本僵固性增加,而受壞天氣驅動負面情緒的管理者則反之,受負面情緒影響的管理者較悲觀,認為銷貨收入的下降非暫時性的,傾向做出向下調整資源的決策,使成本僵固性降低。
英文摘要 This study examines the effect of weather on cost stickiness during 1988-2018, based on the psychological literature about the amount of sunshine exposure is positively related to the mood of managers. The weather conditions in the cities where US listed company headquarters are located are used as proxy variables for manager’s mood. Empirical evidence found that sunshine exposure and cost stickiness is significantly positively correlated.
論文目次 第一章 緒論 1
第二章 文獻回顧與假說建立 5
第一節 天氣文獻 5
第二節 成本僵固性文獻 8
第三節 假說建立 11
第三章 研究設計 13
第一節 天氣變數與資料來源 13
第二節 研究方法 14
第三節 樣本篩選 16
第四章 實證結果 17
第一節 敘述性統計及相關係數表 17
第二節 迴歸結果 20
第五章 結論與建議 23
參考文獻 24
參考文獻 Anderson, M. C., Banker, R. D., & Janakiraman, S. N. (2003). Are selling, general, and administrative costs “sticky”? Journal of Accounting Research 41: 47-63.
Anderson, S. W., & Lanen, W. N. (2007). Understanding cost management: What can we learn from the evidence on 'sticky costs'? Working paper, University of California, Davis.
Banker, R. D., Huang, R., & Natarajan, R. (2011). Equity incentives and long‐term value created by SG&A expenditure. Contemporary Accounting Research 28: 794-830.
Bower, G. H. (1981). Mood and memory. American Psychologist 36: 129.
Calleja, K., Steliaros, M., & Thomas, D. C. (2006). A note on cost stickiness: Some international comparisons. Management Accounting Research 17: 127-140.
Chang, Y., & Hsu, W. (2016). Mood and analyst optimism and accuracy. Working paper, Massey University.
Chen, C. X., Lu, H., & Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research 29: 252-282.
Chen, F., Peng, X., & Zeng, J. (2017). Does severe air pollution affect audit judgment?: Evidence from China. Working paper, University of Toronto.
Chen, Y., Hsu, P. H., Podolski, E., & Veeraraghavan, M. (2017). In the mood for creativity: Weather-induced mood, inventor productivity, and firm value. Working paper, City University of Hong Kong.
Chen, J. V., Kama, I., & Lehavy, R. (2017). The tone of management forward-looking statements and asymmetric cost behavior. Working paper, University of Illinois at Chicago.
Chen, C. X., Gores, T., Nasev, J., & Wu, S. (2018). CEOs versus CFOs: Managerial overconfidence and cost behavior. Working paper, University of Illinois at Urbana-Champaign.
Chhaochharia, V., Kim, D., Korniotis, G. M., & Kumar, A. (2019). Mood, firm behavior, and aggregate economic outcomes. Journal of Financial Economics 132: 427-450.
Cortés, K., Duchin, R., & Sosyura, D. (2016). Clouded judgment: The role of sentiment in credit origination. Journal of Financial Economics 121: 392-413.
Cunningham, M. R. (1979). Weather, mood, and helping behavior: Quasi experiments with the sunshine samaritan. Journal of Personality and Social Psychology 37: 1947.
Dehaan, E., Madsen, J., & Piotroski, J. D. (2017). Do weather‐induced moods affect the processing of earnings news? Journal of Accounting Research 55: 509-550.
Dolvin, S. D., Pyles, M. K., & Wu, Q. (2009). Analysts get SAD too: The effect of seasonal affective disorder on stock analysts' earnings estimates. The Journal of Behavioral Finance 10: 214-225.
Dong, R., Fisman, R. J., Wang, Y., & Xu, N. (2019). Air pollution, affect, and forecasting bias: Evidence from Chinese financial analysts. Journal of Financial Economics, Forthcoming.
Estrada, C. A., Isen, A. M., & Young, M. J. (1997). Positive affect facilitates integration of information and decreases anchoring in reasoning among physicians. Organizational Behavior and Human Decision Processes 72: 117-135.
Forgas, J. P., & Bower, G. H. (1987). Mood effects on person-perception judgments. Journal of Personality and Social Psychology 53: 53.
Francis, B., Hu, W., & Shohfi, T. (2018). Are managers 'under-the-weather' during earnings conference calls? Working paper, Rensselaer Polytechnic Institute.
Goetzmann, W. N., & Zhu, N. (2005). Rain or shine: Where is the weather effect? European Financial Management 11: 559-578.
Goetzmann, W. N., Kim, D., Kumar, A., & Wang, Q. (2014). Weather-induced mood, institutional investors, and stock returns. The Review of Financial Studies 28: 73-111.
Hilton, R. W., Mather, M. W., & Selto, F. H. (2008). Cost management: Strategies for business decisions (4th ed.). New York: McGraw-Hill, Inc.
Horngren, C. T., Datar, S. M., & Rajan, M. V. (2012). Cost accounting: A managerial emphasis (14th ed.). New Jersey: Pearson Education, Inc.
Howarth, E., & Hoffman, M. S. (1984). A multidimensional approach to the relationship between mood and weather. British Journal of Psychology 75: 15-23.
Huang, J., Xu, N., & Yu, H. (2019). Pollution and performance: Do investors make worse trades on hazy days? Working paper, University of Illinois at Urbana-Champaign.
Isen, A. M., Shalker, T. E., Clark, M., & Karp, L. (1978). Affect, accessibility of material in memory, and behavior: A cognitive loop? Journal of Personality and Social Psychology 36: 1.
Isen, A. M. (2001). An influence of positive affect on decision making in complex situations: Theoretical issues with practical implications. Journal of Consumer Psychology 11: 75-85.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360.
Johnson, E. J., & Tversky, A. (1983). Affect, generalization, and the perception of risk. Journal of Personality and Social Psychology 45:20.
Kim, J. B., & Wang, K. (2014). Labor unemployment risk and sticky cost behavior. Working paper, City University of Hong Kong.
Lee, W. J., Pittman, J., & Saffar, W. (2016). Political uncertainty and cost stickiness: Evidence from national elections around the world. Working paper, Seoul National University.
Schwarz, N., & Clore, G. L. (1983). Mood, misattribution, and judgments of well-being: Informative and directive functions of affective states. Journal of Personality and Social Psychology 45: 513.
Scott, J. M. (2007). The impact of weather conditions on mood variability in geographically relocated versus non-relocated individuals. Journal of Undergraduate Research at Minnesota State University, Mankato 7: 12.
Topel, R. H. (1983). On layoffs and unemployment insurance. The American Economic Review 73: 541-559.
  • 同意授權校內瀏覽/列印電子全文服務,於2020-06-24起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2020-06-24起公開。

  • 如您有疑問,請聯絡圖書館