A Study on the Liability Limitation Provision and Firms' Cost Behavior

이사책임감면규정 도입이 기업의 원가형태에 미치는 영향

  • 이창섭 (세종대학교 경영학부) ;
  • 우소희 (우송대학교 앤디컷국제대학 글로벌비즈니스학과)
  • Received : 2019.02.15
  • Accepted : 2019.03.14
  • Published : 2019.04.28


This study examines the effect of the liability limitation provision (LLP) adoption on firm's cost behavior. In April 2011, Korea introduced the LLP with the purpose of improving the management efficiency by mitigating the risks caused by the manager's failure to make decisions related to business operation. However, there are concerns that the adoption of LLP may lead the manager's moral hazard, so the need for empirical research to verify the effect of the LLP adoption is emphasized. In this study, we analyze the effect of the LLP adoption empirically, focusing on the cost behavior that is affected by the manager's decision making. From the empirical result, we find that LLP adopted companies have strengthened the cost stickiness of selling, general, and administrative costs rather than non-adopted companies. This suggests that the manager of LLP adopted company makes a more active decision to consider adjusting costs in order to prepare for future recovery in sales when sales is reduced. This study presents empirical evidence to prove the policy validity of the adoption of LLP, and we expect that our results can contribute to the capital market and academia.


Liability Limitation Provision;Cost Stickiness;Cost Behavior;Managers' Decision Making;Selling, General and Administrative Costs

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그림 1. 비대칭적인 원가모형[13]

표 1. 연도별 LLP 도입현황

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표 2. 산업별 LLP 도입현황

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표 3. 기술통계량

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표 4. 상관관계분석 결과

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표 5. 다중회귀분석 결과

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Supported by : 우송대학교


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