Consumer Sentiment, Managerial Expectations and Resource Adjustment Decisions
研究发现，当消费者对未来经济前景的乐观情绪上升时，管理层在销售下滑后更倾向于保留闲置资源，推迟调整以避免调整成本，从而增强成本粘性行为。
This study presents evidence on the relationship between consumer sentiment and resource adjustment decisions. Consumer sentiment is an important piece of economic information, accepted as a reliable predictor of future economic activity, which is why it should influence managerial expectations underlying future-oriented resource adjustment decisions. In line with these considerations, I find that managers are more likely to retain slack resources following a decrease in sales when consumer sentiment about future business prospects is improving. Managers seem to adopt consumers’ optimism about future economic prospects by deciding to stall resource adjustments until sales recover to avoid current and future adjustment costs, thus increasing firms’ level of sticky cost behavior. Together with various additional analyses, this study provides new insights into managers’ resource adjustment decision-making process and enhances our understanding of the information upon which managers form their expectations.