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题  目：Are costs stickier when the future is nearer?

报告人：陈 茹 博士研究生

主持人：沈江华 助理教授

时  间：2020年10月30日（星期五），15:00-17:30

地  点：嘉庚一409室

论文摘要： The concept of the future is crucial in understanding capitalist economics but has been largely underexplored (Beckert 2016 – Liang et al 2018; Liang et al 2018). By focusing on future-time reference, an important feature of the language structure, we link the use of language with a company’s cost behavior. Our empirical results support our hypothesis. After controlling factors that were found to be the determinants of cost stickiness, we find that firms located in weak-FTR countries exhibit higher degree of cost stickiness. The results are robust to various sets of control variables, alternative measures, different sample compositions and alternative model specifications. We also conduct within-country analyses to assuage the concerns of cross-country studies. Results also remain unchanged when we use instrumental variable approach, suggesting that the relationship between future-time reference and cost behavior likely to be causal. Overall, cost stickiness is contingent on managerial expectation about the sales rebound in the future. We find that languages may affect time-distance beliefs, i.e., whether the sales rebound is nearing or not and the belief that a future sale rebound is immediate results in greater cost stickiness.