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Exploring the asymmetric cost behaviour in the context of European non-listed firms

Author

Listed:
  • Vasilios-Christos Naoum
  • Georgios Papanastasopoulos
  • Panagiotis Selekos
  • Orestes Vlismas

Abstract

This study provides international empirical evidence for the asymmetric cost behaviour of operating expenses in the context of the European non-listed firms. We employed a data sample of 4,177,625 firm years observations from Amadeus Database for the period 2009–2017 to explore the asymmetric cost behaviour phenomenon at the EU-28 countries pool and country level. Substantial variation in the direction of the asymmetric cost behaviour, across countries and firm size clusters, has been observed. However, in a considerable number of cases operating expenses exhibit symmetric cost behaviour. We conjecture that the reasons behind the observed pattern of asymmetric cost behaviour in the organizational setting of non-listed firms are the relative low availability of entrepreneurial economic resources and the presence of entrepreneur which might affect the resource allocation decision-making process.

Suggested Citation

  • Vasilios-Christos Naoum & Georgios Papanastasopoulos & Panagiotis Selekos & Orestes Vlismas, 2024. "Exploring the asymmetric cost behaviour in the context of European non-listed firms," Applied Economics, Taylor & Francis Journals, vol. 56(31), pages 3778-3803, July.
    • Handle: RePEc:taf:applec:v:56:y:2024:i:31:p:3778-3803
    DOI: 10.1080/00036846.2023.2208844
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