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This study aims to test cost stickiness behavior under different managerial ability levels. Managerial ability plays an important role in resource-related decision making. Previous cost stickiness research assumes that managers exhibit similar abilities to manage resources. However, managers with different managerial abilities may make different resource decisions, which leads to different cost stickiness levels. More able managers can manage resources efficiently and deal with resource shortages. This study also tests the effects of environmental uncertainty on cost stickiness under different managerial ability levels. Managers’ resource decisions must consider environmental uncertainty to generate optimal returns. More able managers are more willing to take risks and manage resources efficiently to deal with uncertainty. Meanwhile, less able managers tend to retain resources to cope with environmental uncertainty. We ran the panel regression analysis of 19,612 listed firm-year observations in ASEAN countries from 2013 to 2019. The results show that firms led by less able managers exhibit cost stickiness. Less able managers cannot manage resources efficiently and are more likely to retain resources than make costly adjustments. Further, the effect of environmental uncertainty on cost stickiness is stronger in firms led by less able managers. Less able managers tend to retain resources when sales decline.

Knowledge-based industries base their business processes on intellectual capital. This study, conducted in Southeast Asian countries, examines the influence of intellectual capital on financial performance and market performance of a company in the knowledge-based industry. Intellectual capital is measured using the Modified Value Added Intellectual Coefficient (MVAIC). This study uses a oneyear time lag for MVAIC measurements and performance. The sample set consisted of 242 companies. The tests, performed using multiple regressions, analyzed MVAIC and MVAIC components consisting of Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), Relational Capital Efficiency (RCE), and Capital Employed Efficiency (CEE). The research showed that intellectual capital (MVAIC) has a positive effect on financial and market performance. The components of MVAIC have different effects; for example, HCE has a positive effect on financial and market performance. This result proves that human capital plays an important role in a company in the knowledge-based industry. SCE has no effect on financial and market performance, RCE has no effect on financial and market performance, and CEE has a positive effect on financial performance and no effect on market performance.

This study aims to examine the relationship between tax avoidance and cost stickiness. This study also tests whether the relationship between tax avoidance and cost stickiness varies with the characteristics of the board of commissioners. The characteristics of the board of commissioners used are the size of the board of commissioners and the educational background of the board of commissioners. The study was conducted on listed firms on Indonesia Stock Exchange for the period 2013-2017. The results showed that there was a positive relationship between tax avoidance and cost stickiness. This study did not find enough evidence that the relationship between tax avoidance and stickiness costs was more positive in firms with a small size of the board of commissioners compared to large ones. Firms with a small size of board of commissioners indeed show anti-sticky costs and tax avoidance is not related to cost stickiness, but firms with a large board of commissioners show that there is a positive relationship between tax avoidance and cost stickiness. This study also found that in groups with small proportions of economic education / business background of board members there was a positive relationship between tax avoidance and cost stickiness, whereas in large groups there was no cost stickiness and found no relationship between tax avoidance and cost stickiness.