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The Effect of Macroeconomic Uncertainties on Cost Structure: An Application to the BIST Manufacturing Sector

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  • Emre Horasan
  • Emel Kılıçbey

Abstract

In this study, which aims to ascertain the impact of macroeconomic uncertainty on cost stickiness, the annual data from 113 manufacturing companies operating in Borsa Istanbul (BIST) for the period 2007-2022 were analyzed using panel data regression analysis. In the study, six different models were developed to determine cost stickiness in various cost elements according to the “Anderson, Banker and Janakiraman” (ABJ) method. Subsequently, six additional models were also developed according to the extended ABJ method to ascertain the macroeconomic uncertainties influencing the level of stickiness in these cost elements. The analysis results indicate that the cost stickiness theory is applicable for all cost elements except the number of employees. However, the anti-stickiness theory is valid for the number of employees. Consequently, it can be said that macroeconomic uncertainties, company-specific factors, and macroeconomic factors affect the level of cost stickiness in different directions and at different levels in the specific cost elements analyzed.

Suggested Citation

  • Emre Horasan & Emel Kılıçbey, 2026. "The Effect of Macroeconomic Uncertainties on Cost Structure: An Application to the BIST Manufacturing Sector," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 11(1), pages 1-20.
    • Handle: RePEc:ahs:journl:v:11:y:2026:i:1:p:1-20
    DOI: 10.30784/epfad.1661957
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    References listed on IDEAS

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    2. Fernando Zanella & Peter Oyelere & Shahadut Hossain, 2015. "Are costs really sticky? Evidence from publicly listed companies in the UAE," Applied Economics, Taylor & Francis Journals, vol. 47(60), pages 6519-6528, December.
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    Keywords

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    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other
    • E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other
    • E70 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - General
    • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other

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