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The operating leverage impact on systematic risk within a context of choice An analysis of the US trucking industry

机译：选择范围内的经营杠杆对系统风险的影响美国卡车行业分析

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Purpose - Strategic cost structure choices determine how firms divide operating costs between fixed and variable components, and therefore have important implications for financial performance. The purpose of this paper is to examine the effect of operating leverage on equity Betas when managers have discretion over firms' cost structures. Design/methodology/approach - Using panel data for publicly listed trucking firms over years 1994-2006, market model Betas are regressed on controls and alternatively measured proxies for operating leverage: degree of operating leverage, assets in place and percentage of company employed drivers. Findings - Results of this study generally show positively significant coefficients on all three operating leverage variables. Originality/value - Operating characteristics of many industries require that firms make substantial investments in long-lived assets that result in high fixed costs (e.g. depreciation), and for these firms cost structure is exogenously or technologically constrained leaving managers with little discretion. In contrast to these types of firms, the authors examine the effect of operating leverage (OL) on Betas when managers have discretion over firms' cost structures. Trucking firms are a particularly interesting industry group for analyzing the impact of operating OL choices on Beta because distinct strategic cost structure choices are available to the management of trucking firms that result in various degrees of OL throughout the industry.
机译：目的-战略成本结构选择决定了公司如何在固定和可变成分之间划分经营成本，因此对财务绩效具有重要意义。本文的目的是研究当管理者对公司的成本结构拥有自由裁量权时，经营杠杆对权益Beta的影响。设计/方法/方法-使用1994年至2006年间公开上市的卡车运输公司的面板数据，对控制模型以及操作杠杆的替代度量进行市场模型Beta回归：运营杠杆程度，现有资产和公司聘用驱动因素的百分比。结果-这项研究的结果通常显示出所有三个操作杠杆变量的正相关系数。原创性/价值-许​​多行业的经营特征要求企业对长期资产进行大量投资，从而导致较高的固定成本（例如折旧），而对于这些企业而言，成本结构是外生的或技术上的约束，使得管理人员几乎没有酌情权。与这些类型的公司相反，当管理者对公司的成本结构有自由裁量权时，作者研究了运营杠杆（OL）对Beta的影响。货运公司是一个特别有趣的行业集团，用于分析运营OL选择对Beta的影响，因为可以为货运公司的管理提供不同的战略成本结构选择，从而导致整个行业出现不同程度的OL。

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