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

In this study, which aims to ascertain the impact of macroeconomic uncertainties on cost stickiness, the annual data of 113 manufacturing companies operating in Borsa Istanbul for the period 2007-2022 were subjected to panel data regression analysis. In the study, six different models were established to determine cost stickiness in various cost elements according to the “Anderson, Banker and Janakiraman” (ABJ) method. Subsequently, six different models were also constructed according to the extended ABJ method to ascertain the macroeconomic uncertainties influencing the level of stickiness in these cost elements. The analysis's conclusions show that the cost stickiness theory is applicable for all cost elements except the count of employees. However, the anti-cost 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 cost elements analyzed.