Custos pegajosos: um estudo em empresas brasileiras e norteamericanas do setor elétrico

Abstract

The aim of this study is to determine the presence of sticky costs in Brazilian and US electric utilities and analyze its relevance in the cost structure of these companies. Therefore, the research was conducted using the population of Brazilian electric utilities whose shares are listed on the BM&FBOVESPA and American companies of the same sector that negotiate their shares on NASDAQ and NYSE. For the creation of the sample, criteria were established over the period of analysis and characteristics of the analyzed companies. Companies that do not have financial reports published from 2004 to 2013, holding companies with very distinctive activities or whose subsidiaries also possessed shares traded in the market would be eliminated. As a result of the establishment of criteria, the sample presented 33 Brazilian companies and 25 US companies. For this study were analyzed net income from operations, cost of goods sold and income tax. Despite the use of a variable expense in the analysis, the name sticky "costs" were maintained in order to keep it linked with other papers about the same subject. Using the regression model presented by Anderson, Banker and Janakiraman (2003), it was possible to prove the existence of sticky costs in the Brazilian electricity sector: every 1% increase in revenue, variable costs increased 1.32%, on the other hand, when revenue decreased 1%, expenses decreased only 0.78%. In American electric sector, on the other hand, there was no proof of the existence of sticky costs, for every 1% increase in revenue, expenses increased 1.02% and each 1% decrease in revenues, expenses decreased 1.58%, which demonstrates an efficient cost management. The results presented also have different relevance when we present the results of the regressions aimed at explaining the influence, as a percentage, of expenditures on changes in revenue on both countries: 24% of influence in revenue of Brazilian companies and 75% in US companies.