Chief risk officer e o comportamento assimétricos dos custos: uma análise das empresas listadas na B3

Abstract

The behavior of costs is a recurring theme in the literature, whose understanding is pacified in relation to the existence of the Sticky Costs Theory, which is configured by the asymmetric behavior of costs in relation to variations in Net Sales Revenue - NSR. Once this theory was instituted, the studies began to analyze its explanatory factors and the consequences of the cost asymmetry for companies. Based on these two aspects, the objective of this research is to study the association between the behavior of costs and the presence of a Chief Risk Officer - CRO in Brazilian companies listed on B3. The research has a quantitative approach, with a sampling composed of 235 companies with data available between the years 2015 and 2019. He collected data were formed using descriptive statistics and panel data regression. In addition to the approach traditionally used in the literature for the variable total costs, this research contemplates the inclusion of financial expenses in total costs, under the perspective that many companies have their operations financed by third-party capital. The research hypothesis studied was that the use of a CRO in Brazilian companies listed on B3 attenuates the asymmetric behavior of costs. The results obtained indicate that the presence of the CRO in the analyzed companies increases the cost asymmetry. The research also identified that companies that established a risk committee have lower cost asymmetry. The research made it possible to fill a gap in the literature between the association of cost asymmetry and the presence of CRO in companies, helping researchers and other users of financial statements to have more details about the costs behavior. The results suggest the continuity of studies on the subject, with the inclusion of other variables to better explain the factors and consequences of the asymmetric behavior of costs