Sticky Costs and Anti-Sticky Costs

This study analyzed the asymmetric behavior of costs in Brazilian publicly traded companies during different phases of the economic cycle. The methodology is characterized as descriptive, documentary, and quantitative research. The sample comprised 184 companies from 2010 to 2023. To analyze the asymmetric behavior of costs, the model proposed by Anderson et al. (2003) was applied, while the phases of the economic cycle (contraction, recovery, recession, and expansion) were identified based on Schumpeter’s (1939) methodology. The distinction between economic cycle phases was made using the real GDP growth rate. In each phase, cost asymmetry was separately analyzed for Cost of Goods Sold (COGS), Selling, General and Administrative Expenses (SGA), and Total Cost (TC). During the contraction phase, asymmetry in the sticky direction was observed for TC. The recovery phase showed statistically significant anti-sticky behavior for both COGS and TC. In the recession phase, sticky behavior was identified in SGA and TC. Finally, in the expansion phase, TC also exhibited sticky behavior. These results reveal that cost behavior varies according to the phase of the economic cycle, with identifiable sticky and anti-sticky patterns in different macroeconomic contexts. Therefore, it is concluded that economic cycles significantly influence managerial decisions related to the cost structure of Brazilian publicly traded companies.