Fatores determinantes dos preços das ações: o EBITDA é mais value relevant que os indicadores tradicionais?

Abstract

The objective of this study was to verify if EBITDA is more relevant than the following performance indicators: net margin, composition of indebtedness, return on assets, asset turnover, earnings per share and operating cash flow, as well as the explanation of company prices listed in B³. Considering the period from 2010 to 2016, all B3 companies were used as sample, except those of the financial sector and those with incomplete data. As methodology, simple and multiple linear regression with panel data and fixed effect was applied. Based on the previous studies, two research hypotheses were defined: EBITDA is more relevant than traditional indicators and contributes significantly to the annual observed return. From the results, it was observed that the EBITDA did not present statistical significance in the models, rejecting the research hypotheses, in addition the R² within were very low, confirming previous research and emphasizing the need to consider other variables in the model, as politics and economics.