Informações GAAP e Non-GAAP: um estudo sobre o value relevance do EBITDA e fluxo de caixa operacional

Abstract

Non-GAAP information are performance indicators ajusted of accounting measures, aiming provide to respective users informations more reliable about operationals business situation. Despite these indicators to be available for the decision make to users and to be present in financial reports, few researchers pay attention to study the informations. On the other hand, the GAAP measures are those that are in accourdance with accounting principles and standards. Thus, the presente paper aims analyze the value relevance of two operational performance indicators, EBITDA and operate cash flow over five days after the disclosure of earnings. The EBITDA (earnings before interest, taxes, depreciation and amortization), non-GAAP information, that has been standardized and has it voluntary disclosure for the public company since CVM rule n. 527/2012. Already the operate cash flow, are GAAP information from the Cash Flow Statement, whose disclosure is mandatory since than CPC 03 (R2) started running. As sample had extreme values, the same presented problems of heterokedasticity and waste normality, and may reflect biased results. So, research used the results obtained in the quantile regression. The chosen sample were ordinary shares of non-financial companies listed on Brazilian Stock Exchange, that disclosed informations about EBITDA, operate cash flow and equity value of 2013 to 2018. The results show that EBITDA represents a proxy of operate cash flow. Besides it was found that after the disclosure of results the market takes about two days for present the influence of informations. The value relevance to two informations presents statistic significance, but EBITDA has a greater informational power than operate cash flow. In relation to relevance of the informations over quartiles, it was noticeable that both measures are significant only to scrip that are up to quartile 0,75, with the lowest share price, greater is the informative power of two measures about her.