A study on causality between EBITDA and return of shares of brazilian companies (2008 - 2014)

Authors

  • Cleyton de Oliveira Ritta Fundação Universidade Regional de Blumenau (FURB) Author
  • Fellipe André Jacomossi Fundação Universidade Regional de Blumenau (FURB) Author
  • Thiago Rocha Fabris Universidade do Extremo Sul Catarinense (UNESC) Author
  • Roberto Carlos Klann Fundação Universidade Regional de Blumenau (FURB) Author

DOI:

https://doi.org/10.4025/enfoque.v36i2.34126

Abstract

The overall objective of the research was to identify the relationship between EBITDA and the return of shares of Brazilian companies listed on the BM&FBovespa, through the application of the Granger Causality Test. The research is characterized as descriptive, documentary with a quantitative approach. The results showed that the EBITDA margin on the net revenue was, on average, of 30.43% within the investigated period. Causal relationships occurred in 26 companies between the variables EBITDA (REBITDA) Return and Return of Shares (RACAO).Research results do not allow a definitive conclusion about the influence of the EBITDA variable on the variable return of shares and vice versa, since there was a balance in the results according to the econometric test, confirming earlier studies.However, they do contribute to the literature by identifying causal relationship in a number of companies, which shows the relevance of accounting information to the capital markets.

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Author Biographies

  • Cleyton de Oliveira Ritta, Fundação Universidade Regional de Blumenau (FURB)
    Doutorando em Ciências Contábeis e Administração (FURB). Mestre em Contabilidade (UFSC). Contador. Professor do Curso de Ciências Contábeis da Universidade do Extremo Sul Catarinense (UNESC)
  • Fellipe André Jacomossi, Fundação Universidade Regional de Blumenau (FURB)
    Mestre em Ciências Contábeis (FURB)
  • Thiago Rocha Fabris, Universidade do Extremo Sul Catarinense (UNESC)
    Mestre em Economia (UFSC)
  • Roberto Carlos Klann, Fundação Universidade Regional de Blumenau (FURB)

    Doutor em Ciências Contábeis e Administração (FURB). Professor do Programa de Pós-Graduação em Ciências Contábeis da Fundação Universidade Regional de Blumenau (FURB).

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Published

2017-05-12

Issue

Vol. 36 No. 2 (2017)

Section

Original Articles

License

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How to Cite

A study on causality between EBITDA and return of shares of brazilian companies (2008 - 2014). (2017). Enfoque: Reflexão Contábil, 36(2), 115-130. https://doi.org/10.4025/enfoque.v36i2.34126