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

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

Published
2017-05-12
How to Cite
Ritta, C. de O., Jacomossi, F. A., Fabris, T. R., & Klann, R. C. (2017). A study on causality between EBITDA and return of shares of brazilian companies (2008 - 2014). Enfoque: Reflexão Contábil, 36(2), 115-130. https://doi.org/10.4025/enfoque.v36i2.34126
Issue
Vol 36 No 2 (2017)
Section
Original Articles

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