Das razões da utilização do EBITDA por profissionais de mercado: uma contribuição prática
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Tipo
Dissertação
Data de publicação
2015-02-03
Periódico
Citações (Scopus)
Autores
Carvalho, Vinícius José Ribeiro de
Orientador
Mendonça Neto, Octavio Ribeiro de
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Oyadomari, José Carlos Tiomatsu
Pagano, Leonardo
Pagano, Leonardo
Programa
Controladoria Empresarial
Resumo
This study seeks to understand the utilization of EBITDA by Brazilian market professionals.
EBITDA, which emerged in the 1970s in the United States as a tool to measure the operating
performance of companies with heavy capital investments and / or highly leveraged
companies, due to its success quickly spread throughout the world as an important proxy for
cash flows. However, over the years the academic and professional community, as well as
regulators and standard-setting bodies, raised a number of criticisms and warnings on its use,
possibly greater than its virtues. Thus, was born the motivation of this work: why and how
highly skilled and qualified professionals continue utilizing EBITDA in their daily work,
despite its conceptual weaknesses? Additionally, there was the motivation to discuss an issue
lacking depth in Brazil. This is a qualitative and exploratory study, conducted through
interviews with a sample of professionals selected by convenience and the data analyzed by
the content analysis technique, with ATLAS.ti software support. The results show that the
professionals of the sample continue using EBITDA mainly for ease of use and calculation,
and deem it a good measure of operating performance. However, in addition to several
criticisms, also showed us that they continue to utilize EBITDA due to the lack of a good
proxy for cash flow that has a similar cost-benefit relation. Finally, we identified that one of
the probable reasons for its mass utilization lies in Mimetic Isomorphism, as analyzed by the
New Institutional Sociology, or Neo-institutionalism.
Descrição
Palavras-chave
EBITDA , valuation , finanças , múltiplos , BR GAAP , IFRS , CVM , SEC , teoria institucional , nova sociologia institucional , isomorfismo mimético , EBITDA , valuation , finance , multiples , BR GAAP , IFRS , CVM , SEC , institutional theory , neo-institutionalism , mimetic isomorphism