EBITDA USE AS CASH FLOW PROXY OPERATING IN BRAZILIAN

Detalhes bibliográficos
Autor(a) principal: Jones, Graciela Dias Coelho
Data de Publicação: 2016
Outros Autores: Siessere, Arthur Tornatore, Nakamura, Wilson Toshiro
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista de Administração de Roraima - RARR
Texto Completo: https://revista.ufrr.br/adminrr/article/view/3165
Resumo: The aim of this study is to analyze whether there are differences between the Operating Cash Flow (FCO) and EBITDA of companies in the various sectors of the economy. For the study, the data of the companies belonging to the index IBrX100 BM & FBOVESPA were analyzed during the period between 2010 and 2014. This is a descriptive study, quantitative, developed using descriptive statistics through the use Stata software. EBITDA is an important indicator used by managers and investors in their decision-making process. Considered as an unregulated information (non-gaap information), is adopted by its members as a proxy Cash Flow Operating (FCO) of the company. If the difference between EBITDA and the FCO is significant, can invalidate the adoption of EBITDA as FCO proxy. The main results were obtained that some sectors of the economy showed differences between EBITDA and the FCO. It concludes that EBITDA can be used as proxy Operating Cash Flow in just a few sectors of the economy.
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spelling EBITDA USE AS CASH FLOW PROXY OPERATING IN BRAZILIANO USO DO EBITDA COMO PROXY DO FLUXO DE CAIXA OPERACIONAL POR EMPRESAS BRASILEIRASoperational cash flowEBITDAIBrX100.Fluxo de Caixa Operacional. EBITDA. IBrX100.The aim of this study is to analyze whether there are differences between the Operating Cash Flow (FCO) and EBITDA of companies in the various sectors of the economy. For the study, the data of the companies belonging to the index IBrX100 BM & FBOVESPA were analyzed during the period between 2010 and 2014. This is a descriptive study, quantitative, developed using descriptive statistics through the use Stata software. EBITDA is an important indicator used by managers and investors in their decision-making process. Considered as an unregulated information (non-gaap information), is adopted by its members as a proxy Cash Flow Operating (FCO) of the company. If the difference between EBITDA and the FCO is significant, can invalidate the adoption of EBITDA as FCO proxy. The main results were obtained that some sectors of the economy showed differences between EBITDA and the FCO. It concludes that EBITDA can be used as proxy Operating Cash Flow in just a few sectors of the economy.O objetivo do presente estudo é analisar se existe diferença entre o Fluxo de Caixa Operacional (FCO) e o EBITDA entre empresas do mesmo setor, nos diversos setores da economia. Para a realização do estudo, foram analisados os dados das empresas pertencentes ao índice IBrX100 da BM&FBOVESPA, durante o período compreendido entre 2010 e 2014. Trata-se de um estudo descritivo, de natureza quantitativa, desenvolvido com a utilização de estatística descritiva através do uso do software Stata. O EBITDA é um importante indicador usado por gestores e investidores no seu processo decisório. Considerada como uma informação não regulada (non-gaap information), é adotada pelos seus usuários como uma proxy do Fluxo de Caixa Operacional (FCO) da empresa. Se a diferença entre o FCO e o EBITDA for significativa, pode invalidar a adoção do EBITDA como proxy do FCO. Como principais resultados obteve-se que alguns setores da economia apresentaram grandes diferenças entre o EBITDA e o FCO, outros setores apresentaram diferenças menores. Ainda não existe um consenso sobre o uso do EBITDA como uma proxy do Fluxo de Caixa Operacional, o que reforça os resultados de estudos anteriores. Conclui-se que o EBITDA não pode ser usado como proxy do Fluxo de Caixa Operacional em alguns setores da economia.Universidade Federal de Roraima2016-08-02info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAdFapplication/pdfhttps://revista.ufrr.br/adminrr/article/view/316510.18227/2237-8057rarr.v6i1.3165Journal of Management of Roraima-RARR; Vol. 6 No. 1 (2016); 71-89Revista Administración de Roraima (RARR); Vol. 6 Núm. 1 (2016); 71-89Revista de Administração de Roraima - RARR; v. 6 n. 1 (2016); 71-892237-8057reponame:Revista de Administração de Roraima - RARRinstname:Universidade Federal de Roraima (UFRR)instacron:UFRRporhttps://revista.ufrr.br/adminrr/article/view/3165/pdf_1Copyright (c) 2016 REVISTA DE ADMINISTRAÇÃO DE RORAIMA (RARR)info:eu-repo/semantics/openAccessJones, Graciela Dias CoelhoSiessere, Arthur TornatoreNakamura, Wilson Toshiro2016-08-04T12:30:46Zoai:oai.revista.ufrr.br:article/3165Revistahttps://revista.ufrr.br/index.php/adminrr/PUBhttps://revista.ufrr.br/adminrr/oairarr.ufrr@gmail.com||emersonclaytonarantes@gmail.com2237-80572237-8057opendoar:2016-08-04T12:30:46Revista de Administração de Roraima - RARR - Universidade Federal de Roraima (UFRR)false
dc.title.none.fl_str_mv EBITDA USE AS CASH FLOW PROXY OPERATING IN BRAZILIAN
O USO DO EBITDA COMO PROXY DO FLUXO DE CAIXA OPERACIONAL POR EMPRESAS BRASILEIRAS
title EBITDA USE AS CASH FLOW PROXY OPERATING IN BRAZILIAN
spellingShingle EBITDA USE AS CASH FLOW PROXY OPERATING IN BRAZILIAN
Jones, Graciela Dias Coelho
operational cash flow
EBITDA
IBrX100.
Fluxo de Caixa Operacional. EBITDA. IBrX100.
title_short EBITDA USE AS CASH FLOW PROXY OPERATING IN BRAZILIAN
title_full EBITDA USE AS CASH FLOW PROXY OPERATING IN BRAZILIAN
title_fullStr EBITDA USE AS CASH FLOW PROXY OPERATING IN BRAZILIAN
title_full_unstemmed EBITDA USE AS CASH FLOW PROXY OPERATING IN BRAZILIAN
title_sort EBITDA USE AS CASH FLOW PROXY OPERATING IN BRAZILIAN
author Jones, Graciela Dias Coelho
author_facet Jones, Graciela Dias Coelho
Siessere, Arthur Tornatore
Nakamura, Wilson Toshiro
author_role author
author2 Siessere, Arthur Tornatore
Nakamura, Wilson Toshiro
author2_role author
author
dc.contributor.author.fl_str_mv Jones, Graciela Dias Coelho
Siessere, Arthur Tornatore
Nakamura, Wilson Toshiro
dc.subject.por.fl_str_mv operational cash flow
EBITDA
IBrX100.
Fluxo de Caixa Operacional. EBITDA. IBrX100.
topic operational cash flow
EBITDA
IBrX100.
Fluxo de Caixa Operacional. EBITDA. IBrX100.
description The aim of this study is to analyze whether there are differences between the Operating Cash Flow (FCO) and EBITDA of companies in the various sectors of the economy. For the study, the data of the companies belonging to the index IBrX100 BM & FBOVESPA were analyzed during the period between 2010 and 2014. This is a descriptive study, quantitative, developed using descriptive statistics through the use Stata software. EBITDA is an important indicator used by managers and investors in their decision-making process. Considered as an unregulated information (non-gaap information), is adopted by its members as a proxy Cash Flow Operating (FCO) of the company. If the difference between EBITDA and the FCO is significant, can invalidate the adoption of EBITDA as FCO proxy. The main results were obtained that some sectors of the economy showed differences between EBITDA and the FCO. It concludes that EBITDA can be used as proxy Operating Cash Flow in just a few sectors of the economy.
publishDate 2016
dc.date.none.fl_str_mv 2016-08-02
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
AdF
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://revista.ufrr.br/adminrr/article/view/3165
10.18227/2237-8057rarr.v6i1.3165
url https://revista.ufrr.br/adminrr/article/view/3165
identifier_str_mv 10.18227/2237-8057rarr.v6i1.3165
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://revista.ufrr.br/adminrr/article/view/3165/pdf_1
dc.rights.driver.fl_str_mv Copyright (c) 2016 REVISTA DE ADMINISTRAÇÃO DE RORAIMA (RARR)
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2016 REVISTA DE ADMINISTRAÇÃO DE RORAIMA (RARR)
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade Federal de Roraima
publisher.none.fl_str_mv Universidade Federal de Roraima
dc.source.none.fl_str_mv Journal of Management of Roraima-RARR; Vol. 6 No. 1 (2016); 71-89
Revista Administración de Roraima (RARR); Vol. 6 Núm. 1 (2016); 71-89
Revista de Administração de Roraima - RARR; v. 6 n. 1 (2016); 71-89
2237-8057
reponame:Revista de Administração de Roraima - RARR
instname:Universidade Federal de Roraima (UFRR)
instacron:UFRR
instname_str Universidade Federal de Roraima (UFRR)
instacron_str UFRR
institution UFRR
reponame_str Revista de Administração de Roraima - RARR
collection Revista de Administração de Roraima - RARR
repository.name.fl_str_mv Revista de Administração de Roraima - RARR - Universidade Federal de Roraima (UFRR)
repository.mail.fl_str_mv rarr.ufrr@gmail.com||emersonclaytonarantes@gmail.com
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