O value relevance dos non-gaap earnings e das IFRS

Abstract

This research has the general objective of investigating the relative and incremental value relevance of the alternative measure non-GAAP earning EBITDA in comparison to the GAAP disclosures (net income), and the value relevance of the adoption of IFRS, of the companies listed in [B]3 – Brazil, Bolsa, Balcão, from 2005 to 2018. The metric EBITDA was chosen, calculated according to CVM Instruction 527/2012, because it was the nonGAAP measure most publicized by Brazilian companies (KPMG, 2016), what made econometric analysis possible. The survey data were collected through the Bloomberg® database and the standardized financial statements available on the CVM and companies' website, the EBITDA variable was collected in the press releases released and filed on the investor relations website. Companies that make up the financial sector and companies that did not present the necessary variables for the analysis were excluded from the study. To achieve the proposed objective, the Generalized Method of Moments (GMM) method was used in a panel. Based on the results found, it appears that in relation to the relative value relevance, EBITDA was shown to be value relevant when the stock price three and six months after the annual balance sheets was the dependent variable. However, when analyzed individually in relation to net income, non-GAAP measures could be considered more value relevant than GAAP measures, showing that the market prefers to evaluate the share price based on EBITDA to the detriment of standard metrics. Based on a robustness analysis of incremental value relevance, it was ratified in the findings the relevance of EBITDA, compared to the net income. Finally, from the measured results, it is concluded that non-GAAP measures are more relevant than GAAP measures for the analyzed sample. This research, in addition to contributing to the discussion in the national literature, assists the various users who seek to evaluate stock prices. In addition, the study subsidizes regulatory and normative bodies providing evidence, at the national level, in relation to the informational capacity of such companies' performance measures.