Análisis metodológico de los EBITDA incompatibles divulgados por las compañías cotizadas en la B3: identificación de las variables divergentes en las conciliaciones
DOI:
https://doi.org/10.21680/2176-9036.2023v15n2ID33069Palabras clave:
EBITDA; Errores metodológicos; Medida no GAAP.Resumen
Objetivo: Identificar las variables responsables de las diferencias metodológicas que provocan incompatibilidades en los EBITDA divulgados por las compañías listadas en la B3, relacionadas a errores en la coleta de datos y a alteraciones indebidas en la fórmula por parte de las entidades emitentes de la conciliación.
Metodología: Aplicación de estadística descriptiva sobre una amuestra de 35 entidades que divulgaron el EBITDA incompatible referente a 2018, observando el comportamiento de las variables del indicador en los años de 2018, 2019 y 2020.
Resultados: Los errores de apuración más comunes ocurrieron en la coleta de datos juntamente a las demostraciones contables. La variable que más impactó los valores apurados equivocadamente fue relativa a la depreciación, amortización y agotamiento. Concluyese que, mismo con la normalización de la evidencia del EBITDA por la Comisión de Valores Mobiliarios a partir de 2012, todavia singuen comunes los errores de apuración de ese indicador, reforzando la necesidad de estudios prácticos que verifiquen la conformidad de esas divulgaciones no GAAP de las compañías.
Contribuciones del Estudio: Considerándose que medidas de desempeño no GAAP, como el EBITDA, son difundidos mundialmente juntamente a inversionistas y analistas para el análisis de los resultados de las compañías, tales medidas esas guardan el riesgo de sufrir con errores y manipulaciones por parte de los gestores de las entidades emitentes. En este sentido, el estudio contribuyó en el ámbito práctico pues demostró cuales errores las compañías efectivamente cometieron a apurar y demostrar sus conciliaciones de EBITDA. Aún más, suple el vacío académico referente a la metodología para calcular el EBITDA, ya que mismo con la literatura creciente relacionada a las divulgaciones no GAAP, la forma de cálculo del indicador tiene recibido poca atención.
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