Distorção entre E.V.A. e lucro líquido: uma abordagem de companhias abertas brasileiras

Abstract

It is undeniable that the Brazilian stock market has grown over the last few years, increasing the demand for financial information from entities. A widespread information used by stake holders to analyze the efficiency of an entity is the net income, but it presents distortions with the real value generation of the entity considering the opportunity cost, represented by the E.V.A.. Thus, the present study aimed to identify the degree of distortion between the accounting result and the Economic Value Added in B3's sectors, analyzing which of them have the largest discrepancy. To this end, 133 companies from 32 different sectors were selected by means of quantitative research, disposing between the period 2016 to 2020, the distortion between NOPAT and E.V.A. and net income and E.V.A., as well the profitability indicators for secondary analysis. The results found show that sectors with low profitability and high cost of capital tend to cause greater distortions, such as Civil Construction and Engineering and Information Technology. On the other hand, less risky and more perennial sectors indicate a smaller percentage difference, such as Water and Sanitation and Basic Chemicals. Finally, the study implies in a better understanding of the difference between Economic Value Added and accounting profit, knowledge of the sectors with more and less distortions between both, and a more assertive analysis of the entities by the stakeholders.