Do EBITDA ao EVA: análise dos indicadores da mensuração econômica; e os reflexos na empresa quando utilizados como base da remuneração variável

Abstract

The main objective of this dissertation is to analyses criteriously EVA, also, check whether it gives support for the pré requisites used as basis for variable remuneration.

In addition to that the study will be directed when EVA is specifically used as tool of financing management as well as the stockholders become to re-think how to use the organization s resources. The methodology used was a real case study by one company where EVA has been implemented in Brazil.

Concerned to the measurement of economic indicators such as cash flow and liquidity among others, EVA wealth improvement for the shareholders. Furthermore, there is a broader reflection on the perception of intellectual properties by the Organizations.

Touching the issue about the conflict of Agency which goes deep inside financing matters since Jensen and Mecking (1976) published the famous article relative to the theory of Agency, It has supported the consolidation into the perception that there is a dissociation of interest between shareholders (owner s Claims) and it s administration (agents) moreover a search for a harmonic relation has been a factor of distinction.

The concept of EVA involving residual earnings, tries to link the corporate balance assets into the revenues generated by the corporation considering the invested capital. The analysis of residual earnings is not observed by several indicators frequently used in Brazil, such as the EBITDA though.

However, suddenly implementing the EVA as a basis for a variable enumeration, could lead into liabilities something that has great importance inside of the corporation: It s Intellectual Property .