Um estudo sobre causalidade entre EBITDA e retorno das ações de empresas brasileiras (2008 - 2014)

The overall objective of the research was to identify the relationship between EBITDA and the return of shares of Brazilian companies listed on the BM&FBovespa, through the application of the Granger Causality Test. The research is characterized as descriptive, documentary with a quantitative approach. The results showed that the EBITDA margin on the net revenue was, on average, of 30.43% within the investigated period. Causal relationships occurred in 26 companies between the variables EBITDA (REBITDA) Return and Return of Shares (RACAO).Research results do not allow a definitive conclusion about the influence of the EBITDA variable on the variable return of shares and vice versa, since there was a balance in the results according to the econometric test, confirming earlier studies.However, they do contribute to the literature by identifying causal relationship in a number of companies, which shows the relevance of accounting information to the capital markets