摘要：The creation of overly optimistic information can compromise the decision-making process on part of shareholders and other stakeholders. Considering that this type of information can create problems and additional costs stemming from erroneous choices made by users, the present work sought to identify financial indicators associated with the disclosure of Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) estimates in Management Earnings Forecasts (Guidance) reporting. The sample examined was composed of 42 companies and analyses were carried out using logistic and multiple linear regression techniques. The results showed that larger (as per total assets) and more-leveraged companies show a higher level of disclosure. Companies with higher return on equity (ROE) and Current Liquidity ratios, as well as lower Net Margins, present less precise earnings forecast. The companies providing more timely forecasts are also the ones that show higher ROE and Current Liquidity ratios, as well as lower Net Margins. These results indicate that users must take caution when basing decisions on such information, given that the possibility exists that companies bearing these characteristics are more likely to better-timed albeit less-accurate disclosure.
