Indebtedness Indicators: factor analysis in the comparison between the literature and the National Electric Energy Agency (ANEEL)

• Main Authors: Aracéli Cristina de S. Ferreira, Dilo Sergio de Carvalho Vianna, Jazmin Figari de La Cueva, André Luiz Bufoni, Juliana Molina Queiroz
• Format: Article
• Language: English
• Published: Conselho Regional de Contabilidade de Santa Catarina 2020-12-01
• Series: Revista Catarinense da Ciência Contábil
• Subjects: indicadores; endividamento; setor elétrico; análise fatorial
• Online Access: http://revista.crcsc.org.br/index.php/CRCSC/article/view/3068

This paper aims to verify whether the indebtedness indicator proposed by the National Electric Energy Agency (ANEEL) presents a latent relationship with the indebtedness indicators used by the literature. ANEEL systematized the economic-financial supervision of the energy distribution operators using performance indicators, among them there is the indebtedness, which differs from those used by the literature. In this study, ANEEL's indebtedness indicator was compared with different proxy indebtedness indicators (Ribeiro & Santos, 2004; Lima & Freire, 2008; Ribeiro, Macedo, & Marques, 2012; Delen, Kuzey, & Uyar, 2013; Ozório, 2015; Castro et al., 2017). To verify that the ANEEL indicator follows a pattern similar to the others, the indicators were grouped employing factor analysis. We collected the financial data from the financial statements which are made available by ANEEL for the period from 2011 to 2018. The results show a latent relationship between the ANEEL indebtedness indicators and three indicators used by the literature. It is possible to identify that although the distributors and ANEEL argue that the system used is sectoral (ANEEL, 2014), the indebtedness indicator presents a pattern of behavior similar to those used in the literature.