Determinants of the variability of the EV/EBITDA multiple in business valuation: a systematic review

<jats:p>The relevance of the study stems from the substantial variability of the EV/EBITDA multiple, which reduces the comparability of business valuation results and complicates the selection of comparable companies within the market approach. The aim of the study is to identify the determinants of the variability of the EV/EBITDA multiple through a systematic review of international research. The methodology is based on a systematic review of 36 international studies addressing the application of the EV/EBITDA multiple in business valuation, complemented by comparative, correlation, and statistical analyses. The results demonstrate that industry affiliation is the primary determinant of the variability of the EV/EBITDA multiple, reflecting differences in capital intensity and the economic nature of EBITDA. No statistically significant relationship was found between the value of the multiple and the valuation methodology employed, while firm size exhibited only a weak and statistically insignificant effect. The conclusions indicate that the accurate selection of industry peers is the key prerequisite for the reliable application of the EV/EBITDA multiple, whereas methodological refinements and firm size have a considerably smaller impact on valuation outcomes. The findings contribute to a better understanding of the determinants of EV/EBITDA variability and provide practical implications for improving the market approach to business valuation.</jats:p>