Medidas de creación de valor para los accionistasEVA vs Beneficios

  1. Poveda Fuentes, Francisco
  2. Íñiguez Sánchez, Raúl
Revue:
Revista española de financiación y contabilidad

ISSN: 0210-2412

Année de publication: 2001

Número: 107

Pages: 207-237

Type: Article

DOI: 10.1080/02102412.2001.10779417 DIALNET GOOGLE SCHOLAR

D'autres publications dans: Revista española de financiación y contabilidad

Résumé

In the last years, Spanish firms have attempted to create value for their shareholders. The market value adde (MVA) has been proposed by Stern Strewart Consulting Group as a mesaure of value creation, and the economic value added (EVA) as an operating measure to implement this new management philosophy. In this paper, an empircal analysis about the relationship between MVA and several perfomance measures (accounting benefit vs. EVA) is carried out with a sample of Spanish firms. Using basically univariate regression techniques, the avalaible data suggest that EVA has a stronger relationship with the MVA than other perfomance measureslike accounting benefit. Furthermore, the fact of taking into account a capital charge for the invested capital and the Ster Stewart¿s adjustments, add relevant information to the explanation of MVA.

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La source de données: Dialnet