Perhaps Eva Does Beat Earnings—revisiting Previous Evidence

Feltham, Glenn D.; Issac, Grant E.; Mbagwu, Chima; Vaidyanathan, Ganesh

doi:10.1111/j.1745-6622.2004.tb00598.x

Cited by 37 publications

(40 citation statements)

References 2 publications

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“…4 Empirically, several studies show that EVA is more closely associated with shareholder wealth and firm values than are traditional accounting measures such as earnings and cash from operations (CFO). For instance, Feltham et al (2004) find that EVA is significantly more highly associated with marketadjusted annual returns than Earning and CFO. The authors find the report that the superiority of EVA is verified on American as well as on Canadian data and contradict results by Biddle et al (1997) who suggest that earnings generally outperforms EVA.…”

Section: Section 4: the Effect Of Boards On The Creation Of Economic mentioning

confidence: 99%

“…Empirically, several studies show that EVA is more closely associated with shareholder wealth and firm values than are traditional accounting measures such as earnings and cash from operations (CFO). For instance, Feltham et al . (2004) find that EVA is significantly more highly associated with market‐adjusted annual returns than Earning and CFO.…”

Section: Section 4: the Effect Of Boards On The Creation Of Economic mentioning

confidence: 99%

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The Effect of Board's Quality on Performance: a study of Canadian firms

Adjaoud

Zéghal

Andaleeb³

2007

Corporate Governance

102

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We investigate the impact of board's quality as defined by a Score published in a Canadian National Newspaper on the performance of the firm. Based on the current literature, we ranked the boards of 219 Canadian firms in terms of four board characteristics: composition of the board, compensation of board members, shareholder rights, and disclosure. Then, we defined firm performance by using traditional accounting-based measures such as ROI, ROE, EPS, and Market-to-book ratio and value creation-based measures such as EVA(R) and MVA. To test the effects of board's quality on firm performance, we adopted different models of univariate and multivariate statistical analysis. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.

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Section: Section 4: the Effect Of Boards On The Creation Of Economic mentioning

confidence: 99%

Section: Section 4: the Effect Of Boards On The Creation Of Economic mentioning

confidence: 99%

The Effect of Board's Quality on Performance: a study of Canadian firms

Adjaoud

Zéghal

Andaleeb³

2007

Corporate Governance

102

View full text Add to dashboard Cite

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“…Farsio et al (2000) EVA is not a good indicator of stock performance. Feltham et al (2004) Findings of Biddle et al (1997Biddle et al ( , 1999 cannot be replicated:…”

Section: Conclusion Limitations and Implicationsmentioning

confidence: 99%

Assessing empirical research on value-based management: Guidelines for improved hypothesis testing

Lueg

Schäffer

2010

J Betriebswirtsch

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The claims that value-based management (VBM) increases corporate performance have attracted considerable interest among researchers and organizations over the last three decades. Even though many studies have been conducted, the evidence on whether users outperform non-users is inconsistent. This paper attempts to place these diverse findings into perspective, and provide venues for future research. For that purpose, we drafted a framework to analyze 120 empirical studies on VBM. We concluded that meaningful hypothesis tests have been impaired by the narrow scope of data sets as well as methodological misspecifications. Based on this analysis, we categorized studies into four streams of research, employing factor analysis and cluster analysis. We then suggested that the most sophisticated studies identified positive performance effects of VBM. Lastly, we derived guidelines to improve the hypothesis testing of future studies on VBM.Keywords Literature review · Shareholder value · Strategic performance measurement · Value-based management · Value-driver JEL classifications D2 · J3 · L2 · M4

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“…As variáveis dependentes, que representam o desempenho das empresas, consistem em medidas contábeis tradicionais (Retorno sobre os Investimentos -ROI; Retorno sobre o Patrimônio Lí-quido -ROE; e Valor Econômico Adicionado -EVA) e de mercado (Retorno das ações -RET) já consagradas pela literatura (KIM, 2002;FELTHAM et al, 2004;TUTINO, 2011). Como outras variáveis, além da possibilidade de o resultado abrangente, que podem influenciar o desempenho futuro das empresas, foram utilizadas variáveis de controle, de modo a se ter um parâmetro para comparação e verificação do efeito isolado do resultado abrangente na explicação do desempenho futuro das empresas.…”

Section: Metodologia 41 Variáveis Da Pesquisaunclassified

Relação do Resultado Abrangente com o Desempenho Operacional e Econômico de Empresas Listadas no Mercado Brasileiro

Martins¹,

Monte²

2015

RECFin

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RESUMOEste trabalho teve como objetivo analisar a relação do resultado abrangente com o desempenho operacional e os retornos futuros das ações de empresas listadas na BM&FBovespa. A análise da pesquisa foi conduzida em duas etapas: i) análise da relação do resultado abrangente com o desempenho operacional futuro; e ii) relação do resultado abrangente com o retorno futuro das ações (value relevance). Foi utilizada uma amostra de 435 empresas não financeiras, com dados de 2010 a 2012. Utilizou-se de forma exploratória a análise de correlação canônica para identificar a variável de desempenho mais apropriadas para o modelo da primeira etapa. Por fim, aplicou-se a técnica de dados em painel para analisar a relação do resultado abrangente com o desempenho das empresas. As evidências empíricas apontaram que os resultados abrangentes não apresentaram nenhuma contribuição marginal frente aos componentes do lucro líquido, no que se refere à explicação do desempenho operacional futuro das companhias da amostra, sugerindo que o lucro líquido prevalece como uma boa medida de previsão do desempenho operacional futuro. Com relação à análise do value relevance, as evidências sugerem que os resultados abrangentes não apresentaram conteúdo informacional para o mercado, isto é, não apresentaram relação significativa com o retorno futuro das ações. Mais uma vez, o lucro líquido se apresentou superior ao resultado abrangente, no que se refere à determinação do desempenho futuro.

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Perhaps Eva Does Beat Earnings—revisiting Previous Evidence

Cited by 37 publications

References 2 publications

The Effect of Board's Quality on Performance: a study of Canadian firms

The Effect of Board's Quality on Performance: a study of Canadian firms

Assessing empirical research on value-based management: Guidelines for improved hypothesis testing

Relação do Resultado Abrangente com o Desempenho Operacional e Econômico de Empresas Listadas no Mercado Brasileiro

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