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The Investigation of Correlation Between EVA Measurement and Corporate Value On The Russian Capital Market

русская версия

Опубликовано на портале: 31-12-2010
Корпоративные финансы. 2008.  № 4 (8). С. 38-57. 
EVA concept broadly present in academic literature as an instrument utilized in the design of value management systems. Theory grounds that it is one of the most appropriate measurements of company efficiency in the realities of the new economy (in particular, measurement of managers’ performance). In spite of its increasing popularity both in academic literature and in real practice (the number of companies which employ this measurement for the goals, mentioned above, increases), EVA is broadly criticized from the point of view of theoretical justification of its applicability and during check of the results of its usage by companies. Numerous findings of empiric research, present in the foreign literature and investigating the linkage between observed market value and EVA measurement, show ambiguity of its usage for value management. At the same time such an analysis is provided first of all for the developed capital markets (e.g. the USA, Canada) where services of the concept originators are used in most cases and where data of the measurement is published. To the much less degree developing markets are explored, while obtained results are also doubtful. Russian companies try to solve a problem of business management to satisfy the owners’ interests. Then, how is it appropriately to use EVA as an instrument of corporate performance improvement in the modern reality? The goal of this work is an attempt to answer the question whether EVA correlates with a company value on the Russian capital market with further possibility of its employment in the corporate performance management. Лун words: economic value added (EVA), value based management (VBM), company value, economic profit earnings, total shareholder return (TSR).
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