This paper studies the influence of value creation indicators on stock returns. Does the accounting information based on an EVA conceptual framework better explain the market perception than the classical accounting variables ? The data base has been built especially for this research using 70 companies' consolidated accounts for the period 1993-1997. From the empirical tests, the paper reveals the explanatory power of value creation determinants. Moreover, it gives a measure of the strong influence of classical accoun-ting variables (i.e., return on equity, volume of fixed assets, financial structure or growth opportunities).
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Volume (Year): 3 (2000) Issue (Month): 3 (September) Pages: 125-153 Download reference. The following formats are available: HTML
(with abstract),
plain text
(with abstract),
BibTeX,
RIS (EndNote, RefMan, ProCite),
ReDIF