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Análisis Empírico De La Relación Entre Creación De Valor Y Resultados

Listed author(s):
  • Francisco Poveda

    (Universidad de Alicante)

  • Raúl Iñiguez

    (Universidad de Alicante)

Registered author(s):

    In the last years, Spanish firms have attempted to create value for their shareholders.The market value added (MVA) has been proposed by the Stern Stewart Consulting Group asa measure of value creation, and the economic value added (EVA) as an operating measure toimplement this new management philosophy. In this paper, an empirical analysis about therelationship between MVA and several performance measures (accounting benefit vs. EVA)is carried out with a sample of Spanish firms. Using basically univariate regressiontechniques, the available data suggests that EVA has a stronger relationship with the MVAthan other performance measures like accounting benefit. Furthermore, the fact of taking intoaccount a capital charge for the invested capital and the Stern Stewart's adjustments, addrelevant information to the explanation of MVA. En los últimos años las empresas españolas han centrado cada vez más su atención en la creación de valor para sus accionistas. Desde la consultora Stern Stewart & Co. se propone el valor de mercado añadido (MVA) como medida de creación de valor, y el valor económico añadido (EVA) como medida operativa para la implantación de esta nueva filosofía de gestión. En el presente trabajo se realiza un análisis empírico de la relación del MVA de las empresas españolas respecto a medidas de resultados tradicionales (beneficio contable) y alternativas (EVA). Aplicando básicamente técnicas de regresión univariantes, los datos disponibles en España sugieren que el EVA presenta una mayor asociación con el MVA que las medidas tradicionales de resultados. Desglosando el EVA en sus componentes, contrastamos que tanto la consideración de una carga por el capital empleado en la obtención del beneficio como los ajustes realizados por Stern Stewart, aportan información relevante a la hora de explicar el MVA.

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    File Function: Fisrt version / Primera version, 2000
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    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2000-20.

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    Length: 32 pages
    Date of creation: Nov 2000
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2000-20
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