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Análisis Empírico De La Relación Entre Creación De Valor Y Resultados


  • Francisco Poveda

    (Universidad de Alicante)

  • Raúl Iñiguez

    (Universidad de Alicante)


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.

Suggested Citation

  • Francisco Poveda & Raúl Iñiguez, 2000. "Análisis Empírico De La Relación Entre Creación De Valor Y Resultados," Working Papers. Serie EC 2000-20, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2000-20

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    References listed on IDEAS

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    More about this item


    valor económico añadido (EVA); valor de mercado añadido (MVA); resultado residual economic value added (EVA); market value added (MVA); residual income;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates


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