The Eva Model As A Tool For Performance Measurement

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The EVA model as a tool for performance measurement

Author : Ronny Gey
Publisher : Grin Publishing
ISBN 13 : 9783638796729
Total Pages : 76 pages
Book Rating : 4.7/5 (967 download)

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Book Synopsis The EVA model as a tool for performance measurement by : Ronny Gey

Download or read book The EVA model as a tool for performance measurement written by Ronny Gey and published by Grin Publishing. This book was released on 2007 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2004 in the subject Business economics - Controlling, grade: 1,7 (A-), Technical University of Chemnitz (Corporate Accounting and Controlling), course: SBWL - Controlling, language: English, abstract: Since the beginning of the nineties the keyword shareholder value was gaining an immense influence among corporate governance and the published literature on this topic. The traditional measurement of the operational performance based on accounting numbers was under criticism. Earnings basicly were not a reliable indicator. Thus shareholder value and the shareholder value approach broke new ground away from the Accounting Model towards a more dependable one, the Economic Model. Ever since a lot of approaches for the shareholder value have been arisen. The notablest ones were illustrated by Rappaport, Copeland et al. and Boston Consulting Group. Another well known method is the approach brought out by the consulting firm Stern Stewart & Co. Their EVA-model was first mentioned in the book The Quest for Value . Based on the business ratio Economic-Value-Added there was built up a capacious model focusing on three fields of application - EVA as instrument for evaluating a company - EVA as index for financial performance - EVA and the configuration of the corporate governance By the aid of this work I would like to present the EVA model and its application as a tool for performance measurement. In chapter 2 I will give a review on the shareholder value approach. I also will give a short introduction on the discounted cash flow (DCF) of Rappaport as an important method for this approach and some ideas about cash flow return on investment (CFROI) of the Boston Consulting Group and on the method of Copeland et al.. Chapter 3 will lead us towards a short introduction of the EVA concept and then especially to the calculation. Then chapter 4 gives an insight in the application of EVA as an instrument for assessment, a yardstick for financial perf

Foundations of Economic Value Added

Author : James L. Grant
Publisher : John Wiley & Sons
ISBN 13 : 9780471234838
Total Pages : 342 pages
Book Rating : 4.2/5 (348 download)

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Book Synopsis Foundations of Economic Value Added by : James L. Grant

Download or read book Foundations of Economic Value Added written by James L. Grant and published by John Wiley & Sons. This book was released on 2003-05-05 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated look at the role of economic profit analysis in the process of wealth creation Grant explains the pivotal role of economic value added (EVA) in the theory of finance, how to measure EVA with standard accounting adjustments, how to use EVA to value companies and their stock, and how to use economic profit principles to identify wealth-creating firms, industries, and even market economies.

Performance Measurement

Author : Shivani Gupta
Publisher : GRIN Verlag
ISBN 13 : 3656096473
Total Pages : 193 pages
Book Rating : 4.6/5 (56 download)

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Book Synopsis Performance Measurement by : Shivani Gupta

Download or read book Performance Measurement written by Shivani Gupta and published by GRIN Verlag. This book was released on 2012 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: Document from the year 2011 in the subject Business economics - Business Management, Corporate Governance, Post Graduate Government College (PGGC-46, Chandigarh), course: Commerce, language: English, abstract: Moullin defined performance measurement as, "Performance measurement is evaluating how well organizations are managed and the value they deliver for customers and other stakeholders". According to Kelvin, 'When you can measure what you are speaking about and express it in numbers, you know something about it'. According to Anon, 'You cannot manage what you cannot measure'. The Economic Value Added (EVA) framework developed by the Stern Stewart & Company is gradually replacing the traditional measures of financial performance due to its robustness and its immunity from "creative accounting". Fortune magazine has called it "today's hottest financial idea and getting hotter" and management guru Peter Drucker referred to it as a measure of total factor productivity. The traditional measures for performance measurement, suffer from some serious limitations which are the main reason that these traditional methods based on earnings can't be used as a reliable measure of performance measurement. Hence, there is the need of new approaches for the performance measurement which takes stakeholder's perspective into consideration and shareholders wealth into consideration. EVA is a better performance measurement tool and it has been proved in the research done on 10 companies in India. EVA has been compared with traditional techniques like ROI, ROE, EPS, NVA and MVA and the results are presented. Suggestive measures have also been given at the end and reference tables are also given. The research will e beneficial for academicians and people associated with finance.

Economic Value Added for Competitive Advantage

Author : Saurabh Sri
Publisher : Cambridge Scholars Publishing
ISBN 13 : 1527525880
Total Pages : 176 pages
Book Rating : 4.5/5 (275 download)

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Book Synopsis Economic Value Added for Competitive Advantage by : Saurabh Sri

Download or read book Economic Value Added for Competitive Advantage written by Saurabh Sri and published by Cambridge Scholars Publishing. This book was released on 2019-01-15 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Value Added (EVA®) has been a much discussed concept that has assisted in the turnaround of a number of multinational enterprises across the world. It is based upon the theory of ‘economic profit’ that enables companies to capture and create wealth both for themselves and their stakeholders. The strategic decisions of performance and posturing can be grounded upon gaining competitive advantage through mapping economic profits. Existing studies on competitive advantage primarily discuss the meaning, definitions, and sources thereof. However, there are few contributions that discuss how competitive advantage can be measured specifically with respect to Indian companies. This book bridges that gap and advocates that the EVA® can be used to measure and establish the competitive advantage for Indian firms. It is based upon an in-depth study of such companies to explore the extent of use of EVA® in the top BT500 companies in India. It shows that the companies that use EVA® have a distinct competitive advantage over their competitors.

Best-Practice EVA

Author : Bennett Stewart
Publisher : John Wiley & Sons
ISBN 13 : 1118645316
Total Pages : 357 pages
Book Rating : 4.1/5 (186 download)

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Book Synopsis Best-Practice EVA by : Bennett Stewart

Download or read book Best-Practice EVA written by Bennett Stewart and published by John Wiley & Sons. This book was released on 2013-02-19 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Best-Practice EVA tells the new EVA story from the ground up. Stewart covers EVA essentials—the classic economic profit version of EVA—in the first three chapters of the book. He shows readers how simple and intuitive EVA really is, how it is defined, and why it is better than all other measures of corporate profit. You discover how it naturally guides managers into making all the right decisions—the ones that will truly maximize value. You see how to use it in profit-sharing bonus plans that create the powerful incentives of an owner. Later, Stewart introduces new ratios that make EVA much more powerful and much easier to use than ever before. The pinnacle of the new ratio framework is EVA Momentum, calculated by taking the change in EVA versus the prior period, and dividing by the revenues in the prior period. It measures the growth rate in EVA, scaled to the sales size of the business. It is the only corporate performance ratio where bigger always is better, because it gets bigger when EVA does, which means it should be every company's most important financial goal, the one ratio metric that everyone aims to maximize as the key measure of corporate success. Stewart then walks through the nuts and bolts of Best-Practice EVA, kicking off with an in-depth look at EVA Margin, or EVA as a percent of sales. It’s a key productivity metric, and Stewart’s candidate to replace ROI. The last link in the Best-Practice program is PRVit—the EVA market score report. Stewart shows how to read and interpret the report, how the score is determined, and why investors are turning to it to screen and rate stocks. He also shows why it is finding a home with CFOs and IR directors who want insights into how the market is pricing their stock. The book concludes with battle-tested tips from the firing line, practical suggestions for how you can test drive and adopt Best-Practice EVA at your company.

Economic Value Added

Author : Reeta Shah
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Economic Value Added by : Reeta Shah

Download or read book Economic Value Added written by Reeta Shah and published by . This book was released on 2015 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Performance measurement matters in today's complex business arena irrespective of the type, nature, and volume diversity in business. If the result of the performance measurement goes wrong due to the faulty or inaccurate selection of tool(s), then the total process will prove wrong in due time hence an attempt to evaluate Economic Value Added (EVA) as an alternative to traditional performance measure. Generally, it is believed that EVA is truly designed for large companies and is the best performance measure. The possible advantages, opportunities and limitations of using EVA as a performance measurement tool is discussed that may encourage the users/readers to incorporate EVA with their current setup to reap the potential benefits from it.

EVA as the best financial performance measure: the theory of reality

Author : Alina Ignatiuk
Publisher : GRIN Verlag
ISBN 13 : 3640312066
Total Pages : 20 pages
Book Rating : 4.6/5 (43 download)

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Book Synopsis EVA as the best financial performance measure: the theory of reality by : Alina Ignatiuk

Download or read book EVA as the best financial performance measure: the theory of reality written by Alina Ignatiuk and published by GRIN Verlag. This book was released on 2009-04-23 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2008 in the subject Business economics - Business Management, Corporate Governance, grade: A, St. Mary's University San Antonio, Texas, language: English, abstract: In this paper these issues will be discussed: •the main purpose and functions of the financial performance management and how it is related to the problem of shareholders value creation, company growth and managers decision making process and management motivation; •the appropriate measures of management performance from the shareholders point of view; •contradictions or goal incongruence between shareholders, management and company long-term growth.

EVA and Value-Based Management: A Practical Guide to Implementation

Author : S. David Young
Publisher : McGraw Hill Professional
ISBN 13 : 9780071379878
Total Pages : 520 pages
Book Rating : 4.3/5 (798 download)

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Book Synopsis EVA and Value-Based Management: A Practical Guide to Implementation by : S. David Young

Download or read book EVA and Value-Based Management: A Practical Guide to Implementation written by S. David Young and published by McGraw Hill Professional. This book was released on 2000-12-13 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Value Added (EVA) and Value Based Management (VBM) are today’s hottest management buzzwords. But written information has often been biased and clouded by the authors’ hidden agendas. EVA and Value-Based Management is the first book to unflinchingly discuss the pros and cons of EVA and VBM. Covering both implementation and conceptual issues, with a strong emphasis on performance measurement, value drivers, and management compensation, it allows readers to come to their own informed conclusions.

Performance Measurement: A Comparative Study of EVA and Traditional Performance Measurement Techniques

Author : Dr. Shivani Gupta
Publisher : GRIN Verlag
ISBN 13 : 3656096201
Total Pages : 189 pages
Book Rating : 4.6/5 (56 download)

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Book Synopsis Performance Measurement: A Comparative Study of EVA and Traditional Performance Measurement Techniques by : Dr. Shivani Gupta

Download or read book Performance Measurement: A Comparative Study of EVA and Traditional Performance Measurement Techniques written by Dr. Shivani Gupta and published by GRIN Verlag. This book was released on 2012-01-05 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Document from the year 2011 in the subject Business economics - Business Management, Corporate Governance, Post Graduate Government College (PGGC-46, Chandigarh), course: Commerce, language: English, abstract: Moullin defined performance measurement as, “Performance measurement is evaluating how well organizations are managed and the value they deliver for customers and other stakeholders”. According to Kelvin, ‘When you can measure what you are speaking about and express it in numbers, you know something about it’. According to Anon, ‘You cannot manage what you cannot measure’. The Economic Value Added (EVA) framework developed by the Stern Stewart & Company is gradually replacing the traditional measures of financial performance due to its robustness and its immunity from "creative accounting". Fortune magazine has called it "today's hottest financial idea and getting hotter" and management guru Peter Drucker referred to it as a measure of total factor productivity. The traditional measures for performance measurement, suffer from some serious limitations which are the main reason that these traditional methods based on earnings can’t be used as a reliable measure of performance measurement. Hence, there is the need of new approaches for the performance measurement which takes stakeholder’s perspective into consideration and shareholders wealth into consideration. EVA is a better performance measurement tool and it has been proved in the research done on 10 companies in India. EVA has been compared with traditional techniques like ROI, ROE, EPS, NVA and MVA and the results are presented. Suggestive measures have also been given at the end and reference tables are also given. The research will e beneficial for academicians and people associated with finance.

Economic Value-Added as an Emerging Tool of Performance Measurement

Author : Y. V. Reddy
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Economic Value-Added as an Emerging Tool of Performance Measurement by : Y. V. Reddy

Download or read book Economic Value-Added as an Emerging Tool of Performance Measurement written by Y. V. Reddy and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of Economic Value-Added (EVA) is of recent origin. Considering its importance in the corporate world, it becomes vital to understand its role in shareholders' value creation and performance measurement for companies. The present study is an attempt to analyze the relationship between EVA and the traditional measures, i.e., Earnings Per Share (EPS), Return on Invested Capital (ROIC) and Return on Net Worth (RONW). Using a sample of 50 companies listed on Nifty 50 index of National Stock Exchange, India from 2009-10 to 2013-14, the study ranks the select companies based on their mean EVA. The study concludes that there exists significant difference between the mean values of the considered variables of the select companies. It also reveals that ROIC has significant influence on EVA.

The EVA Challenge

Author : Joel M. Stern
Publisher : John Wiley & Sons
ISBN 13 : 9780471478898
Total Pages : 260 pages
Book Rating : 4.4/5 (788 download)

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Book Synopsis The EVA Challenge by : Joel M. Stern

Download or read book The EVA Challenge written by Joel M. Stern and published by John Wiley & Sons. This book was released on 2003-12-22 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Value Added - das EVA-Konzept - wurde von der Beratungsfirma Stern Stewart & Co. entwickelt. Es ist ein effektiver Maßstab zur Messung der finanziellen Performance eines Unternehmens und ist eng mit dem Shareholder-Value-Ansatz verbunden. Darüber hinaus kann mit Hilfe von EVA -Berechnungen auch eine Unternehmensbewertung durchgeführt werden; ein positiver EVA-Wert bedeutet einen Wertzuwachs, ein negativer hingegen einen Wertverlust. "The EVA Challenge" erläutert, wie man EVA implementiert - angefangen bei der Schulung von Angestellten bis hin zur Beantwortung und Lösung der häufigsten Implementierungsfragen und -probleme, denen Unternehmen begegnen. Diskutiert wird komplett neues Material zu 'real options', 'leveraged stock options' und anderen wichtigen Finanzkonzepte für Unternehmen der New und der Old Economy. Mit zahlreichen Fallbeispielen aus der Unternehmenspraxis.

EVA

Author : Al Ehrbar
Publisher : John Wiley & Sons
ISBN 13 : 9780471298601
Total Pages : 264 pages
Book Rating : 4.2/5 (986 download)

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Book Synopsis EVA by : Al Ehrbar

Download or read book EVA written by Al Ehrbar and published by John Wiley & Sons. This book was released on 1998-10-15 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: EVA ("economic value added" - wirtschaftliche Wertschöpfung) ist eine Maßeinheit zur Ermittlung des echten Finanzergebnisses eines Unternehmens und eine Strategie zur Schaffung von Unternehmens- und Aktionärsvermögen. Das EVA-Prinzip besagt, daß ein Unternehmen kein Vermögen schafft, solange es nicht in der Lage ist, Gewinne einzufahren, die höher sind als die Kapitalkosten. EVA ist auch eine Methode, die Prioritäten innerhalb eines Unternehmens so zu gewichten, daß das Hauptaugenmerk auf der Schaffung von Vermögen liegt, und zwar zum Nutzen aller. Leicht verständlich geschrieben, mit zahlreichen Fallbeispielen bekannter Firmen und einem Minimum an Gleichungen und Finanzjargon. (11/98)

EVA

Author : Jason McGorman
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (427 download)

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Book Synopsis EVA by : Jason McGorman

Download or read book EVA written by Jason McGorman and published by . This book was released on 2007 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a time where corporations measure performance and wealth creation based on accounting principles, this study explored the effectiveness of an economic measure of performance known as Economic Value Added (EVA). This paper examined the importance of corporate governance and EVA, the importance of ethics in the creation of shareholder wealth, the benefits of using EVA as an internal control tool for the decision-making process and evaluating performance, and the profitability of ethics. In addition it compared EVA with other profitability measures, discussed how to successfully implement ethics, and concluded with a summary of the effectiveness of EVA as an internal control tool in corporate governance.

The Quest for Value

Author : G. Bennett Stewart
Publisher : Harper Collins
ISBN 13 : 0887304184
Total Pages : 826 pages
Book Rating : 4.8/5 (873 download)

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Book Synopsis The Quest for Value by : G. Bennett Stewart

Download or read book The Quest for Value written by G. Bennett Stewart and published by Harper Collins. This book was released on 1991-02-12 with total page 826 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this bestselling classic of financial management, G. Bennett Stewart, III, raises and answers these provocative questions: Do dividends matter? Are earnings per share really accurate measures of corporate performance? What is the engine that really drives share prices? More than that, Stewart lays the foundation for EVAr, the financial management and incentive system now in place at nearly 300 companies around the world, and which is rapidly becoming the global standard for corporate governance. Managers, confused about what investors really want, often find it difficult to reach informed decisions regarding business strategy, acquisitions and divestitures, financial structure, dividend policy, and executive compensation. But now an EVAr -based revolution is providing a practical framework that managers can use to build a premium-valued company. At the forefront of this revolution is the consulting firm of Stern Stewart & Co., of which G. Bennett Stewart, III, author of The Quest for Value, is senior partner and cofounder. The Quest for Value is written for senior management, key operating people, and planning and financial staff. This bible of financial management will assist managers in goal setting, resource allocation, strategy development, valuation of acquisitions, financial policy setting, incentive compensation planning, and building shareholder value. The Quest for Value cuts sharply through the myths that to this day misinform corporate strategists in their pursuit of shareholder value. Laying waste to inaccurate yet widely used methods of performance, Stewart demonstrates how the Stern Stewart EVAr approach not only creates greater shareholder value but also provides a powerful framework for the broadest range of corporate decision making.

Performance Measures in Value Management

Author : Otto Max Schaefer
Publisher : Erich Schmidt Verlag GmbH & Co KG
ISBN 13 : 9783503063352
Total Pages : 336 pages
Book Rating : 4.0/5 (633 download)

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Book Synopsis Performance Measures in Value Management by : Otto Max Schaefer

Download or read book Performance Measures in Value Management written by Otto Max Schaefer and published by Erich Schmidt Verlag GmbH & Co KG. This book was released on 2002 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Performance Measures and Value Creation: the State of the Art

Author : Daniela Venanzi
Publisher : Springer Science & Business Media
ISBN 13 : 884702451X
Total Pages : 81 pages
Book Rating : 4.8/5 (47 download)

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Book Synopsis Financial Performance Measures and Value Creation: the State of the Art by : Daniela Venanzi

Download or read book Financial Performance Measures and Value Creation: the State of the Art written by Daniela Venanzi and published by Springer Science & Business Media. This book was released on 2011-12-01 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: The choice of financial performance measures is one of the most critical challenges facing organizations. The accounting-based measures of financial performance have been viewed as inadequate, as firms began focusing on shareholder value as the primary long-term objective of the organization. Hence, value-based metrics were devised that explicitly incorporate the cost of capital into performance calculations. Despite the increasing emphasis on these value-based measures, no definitive evidence exists of which metric works better than others, and on the extent to which any of them is superior to traditional accounting measures. In this scenario, the objective of this book is contributing to the ongoing dialogue on the appropriateness of different financial performance measures, by providing a systematic and updated review of the major value-based measures, by highlighting their respective strengths and weaknesses and by comparing the main international empirical evidence on their effectiveness. This book can be a powerful tool for guiding managers and graduate students in the “tangled forest” of the existing metrics, by providing them with the quick, but adequate knowledge for consistently adopting them.

Business Performance Measurement

Author : Andy Neely
Publisher : Cambridge University Press
ISBN 13 : 9780521803427
Total Pages : 386 pages
Book Rating : 4.8/5 (34 download)

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Book Synopsis Business Performance Measurement by : Andy Neely

Download or read book Business Performance Measurement written by Andy Neely and published by Cambridge University Press. This book was released on 2002-03-07 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: A multidisciplinary book on performance measurement that will appeal to students, researchers and managers.