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Eva®*: An integrated financial management system*

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  • Joel M. Stern
  • G. Bennett Stewart
  • Donald H. Chew

Abstract

Both the rise of hostile takeovers and the phenomenal success of LBOs in the 1980s can be explained in part as capital market responses to the shortcomings of the top‐down, EPS‐based model of financial management that has long dominated corporate America. the EVA financial management system, which presents the 1990s most serious challenge to the dominance of the EPS model, borrows important aspects from the LBO movement, particularly its focus on capital efficiency and ownership incentives. Unlike the LBO movement, however, the EVA system accomplishes such goals without the high leverage and concentration of risk that limit LBOs to the mature sector of the US economy.

Suggested Citation

  • Joel M. Stern & G. Bennett Stewart & Donald H. Chew, 1996. "Eva®*: An integrated financial management system*," European Financial Management, European Financial Management Association, vol. 2(2), pages 223-245, July.
    • Handle: RePEc:bla:eufman:v:2:y:1996:i:2:p:223-245
    DOI: 10.1111/j.1468-036X.1996.tb00039.x
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    Cited by:

    1. Karsten Paetzmann & Thomas Kaspereit, 2010. "Zum Einsatz von Residualgewinnmodellen post BilMoG – Nähert sich das Accounting Model dem Economic Model?," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 20(4), pages 419-444, March.
    2. Dambrin, Claire & Robson, Keith, 2011. "Tracing performance in the pharmaceutical industry: Ambivalence, opacity and the performativity of flawed measures," Accounting, Organizations and Society, Elsevier, vol. 36(7), pages 428-455.
    3. Göthlich, Stephan E., 2007. "Zur Ideengeschichte von Buchführung, Kostenrechung und Controlling vor dem Hintergrund ihres historischen Kontexts," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 617, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    4. Manju Tripathi & Smita Kashiramka & P. K. Jain, 2018. "Flexibility in Measuring Corporate Financial Performance, EVA Versus Conventional Earnings Measures: Evidences from India and China," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 19(2), pages 123-138, June.
    5. Robert J. Kauffman & Dan Ma & Martin Yu, 2018. "A metrics suite of cloud computing adoption readiness," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(1), pages 11-37, February.
    6. Sebastian Firk & Torben Schmidt & Michael Wolff, 2019. "Exploring Value‐Based Management Sophistication: The Role of Potential Economic Benefits and Institutional Influence," Contemporary Accounting Research, John Wiley & Sons, vol. 36(1), pages 418-450, March.
    7. Dimitris Kyriazis & Christos Anastassis, 2007. "The Validity of the Economic Value Added Approach: an Empirical Application," European Financial Management, European Financial Management Association, vol. 13(1), pages 71-100, January.
    8. Andreas Hoffjan & Timo Kornetzki, 2005. "Währungsumrechnung im Planungs- und Kontrollprozess," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 16(3), pages 325-348, September.
    9. Damiano Montani & Francesco Perrini & Daniele Gervasio & Andrea Pulcini, 2017. "The Importance of “Contextualisation” in Small and Medium-Sized Firms Valuation: Evidences from an Italian Case Study," International Journal of Business and Management, Canadian Center of Science and Education, vol. 13(1), pages 1-70, December.
    10. Serge Agbodjo & Isabelle Martinez, 2012. "La création de valeur actionnariale est-elle pertinente pour la prise de décision d'investissement ? Une étude empirique du SBF250 par secteurs d'activité," Post-Print hal-00935809, HAL.

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