摘要：In this paper we examine whether Economic Value Added (EVA TM ) is a good predictor of shareholder value creation (SVC) for a group of Latin American companies. We also examine whether EVA TM is a better predictor of SVC than competing accounting-based measures of managerial performance. The relationship of these predictors to SVC is paramount in a study of factors influencing shareholder value creation such as the compensation of a firm’s executives. Our results show strong correlations between EVA TM and SVC. They also indicate that EVA TM outperforms competing measures even after controlling for the potential effects that these last metrics have on SVC. Moreover, they reveal different levels of SVC sensitivity to changes in EVA TM across countries and significant differences in EVA’s association with SVC across industries.
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