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Value Creation: EVA Value Drivers - The Case of Euronext Lisbon

机译：价值创造：EVA Value Drivers - 欧洲欧元素利十的案例

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摘要

Value-based management has gained prominence in both business and academia, supported by the notion that It is no longer sufficient for a company to generate profit, it is also required that the profit be higher than the cost of the total capital invested in the company. To increase value creation, managers need to understand which are its relevant determinants (value drivers). Therefore, this study aims to identify the main value creation drivers measured by EVA (economic value added), one of the value-based performance measures more referenced in financial literature. A sample of non-financial listed companies on Euronext Lisbon, from 2011 till 2016, is analyzed. The data was collected from the companies' annual consolidated financial reports. The data was analyzed using tree statistical analysis techniques, binary logistic regression, Pearson correlation coefficient, and t-test for independent groups, with SPSS (Statistical package for social sciences). The results show that the variables more relevant to value creation are the operating profit margin ratio, invested capital turnover, and the cost of equity rate. This study provides valuable information that assists managers in their decision-making, allowing to maximize value creation, through the identification of the main value drivers, and it also contributes to the dissemination on the subject of value creation.
机译：基于价值的管理层在商业和学术界中获得了突出，由该公司支持的概念支持，即不再足以为公司产生利润，也要求利润高于公司投资的总资本成本。为了增加价值创造，管理者需要了解哪些是其相关的决定因素（价值驱动程序）。因此，本研究旨在识别由EVA（加值的经济增值）测量的主要价值创建司机，其中基于价值的绩效措施在金融文献中的更多。分析了2011年2011年欧洲欧欧克斯利昂的非金融上市公司样本。这些数据是从公司的年度综合财务报告中收集的。使用树统计分析技术，二进制物流回归，Pearson相关系数和独立组的T检验分析数据，具有SPSS（社会科学统计包）。结果表明，与价值创造更相关的变量是营业利润率，投资资本营业额和股权成本。本研究提供了有价值的信息，可以通过识别主要价值驱动程序，帮助管理员在决策中，允许最大限度地提高价值创建，并且还有助于对价值创建主题的传播。

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