EVA, refined EVA, MVA, or traditional performance measures for the hospitality industry?

International Journal of Hospitality Management

Volumn 28, Issue 3, 2009, Pages 439-445

  Lee, Seoki ^a   Kim, Woo Gon ^b  

^a TEMPLE UNIVERSITY   (United States)

^b FLORIDA STATE UNIVERSITY   (United States)

Author keywords

Economic value added (EVA); Hospitality industry; Market value added (MVA); Refined EVA; Traditional accounting measures

Indexed keywords

EID: 64049118143     PISSN: 02784319     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ijhm.2009.01.004     Document Type: Article

References (43)

1. Aliouche E.H., and Schlentrich U. Does franchising create value? An analysis of the financial performance of US public restaurant firms. Proceedings of the Annual International Society of Franchising Conference. London (2005)
2. Bacidore J.M., Boquist J.A., Milbourn T.T., and Thakor A.V. The search for the best financial performance measure. Financial Analysts Journal May/June (1997) 11-20
3. Berk J. A critique of size-related anomalies. Review of Financial Studies 8 2 (1995) 275-286
4. Biddle G., Seow G., and Siegel A. Relative versus incremental information content. Contemporary Accounting Research 12 1 (1995) 1-23
5. Biddle G.C., Bowen R.M., and Wallace J.S. Does EVA beat earnings? Evidence on associations with stock returns and firm values. Journal of Accounting and Economics 24 3 (1997) 301-336
6. Bowen R., Burgstahler D., and Daley L. Evidence on the relationships between earnings and various measures of cash flow. The Accounting Review 61 4 (1986) 713-747
7. Bowen R., Burgstahler D., and Daley L. The incremental information content of accrual versus cash flows. The Accounting Review 62 4 (1987) 723-747
8. Bowen R., Johnson M., Shevlin T., and Shores D. Informational efficiency and the information content of earnings during the stock market crash of 1987. Journal of Accounting and Economics 11 2/3 (1989) 225-254
9. Brossy R., and Balkcom J.E. Getting executives to create value. Journal of Business Strategy January/February (1994) 18-21
10. Chen S., and Dodd J.L. Economic value added (EVA): an empirical examination of a new corporate performance measure. Journal of Managerial Issues 9 3 (1997) 318-333
11. Chen S., and Dodd J.L. Operating income, residual income and EVA: Which metric is more value relevant. Journal of Managerial Issues 13 1 (2001) 65-86
12. Chow C.W., Haddad K.M., Leung S., and Sterk W. Using value-based performance measures to improve hotel profitability. International Journal of Hospitality & Tourism Administration 4 1 (2003) 23-50
13. Clinton B.D., and Chen S. Do new performance measures measure up?. Management Accounting 80 4 (1998) 38-43
14. de Villiers J. The distortions in economic value added (EVA) caused by inflation. Journal of Economics and Business 49 3 (1997) 285-300
15. Ezzamel M., and Burns J. Professional competition, economic value added and management control strategies. Organizations Studies 26 5 (2005) 756-776
16. Fisher A. Creating stockholder wealth. Fortune 132 (1995) 105-117
17. Fletcher H.D., and Smith D.B. Managing for value: developing a performance measurement system integrating economic value added and the balanced scorecard in strategic planning. Journal of Business Strategies 21 1 (2004) 1-17
18. Garvey, G.T., Milbourn, T.T., 2000. The optimal and actual use of EVA versus earnings in executive compensation. Working Paper. Claremont Colleges.
19. Grant J.L. Foundations of EVA for investment managers. Journal of Portfolio Management 23 1 (1996) 41-48
20. Kefgen, K., Mahoney, R., 1996. Economic Value Added: A New Performance Measure for Incentive Pay. Retrieved: October 2, 2008, from http://www.hotel-online.com/Trends/HVS/Kefgen/PerformanceMeasure_IncentivePay.html.
21. Kim W.G. EVA and traditional accounting measures: which metric is a better predictor of market value of hospitality companies?. Journal of Hospitality & Tourism Research 30 1 (2006) 34-49
22. Kramer J.K., and Pushner G. An empirical analysis of economic value added as a proxy for market value added. Financial Practice and Education 7 1 (1997) 41-49
23. Lee S. Examination of various financial risk measures for lodging firms. Journal of Hospitality & Tourism Research 32 2 (2008) 255-271
24. Lee S., and Upneja A. Is Capital Asset Pricing Model (CAPM) the best way to estimate cost-of-equity for the lodging industry?. International Journal of Contemporary Hospitality Management 20 2 (2008) 172-185
25. Lehn K., and Makhija A.K. EVA & MVA as performance measures and signals for strategic change. Strategy & Leadership 24 3 (1996) 34-38
26. Lieber R. Who are the real wealth creators?. Fortune 134 (1996) 107-116
27. Madanoglu M., Chang D.Y., and Chu Y.-H. Creating economic value in the US airline industry: are we missing the flight?. International Journal of Contemporary Hospitality Management 16 5 (2004) 294-298
28. Milunovich S., and Tsuie A. EVA in the computer industry. Journal of Applied Corporate Finance 9 1 (1996) 104-115
29. Mir A.E., and Seboui S. Corporate governance and earnings management and the relationship between economic value added and created shareholder value. Journal of Asset Management 7 3/4 (2006) 242-254
30. O'Byrne S.F. EVA and market value. Journal of Applied Corporate Finance 9 1 (1996) 116-125
31. Ott R.L., and Longnecker M. Statistical Methods and Data Analysis. 5th ed. (2001), Duxbury, Pacific Grove
32. Rutledge J. De-jargoning EVA. Forbes 152 (1993) 148
33. Stewart III G.B. The quest for value: The EVA management guide (1991), Harper Business, New York
34. Stewart III G.B. EVATM-Fact or fantasy. Journal of Applied Corporate Finance 7 2 (1994) 71-84
35. Tabachnick B.G., and Fidell L.S. Using Multivariate Statistics. 4th ed. (2001), Allyn & Bacon, Boston
36. Teitelbaum R. America's greatest wealth creators. Fortune 136 (1997) 265-276
37. Tully S. The real key to creating wealth. Fortune September 20 (1993) 38-50
38. ® for banks: value creation, risk management, and profitability measurement. Journal of Applied Corporate Finance 9 2 (1996) 94-113
39. Walbert L. The Stern Stewart performance 1000: using EVA to build market value. Journal of Applied Corporate Finance 6 4 (1994) 109-120
40. Weissenrieder, F., 1998. Value based management: economic value added or cash value added? Working Paper. Gothenburg University.
41. Zimmerman J.L. EVA and divisional performance measurement: capturing synergies and other issues. Journal of Applied Corporate Finance 10 2 (1997) 99-109
42. Zinkhan G.M., and Verbrugge J.A. Special issue on the marketing/finance interface. Journal of Business Research 50 2 (2000) 139-142
43. Zinkin J. Strategic marketing: balancing customer value with shareholder value. The Marketing Review 6 2 (2006) 163-181