Warianty tytułu
Języki publikacji
Abstrakty
The authors calculated shareholder equity cost as the cost of its alternative reinvestment by stakeholders. For they decide to purchase shares with the expectation of earning higher profits than the minimum revenue obtained without incurring risk. This is somewhat of a simplification but it does make it possible to give comparable results, even if they are lower. For this reason, one should not concentrate on absolute EVA and MVA values. Instead, comparisons should be made over time with the averages both for sectors and firms as a whole. Differences in economic profit between sectors may result from differences in capital-intensiveness and the investment cycle in these sectors. Firms which make big investments incur high capital costs over a given period which reduce economic profit, and in contrast to firms in which investments are characterised by a short implementation cycle and a low level of capital intensiveness. The latter will show higher profits and fewer ups and downs over time. (fragment of original text)
Słowa kluczowe
Twórcy
autor
- Cracow University of Economics, Poland
autor
- Cracow University of Economics, Poland
Bibliografia
- Copeland, T., Koller, T. and Murrin, J. (1997) Wycena: mierzenie i kształtowanie wartości firm [Valuation: measuring and shaping the value of firms]. Warsaw: WIG-Press.
- Cwynar, A. and Cwynar, W. (1999) "EVA i MVA - nowe spojrzenie na efektywność wykorzystania kapitału spółek" [EVA and MVA - a new look at the effective use of company capital], Part II. Nasz Rynek Kapitałowy 3.
- Duliniec, A. (1998) Struktura i koszt kapitału w przedsiębiorstwie [The structure and costs of capital in enterprises]. Warsaw: WN PWN.
- Majdzik, W. A. (1996) "Ewa czy Mewa: kapitał też kosztuje". Rzeczpospolita, No 243.
- Mákeláinen, E. (1997) "Economic Value Added as a Management Tool". Master's Thesis, Helsinki School of Economics and Business Administration, http://kyyppari.hkkk.fi/~k23347.
- Sierpińska, M. (1999a) Polityka dywidend w spółkach kapitałowych [Dividend policy in capital companies], Warsaw: PWN.
- Sierpińska, M. (1999b) "EVA as a Measure of Enterprise Restructuring Effects". Paper to the "Restructuring of the National Economy under the Systemic Transformation" conference, CECIOS, Cracow, 21-23 October.
- Sierpińska, M. and Paliwoda, G. (1999) "Comparison of Polish Stock Exchange Companies' Performance Measured by Economic Value Added". Conference materials of "Bankovnictvi a Krátkodobé Prognozy Ekonomickéno Vévoje", Slezská Univerzita v Opavé, October.
- Stepnowski, R. (1996) "Inwestorze, policz sam" [Investor, count it yourself]. Gazeta Bankowa, No 51-52.
- Stepnowski, R. (1997) "Uniwersalny parametr" [The universal parameter]. Gazeta Bankowa, No 2.
- Stewart, G. B. and Stern, S. (1990) "Announcing the Stern Stewart Performance 1,000: A New Way of Viewing Corporate America". Journal of Applied Corporate Finance 3 (2): 38-59.
- Stewart, G. B. and Stern, S. (1994) "EVA™: Fact and Fantasy". Journal of Applied Corporate Finance 7(2).
- Zator, K. (1999) "O niektórych aspektach wykorzystania wskaźników EVA i MVA" [On certain aspects of using EVA and MVA indicators]. Nasz Rynek Kapitałowy 4.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171216851