Gestão

Instituto Superior de Ciências do Trabalho e da Empresa

EVA: O CASO SUL AFRICANO (2002 - 2006)

José Anísio Fernandes Faria

Dissertação submetida como requisito parcial para obtenção do grau de Mestre em
Gestão de Empresas

Orientador:
Professor Doutor António Freitas Miguel, Prof. Assistente, ISCTE Business School,
Departamento de Finanças

Setembro 2008

ABSTRACT
The various traditional measures to evaluate the economic performance of companies are unable to determine whether shareholder value is being created or destroyed and therefore contributing to increase or decrease the market value of companies, since its calculation tends to be based almost exclusively on accounting data.
EVA/MVA is presented as the methodology that allows to examine whether shareholder value is being created and to quantify this value.
While EVA reflects the value created by the company in a given period, MVA is a cumulative measure of business performance. MVA is the difference between the market value of the company and the value of invested capital, reflecting the value that is expected to be created in the future or the value created by the company in the past. The objective of this dissertation is to examine whether the underlying theory and statements of the main proponents of EVA occur in the South African market, applying the model of EVA to a sample of 101 companies listed on the Johannesburg
Stock Exchange (JSE) in the 2002-2006 period.
When explaining MC and MVA, our results do not confirm the greatest explanatory power of EVA, compared with other traditional measures of performance. The EVA seems to have greater information content than other measures of performance when explaining the value created for shareholders, measured by the total shareholder return
(TSR) and the Excess Return (ER). Results do not confirm that the relationship between MVA and EVA is stronger when changes are considered.
Finally, our results confirm that the