초록 열기/닫기 버튼
The information contents of the EVA estimated for 570 non-financial firms in the Korea Stock Exchanges from 1992 to 1996 are analyzed and compared with accounting profits. According to empirical results, the EVA explained stock returns much better than other performance measures - net income, ROE, sales, and total assets. The unexpected EVA has higher correlation with excess returns than the unexpected accounting profits. Futhermore, the multiple regression shows that the coefficient of the unexpected EVA is significantly positive while the coefficient of the unexpected accounting profit is negative, when both the unanticipated EVA and the unanticipated accounting profit are included in the regression as independent variables. These results support the argument that the EVA is a more precise measure for the profitability than the accounting profit.
