{"id":{"repo_id":"cape-town","oai_identifier":"oai:open.uct.ac.za:11427/5633"},"canonical_url":"https://search.dev.ndltd.org/etd/cape-town/oai:open.uct.ac.za:11427/5633","repository":{"repo_id":"cape-town","name":"University of Cape Town","base_url":"https://open.uct.ac.za/oai/request"},"display":{"title":"Pursuing shareholder value : comparing the information content of EVA and accounting earnings","abstract":"This study provides independent empirical evidence of the strength of the relationship between changes in shareholder value and various financial measures of corporate performance. The objective is to assess whether adopting the goal of maximising EV A, instead of accounting earnings, enables management to more effectively pursue shareholder value. Firstly, the ability of EVA and accounting earnings to explain contemporaneous annual share returns is assessed. This relative information content issue is tested on a sample of 758 company year-ends from 1991 to 1997. Results indicate that accounting earnings explains 26% of the variation in cumulative abnormal returns. The comparative figure for EVA is less than 12%. This suggests that accounting earnings tends to dominate EV A in its association with share returns.","abstract_html":"This study provides independent empirical evidence of the strength of the relationship between changes in shareholder value and various financial measures of corporate performance. The objective is to assess whether adopting the goal of maximising EV A, instead of accounting earnings, enables management to more effectively pursue shareholder value. Firstly, the ability of EVA and accounting earnings to explain contemporaneous annual share returns is assessed. This relative information content issue is tested on a sample of 758 company year-ends from 1991 to 1997. Results indicate that accounting earnings explains 26% of the variation in cumulative abnormal returns. The comparative figure for EVA is less than 12%. This suggests that accounting earnings tends to dominate EV A in its association with share returns.","abstract_has_math":false,"creators":["Green, Brendan Richard"],"institution":"College of Accounting","degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":["Uliana, Enrico"],"committee_chairs":[],"committee_members":[],"year":2000,"date_issued":"2000","date_published":"2000","updated_at":"2026-07-22T22:23:21Z","subjects":[],"languages":["eng"],"rights":[],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/11427/5633","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["Uliana, Enrico"]},{"key":"dc:creator","label":"Author","values":["Green, Brendan Richard"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2014-07-31T12:14:27Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2014-07-31T12:14:27Z"]},{"key":"dc:date.issued","label":"Date","values":["2000"]},{"key":"dc:publisher.department","label":"Dc Publisher Department","values":["College of Accounting"]},{"key":"dc:publisher.institution","label":"Dc Publisher Institution","values":["University of Cape Town"]},{"key":"dc:type","label":"Dc Type","values":["Master Thesis"]},{"key":"dc:type.qualificationlevel","label":"Dc Type Qualificationlevel","values":["Masters"]},{"key":"dc:type.qualificationname","label":"Dc Type Qualificationname","values":["MCom"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language.iso","label":"Language (ISO)","values":["eng"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["http://hdl.handle.net/11427/5633"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["Bibliography: leaves 82-85."]},{"key":"dc:description.abstract","label":"Abstract","values":["This study provides independent empirical evidence of the strength of the relationship between changes in shareholder value and various financial measures of corporate performance. The objective is to assess whether adopting the goal of maximising EV A, instead of accounting earnings, enables management to more effectively pursue shareholder value. Firstly, the ability of EVA and accounting earnings to explain contemporaneous annual share returns is assessed. This relative information content issue is tested on a sample of 758 company year-ends from 1991 to 1997. Results indicate that accounting earnings explains 26% of the variation in cumulative abnormal returns. The comparative figure for EVA is less than 12%. This suggests that accounting earnings tends to dominate EV A in its association with share returns."]},{"key":"dc:title","label":"Title","values":["Pursuing shareholder value : comparing the information content of EVA and accounting earnings"]}]}],"canonical_facts":{"dc:contributor.advisor":["Uliana, Enrico"],"dc:creator":["Green, Brendan Richard"],"dc:date.accessioned":["2014-07-31T12:14:27Z"],"dc:date.available":["2014-07-31T12:14:27Z"],"dc:date.issued":["2000"],"dc:description":["Bibliography: leaves 82-85."],"dc:description.abstract":["This study provides independent empirical evidence of the strength of the relationship between changes in shareholder value and various financial measures of corporate performance. The objective is to assess whether adopting the goal of maximising EV A, instead of accounting earnings, enables management to more effectively pursue shareholder value. Firstly, the ability of EVA and accounting earnings to explain contemporaneous annual share returns is assessed. This relative information content issue is tested on a sample of 758 company year-ends from 1991 to 1997. Results indicate that accounting earnings explains 26% of the variation in cumulative abnormal returns. The comparative figure for EVA is less than 12%. This suggests that accounting earnings tends to dominate EV A in its association with share returns."],"dc:identifier.uri":["http://hdl.handle.net/11427/5633"],"dc:language.iso":["eng"],"dc:publisher.department":["College of Accounting"],"dc:publisher.institution":["University of Cape Town"],"dc:title":["Pursuing shareholder value : comparing the information content of EVA and accounting earnings"],"dc:type":["Master Thesis"],"dc:type.qualificationlevel":["Masters"],"dc:type.qualificationname":["MCom"]},"updated_at":"2026-07-22T22:23:21Z"}