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This book answers the question of how soft factors such as corporate cultures and individual and corporate values can be transparently steered. With its C4 management tool and reflecting the seven driving forces of corporate culture, the Values Cockpit is a powerful solution designed to steer all dimensions and processes of a company, pursuing a lean approach. The book links strategic approaches on how to steer a company towards excellence with insights into the driving forces of human thoughts and actions. It subsequently introduces the Values Cockpit, which allows individual corporate cultures to be developed and controlled on the basis of a rational approach. It has since become commonplace that, for the best companies in the world, it is their great corporate culture that sustains their excellence and economic success. In order to establish such a corporate culture, all corporate values must be thoroughly controlled, steered and measured. This book serves as an essential guide, helping companies to reach these goals and ensure their sustainable economic success.

Traditional financial performance measures should be extended to provide additional information to stakeholders. One such extension is the economic value added (EVA). It shows residual profit above the cost of financing, both creditors and equity financing. This paper elaborates on the impact of selected financial ratios on EVA to total assets and EVA to capital employed using the 20-year aggregated data of non-financial business entities operating in Croatia. It answers the research question of which of the selected financial ratios impacts the above-mentioned EVA-based ratios. Applying dynamic panel data modeling using the generalized method of moments technique resulted in the derivation of two models. The human capital efficiency ratio was statistically significant in both models, positively affecting EVA/total assets and EVA/capital employed. In contrast, the debt ratio and net profit margin were significant only in the second model, where EVA/capital employed was a dependent variable. The research results indicate that the debt ratio affects EVA/capital employed negatively while the net profit margin has a positive effect, confirming the existing research. Total liabilities/earnings before interest, taxes, depreciation and amortization, and total asset turnover were not found to be significant in either of the two models.

PurposeThis study explores the moderating effect of board gender diversity (BGD) between a firm's Environmental, Social, and Governance (ESG) performance and Economic value added (EVA) using NSE-listed 331 companies' data from 2015 to 2020, forming 1986 firm-year observations.Design/methodology/approachOur study is based on panel data; hence, we use a system GMM panel regression model to confirm whether the BGD moderates ESG and EVA. We also address the endogeneity issues.FindingsOverall, our study reported a positive moderating effect of BGD between ESG and EVA. Similar results were observed across the chemical and financial services industries. However, in the case of the healthcare and consumer goods industries, we did not find support for the moderating effect.Practical implicationsThe implications of our results are considerable and relevant for regulators, governing bodies, and corporate managers. It helps them understand how BGD plays a vital role in influencing the effect of ESG on a firm's EVA.Originality/valueNo existing research has explored the moderating effect of BGD between ESG and EVA, to the authors' best knowledge. Therefore, our study extends the existing literature and further supports resource dependency, agency, and stakeholder theories of corporate governance.

Crowdfunding (CF) is considered to be an innovative source of funding, and research into its effects on CF participants is being conducted from many different angles. In our article, we propose a qualitative analysis of CF’s impact on creating added value for small and medium enterprises (SMEs). This paper is a conceptual study based on the theory of value co-creation, the Norton–Kaplan value model, and the concept of economic value added (EVA) to identify the areas (perspectives) of business activity where crowdfunding may stimulate the growth of company value. Based on the map of co-relations in crowdfunding that we have created, we propose a new model of crowdfunding value analysis from the entrepreneur’s point of view. Our research demonstrates that crowdfunding not only presents an alternative financing option, but also affects all perspectives relevant to value creation. As compared to the existing literature, this analysis is the most comprehensive take on the importance of crowdfunding for increasing the value of small and medium enterprises to date, thus offering a material contribution to the fuller understanding of crowdfunding from the financial standpoint, as well as pointing to the importance of crowdfunding as a financing method influencing sustainable decision-making by small and medium enterprises (SMEs). The added value of the study is the proposed method of analysing the impact of CF on the value of enterprises by using the Norton–Kaplan model and EVA.

This study examines the effects of Capital Expenditure (CAPEX) and Research & Development Expenditure (R&D), on firm value, as determined by Economic Value Added (EVA). The study covers 982 Indian-listed firms from the manufacturing and service industries. The results have been estimated using fixed effects, and random effects models for the accuracy of the estimations. The findings of this study reveal varied results in the short and long run for both manufacturing and service firms. The manufacturing companies have a negligible short-term impact of CAPEX on firm value (investment year), but a strong and positive link develops over an extended period (Years 1 to 3 post-investment). On the other hand, R&D in manufacturing companies has no significant short- or long-term effect. There is no significant impact of CAPEX in service firms in the short run, R&D initially has a negative impact on EVA, but with time, CAPEX and R&D favorably impact EVA. The results of this study have implications for both managers and investors. Creating long-term value for stakeholders is every manager's job. Since the idea of the distinction between the cost of capital and the return on capital invested (ROIC) first emerged, the concept of value creation has endured. We show how excess revenue over cost of capital results in value creation in investment spending choices by using the EVA metrics and how It may be necessary for investors to consider the greater strategic advantages that come from R&D and CAPEX, especially for those who have a long-term perspective.

Purpose – the study has a dual purpose. First, to assess the impact of the most important determinants of financial performance, which have been measured through four generations of indicators. In addition, the study provides the first quantification of interdependencies between different financial performance measures: profit margin (PM), profit growth rate (PGR), return on assets (ROA), return on equity (ROE), and economic value added (EVA). Research methodology – the primary data was collected from the AMADEUS database. Empirical research was conducted on a relatively homogeneous sample from the automotive industry, using the panel data method for the period 2010–2019. Two models were tested. The first model highlights the relationships between performance measures and selected determinants. The second model highlights the relationship between the different performance measures and the determinants used in the first model. Findings – the determinants analysed have different influences on the selected performance measures. For example, in the first model, the results statistically significant indicated the following. The current ratio has a positive influence on ROA, but a negative one on ROE and EVA. Gearing has a negative influence on PM and ROA, but a positive one on EVA. The growth rate of sales has a positive influence on PM, but a negative one on ROA and EVA. The size of the company has a positive influence on three performance measures (PM, ROA, and EVA). Regarding the relationships between the different performance measures (second model), the research indicates that EVA is negatively influenced by PGR and ROA. In this model, the determinants analysed maintain their meaning and intensity of influences. Research limitations – the article has several limitations. The representativeness of the results is valuable only at the level of the researched industry. In addition, it should be noted that the analyses are focused only on financial performance, assessed by accounting measures. The authors are considering conducting comparative analyses at the level of fields/branches of activity to capture not only the impact of determinants on financial performance but also to assess organizational resilience. Practical implications – The research provides clues to managers and financial decision-makers to increase the financial performance of the companies they lead. Originality/value – the originality of the study lies in the presented methodological approach. Unlike previous research, which usually evaluated performance on only one indicator, this paper aims to assess the impact of the most important determinants on five performance measures. In addition, the analysis of the interdependencies between the different performance measures is another novelty of this research.

The purpose of this study is to reveal the reality of green accounting practices and, its effects on economic value-added (EVA) of listed Qatari companies. Content analysis was used to gather study data. the sustainability reports and all other materials related to green accounting subject published by the study sample during the period (2014 - 2019) was deeply viewed. The study applied on seven sectors consists of 47 companies listed in the Qatar exchange selected based on data availability. The study concluded that the quality of green accounting practices in the listed Qatar companies was weak, Was its average in the banking and financial services sector and the telecommunications sector, whereas it's weak in the insurance and real estate sectors. The study also found that there is a statistically significant effect of green accounting on the EVA of listed Qatari companies. The study also found that there is a statistically significant effect of green accounting on EVA of listed Qatari companies. Moreover, energy, materials, and emissions variables have a negative effect on EVA. Whereas, there is no statistical effect of water variable.

This paper investigates the impact of working capital management (WCM) on firm performance among listed Iranian manufacturing firms, focusing on the direct and moderating roles of inflation and GDP variables. This study uses the ordinary least squares with robust standard errors to analyze panel data covering the period 2010-2016. Two-stage least squares with robust standard errors is also used to control the endogeneity problem. The results show that the cash conversion cycle (CCC) is negatively related to return on assets and to refined economic value added (REVA). That is, the shorter time the span between an expenditure to purchase raw materials and the collection of the receivables for sold goods, the higher the performance. However, when endogeneity problem is controlled for, CCC loses its relationship to REVA. Macroeconomic variables are positively and significantly related to ROA, but only inflation is significantly related to REVA. Moreover, macroeconomic factors do not moderate the relationship between WCM and firm performance.

PurposeThe paper aims to find out the information content of performance measures from accounting and value-based measures that best explain the total shareholder return.Design/ methodology/ approachTo achieve this aim, static and dynamic panel data regression analysis is applied to the sample of 56 Indian companies taken from the Nifty Midcap 100 Index, between 2012 and 2019.FindingsIt is found that accounting-based measures have more relative information content in predicting total shareholder return as compared to value-based measures. Economic value added (EVA) and cash value added (CVA) do not add to the information content provided by accounting-based measures. A combination of accounting-based measures and value-added intellectual coefficient (VAIC) adds marginally to the information content provided by accounting-based measures in explaining the total shareholder return. Dynamic panel regression analysis shows that return on assets (ROA), return on capital employed (ROCE), return on equity (ROE) and EVA have a significant impact on total shareholder return.Originality/valueIn this study, along with EVA, other measures from value-based measures, i.e. CVA are empirically tested to explain the total shareholder return. Intellectual capital efficiency computed by VAIC is also empirically tested along with accounting-based measures, EVA, CVA and market value added (MVA). To bring robustness to findings, data are tested by using dynamic panel regression analysis.