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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.

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.

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.

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.

The purpose of this study is to measure firm value (FV) and return on stock (RoS) by considering corporate governance (CG), financial performance (FP), and refined economic value added (REVA) combinedly and also identify the convergence among these three parameters. The GMM estimator’s method was applied on the dataset of Dhaka Stock Exchange listed firms during the period 2013 to 2018. The sample contains 310 firms with 1860 firm years. The study reveals that CG, FP, and REVA characteristics are significantly conjuncted with FV and RoS. Firms, regardless of size, age, and nature, adopting good CG within business management practice can significantly improve FP and continuously generate positive economic value for both firms and shareholders over the period, thus enhance FV and RoS. Moreover, firms confirming continuous growth of FV are able to provide positive RoS to shareholders. This study ensures necessary guidelines for both firms’ manager and investors, as managers will be encouraged to implement good CG within the firms and confirmed to maintain healthy FP and continues REVA growth for the firm. Investors can assess firm performance and future growth opportunities before taking any investment decision.

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.

This study analyses the association between firms’ sustainability and economic performance in Europe, considering the channels of margin and turnover. The sample is composed of firms listed in the STOXX Europe 600 Index from 2012 to 2020. The sustainability performance is captured by the combined and individual ESG scores from Refinitiv, and dynamically tested with proxies of economic performance, including economic value added, return on firms’ assets and its components, margin and turnover. The methodological approach comprises different panel data specifications and tackles the potentially unobserved, time-invariant heterogeneity, endogeneity concerns, and reverse causality biases. Our findings point to a strong positive association between firms’ sustainability and economic performance in Europe, although the individual ESG forces are not at play with the same intensity. The environmental pillar is the one that is systematically associated with better economic performance across all estimations. The influence of sustainability performance on economic performance is also channeled by both profit margin and turnover. We find that a 1% improvement in the ESG score yields an increase in the economic value added of 0.08%, EVA over revenues. In general, our findings point to a shift from the conventional business model perspective to the incorporation of a core sustainability proposition and agenda that brings advantages and drives economic performance.

The purpose of this study is to examine whether green accounting influences firm value on companies in the ASEAN countries that have won the Asia Sustainability Reporting Awards 2021. The study utilized the exploratory quantitative method using secondary data, namely financial reports, sustainability reports, and ESG Scoring on the respective company websites of 15 Companies that have won the Asia Sustainability Reporting Awards 2021. Based on the observation years 2017-2021 of the published annual reports, this study shows that application of green accounting reporting with the dimensions of energy consumption have no significant effect on firm value using the Economic Creation Value Added (EVA) as proxy. This study shows that application of green accounting reporting with the dimensions of water consumption has a significant negative effect on EVA creation from companies in the Asia Sustainability Reporting List Awards. This study also shows that application of green accounting reporting with emission dimensions has a significant effect at a significance level of 10% with a positive direction towards EVA creation from companies in the Asia Sustainability Reporting List Awards. The findings in this study shed some lights on the importance of green accounting towards firm value of public listed companies in the ASEAN countries. The findings in this study are expected to be able to make a positive contribution to stakeholders’ interests and policies relating to other financial information required by stakeholders.