Nearly three-fourths of firms that adopt EVA or similar value-based management programs end up dropping them within five years of adoption, even though those firms are seeing the shareholder value gains promised by these programs. The reward to shareholders for sticking it out is significant;...

The study of firms' default has attracted wide interest among both practitioners and scholars. However, attention has often been limited to a relatively small set of financial variables. In this work, we try to increase the scope of analysis extending the investigation to other possible...