Economic Value Added (EVA) is a value based performance measure that gives importance on value creation by the management for the owners. Profit maximization as a concept is age-old, wealth maximization is matured and value maximization is today's wisdom. Stern Stewart's EVA raises storm in...

We compare the concept of Economic Value Added (EVA) with the traditional Discounted Cash Flows (DCF) method of investment appraisal. We find that DCF suffers from dynamic inconsistency and may approve suboptimal investment decisions. In contrast, EVA does not suffer from these shortcomings and...

Investment in companies that leverage superior environmental, social, and governance (ESG) performance to enhance financial results would increase if mainstream investors could discern whether companies' ESG strategies help, hurt, or have minimal impact on financial performance. We propose ESG...