Research background: As companies evolve over time, so do their goals. In the past, the main goals of companies were profit and goals (as market share), are no longer relevant or effective. These goals are outdated, and companies have replaced them with goals that are consistent with the current changing times of competition. Worldwide, most large companies are using, or planning to use, a new approach called value-based management that focuses on value creation. Therefore, the main goal of companies using a value-based management approach is value creation. Purpose: This study aims to validate the existence of a statistically significant relationship between the economic value added (EVA) indicator, which represents the successful implementation of the value creation process in companies, and selected value generators. Method: For this study, information about 14,313 companies operating in the Visegrad Four countries were collected from their respective financial statements. The research period was 2019–2020. Twenty value generators were selected for this study. The hypotheses were tested using the correlation coefficient. The strength of the relationship between the observed variables is described by using the Pearson correlation coefficient. Findings and value added: A trivial or small dependence was observed between the EVA indicator and non-current assets, current financial assets, and income tax. A moderate dependence was observed between the EVA indicator and stocks, receivables, interest expenses, and other liabilities. A large dependence was observed between the EVA indicator and bank loans, profit and loss (P/L) statement, and the cost of capital. The survey results can be a useful tool for businesses in their efforts to focus on a suitable value generator in the process of value-based management implementation, focusing on the process of value creation.
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