“…While many different operationalizations of shareholder value creation, or firm performance, could have been used, we chose MVA for a variety of reasons. First, accounting measures of firm performance are inherently more short term in nature (Briloff, 1972(Briloff, , 1976Fisher and McGowan, 1983;Hayes and Abernathy, 1980;Ouchi, 1980), tap only historical aspects of performance (McGuire, Schneeweis, and Hill, 1986) and are subject to a great degree of manipulation by managers (Bentson, 1982;Briloff, 1972Briloff, , 1976Fisher, 1979;Livingstone and Salamon, 1971;McGuire et al, 1988;Solomon, 1970;Zimmerman, 1978, 1990). Therefore, accounting measures of performance, such as Return on Assets and Return on Equity, are less useful for the project at hand because they are not successful in capturing the long-term value of the company or value created for shareholders.…”