The relationship between economic value added and the stock market performance of agribusiness firms

Turvey, Calum G.; Lake, Linda; Duren, Erna van; Sparling, David

doi:10.1002/1520-6297(200023)16:4<399::aid-agr2>3.3.co;2-0

Cited by 5 publications

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“…EVA increases investments, the level of debt, and cash flows. Turvey et al (2000) There is little support for the conjecture that organizations with high EVAs create more shareholder value. However, because EVA is so popular in the press, there is resistance to dismissing EVA as a valued paradigm.…”

Section: Conclusion Limitations and Implicationsmentioning

confidence: 99%

Assessing empirical research on value-based management: Guidelines for improved hypothesis testing

Lueg

Schäffer

2010

J Betriebswirtsch

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The claims that value-based management (VBM) increases corporate performance have attracted considerable interest among researchers and organizations over the last three decades. Even though many studies have been conducted, the evidence on whether users outperform non-users is inconsistent. This paper attempts to place these diverse findings into perspective, and provide venues for future research. For that purpose, we drafted a framework to analyze 120 empirical studies on VBM. We concluded that meaningful hypothesis tests have been impaired by the narrow scope of data sets as well as methodological misspecifications. Based on this analysis, we categorized studies into four streams of research, employing factor analysis and cluster analysis. We then suggested that the most sophisticated studies identified positive performance effects of VBM. Lastly, we derived guidelines to improve the hypothesis testing of future studies on VBM.Keywords Literature review · Shareholder value · Strategic performance measurement · Value-based management · Value-driver JEL classifications D2 · J3 · L2 · M4

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Section: Conclusion Limitations and Implicationsmentioning

confidence: 99%

Assessing empirical research on value-based management: Guidelines for improved hypothesis testing

Lueg

Schäffer

2010

J Betriebswirtsch

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“…Research employing Canadian data is sparse. Turvey et al (2000) and Sparling and Turvey (2002) are exceptions. Both of these papers use the capital asset pricing model to examine the relationship between the economic value-added metric and stock market performance.…”

Section: Introductionmentioning

confidence: 99%

Regulation and the financial performance of Canadian agribusinesses

Schaufele

Sparling²

2011

Agricultural Finance Review

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Purpose -The purpose of this paper is to investigate the relationships between regulatory changes, returns on equity and stock market valuations for Canadian food and non-food agribusinesses. Design/methodology/approach -Two empirical approaches are employed. First, an event study is used to evaluate the impact of official regulatory announcements on the stock market valuations of selected Canadian agribusinesses. Next, an approach introduced by Mishra et al. using the Du Pont expansion is applied to investigate the effect of regulations on firms' accounting profits. Data on Canadian food and non-food agribusinesses are collected from Bloomberg, Thompson One Banker and SEDAR. Findings -The event study demonstrates that official regulatory announcement dates do not correspond with abnormal stock market returns for Canadian firms, while the Du Pont model yields mixed evidence with respect to their accounting profits. Research limitations/implications -This paper only considers publicly traded companies. As a result, survivorship bias may exist. Future research should include privately held and cooperative firms. Social implications -Food regulations can influence firm profits and shareholder wealth, so understanding how government actions influence agribusiness is important when considering the total costs of current and future food policy. Originality/value -The interaction between policy and the financial performance of Canada's publicly traded agribusinesses is an under-researched area and no studies have examined Canadian data. The results of this study are valuable to both policy makers and researchers.

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The Relationship between External and Internal Performance Measures of the Firm: A Reassessment by the Econometrics of Dynamic Non-Stationary Panels (La Relation Entre Les Mesures De Performance Externes Et Internes De La Firme: Un Réexamen Par L’Économétrie Des Panels Dynamiques Non Stationnaires)

Mouelhi

Saint-Pierre

2009

SSRN Journal

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The relationship between economic value added and the stock market performance of agribusiness firms

Cited by 5 publications

References 0 publications

Assessing empirical research on value-based management: Guidelines for improved hypothesis testing

Assessing empirical research on value-based management: Guidelines for improved hypothesis testing

Regulation and the financial performance of Canadian agribusinesses

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