Value Based Performance Measures: Theoretical Evaluation and Empirical Analysis of Their Application and Value Relevance on a European Level
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| Format: | Electronic eBook |
| Language: | English |
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Wiesbaden
Springer Vieweg. in Springer Fachmedien Wiesbaden GmbH
2020
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| Series: | FOM-Edition Research Ser
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| Subjects: | |
| Online Access: | HWR01 |
| Item Description: | Description based on publisher supplied metadata and other sources |
| Physical Description: | 1 Online-Ressource (326 pages) |
| ISBN: | 9783658314293 |
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| 505 | 8 | |a Intro -- Foreword -- Preface by the Editors -- Acknowledgement -- Table of Contents -- List of Illustrations -- List of Tables -- List of Formulas -- List of Abbreviations -- List of Symbols -- 1 Introduction -- 1.1 Problem Description -- 1.2 Objectives -- 1.3 Structure of Work -- 2 Framework Conditions for the Application of Value Based Performance Measures -- 2.1 Maximisation of Shareholder Value as Primary Goal of Companies -- 2.1.1 Necessity of Value Based Management for Companies in Today's Business EEnvironment -- 2.1.1.1 Development of Value Based Management -- 2.1.1.2 Elements and Objectives of Value Based Management -- 2.1.2 Shareholder Value Approach as one Characteristic Form of Value Based Management -- 2.1.2.1 Shareholder Value Network -- 2.1.2.2 Critical Discussion of Shareholder Value Approach -- 2.1.3 Calculation of Cost of Capital as a Crucial Part of Value Based Management and Shareholder Value Approach -- 2.1.3.1 Calculation of Cost of Equity Capital with the CAPM and Calculation of Cost of Debt Capital -- 2.1.3.2 Critique of CAPM -- 2.2 Conflicts of Interest Between Investors and Managers -- 2.2.1 Classification of Principal Agent Theory and Justification of its Application -- 2.2.2 Structure of Principal Agent Relationships -- 2.2.3 Kinds of Information Asymmetries and Resulting Information Problems -- 2.2.3.1 Hidden Characteristics and Adverse Selection -- 2.2.3.2 Hidden Action and Hidden Information -- 2.2.4 Relationship Between Investors and Managers on the Basis of the Principal Agent Theory -- 2.2.4.1 The Model of Jensen and Meckling -- 2.2.4.2 Accounting and Reporting of Key Figures as Important Tools for Reducing Information Asymmetries -- 2.2.5 Effects of Information Asymmetries on Cost of Capital -- 2.2.6 Critiques of Principal Agent Theory -- 2.3 Relevance of Information on Capital Markets and for its Actors | |
| 505 | 8 | |a 2.3.1 Price Formation on Capital Markets Depending on the Level of Information -- 2.3.1.1 Efficient Market Model and Levels of Market Efficiency -- 2.3.1.2 Critique of Efficient Market Model -- 2.3.1.3 Empirical Insights on the Information Efficiency of Capital Markets -- 2.3.2 Crucial Actors on Capital Markets and their Information Needs -- 2.3.2.1 Classification of Actors on Capital Markets -- 2.3.2.2 Information Needs of Actors -- 2.3.2.2.1 Insights from empirical studies -- 2.3.2.2.2 Importance of Key Figures within Information Research of Investors -- 2.4 Information Delivery of Companies on the Basis of IFRS Annual Accounts and Value Reporting -- 2.4.1 Role of Accounting in the Context of Principal Agent Theory, Theory of Efficient Capital Markets and Information Needs of Investors -- 2.4.2 IFRS as Rules for Disclosing Financal Statements -- 2.4.3 Evaluation of IFRS from an Investor's Point of View -- 2.4.3.1 Benefits and Advantages of IFRS -- 2.4.3.2 Costs and Flaws of IFRS Reporting -- 2.4.4 Value Reporting as a Supplement of IFRS Reporting -- 2.4.4.1 Definition and Objectives of Value Reporting -- 2.4.4.2 Reduction of Communication Gaps by Value Reporting -- 2.4.4.3 Principles of Value Reporting and appropriate communication channels -- 2.4.4.4 Elements of Value Reporting -- 2.4.4.5 Integrated Report as Latest Development of Value Reporting -- 3 Critical Evaluation of Selected Value Concepts -- 3.1 Traditional Key Figures Used Commonly by Investors -- 3.1.1 Systematisation of Traditional Key Figures -- 3.1.2 Price Earnings Ratio and Earnings per Share -- 3.1.3 Return on Equity and Return on Sales -- 3.1.4 Return on Investment -- 3.2 Concept of Value Based Key Figures -- 3.2.1 Systematisation of Value Based Key Figures -- 3.2.2 Advantages of Value Based Key Figures and Flaws of Traditional Key Figures | |
| 505 | 8 | |a 3.2.3 Evaluation Criteria for Value Based Performance Measures -- 3.3 Value Based Performance Measures Focussing on a Single Period -- 3.3.1 Concept of Residual Income (Preinreich-Lücke Theorem) -- 3.3.2 Result-Based Key Figures -- 3.3.2.1 ROCE Spread and Value Added -- 3.3.2.1.1 Calculation -- 3.3.2.1.2 Evaluation -- 3.3.2.2 Economic Value Added -- 3.3.2.2.1 Calculation -- 3.3.2.2.2 Conversions -- 3.3.2.2.3 Evaluation -- 3.3.3 Cash Flow Based Key Ffigures -- 3.3.3.1 Cash Flow Return on Investment -- 3.3.3.1.1 Calculation of Dynamic Cash Flow Return on Investment -- 3.3.3.1.2 Calculation of Static Cash Flow Return on Investment -- 3.3.3.2 Cash Value Added -- 3.3.3.3 Evaluation of Cash Flow Return on Investment and Cash Value Added -- 3.4 Value Based Performance Measures Focussing on the Total Period -- 3.4.1 Discounted Cash Flow -- 3.4.1.1 Calculation -- 3.4.1.2 Evaluation -- 3.4.2 Market Value Added -- 3.4.2.1 Calculation -- 3.4.2.2 Evaluation -- 3.5 Overview of the Current State of Research -- 3.5.1 Application of Value Based Performance Measures in Europe -- 3.5.2 Classification of Studies Analysing Value Relevance of Key Figures -- 3.5.2.1 Objectives and Assumptions of Capital Market Research -- 3.5.2.2 Capital Market Research Approaches -- 3.5.2.3 Types of Statistical Tests for Determining Value Relevance -- 3.5.3 Value Relevance of Traditional and Value Based Performance Measures -- 4 Application and Value Relevance of Value Based Performance Measures in Europe -- 4.1 Development of the Empirical Study -- 4.1.1 Research Questions, Research Hypotheses and Objectives of Empirical Study -- 4.1.1.1 Analysis of Application of Value Based Performance Measures in Europe -- 4.1.1.2 Standardised Calculation of a Value Based Performance Measure -- 4.1.1.3 Value Relevance of Value Based Performance Measures and Traditional Key Figures | |
| 505 | 8 | |a 4.1.2 Methodology of the Study -- 4.1.2.1 Analysis of Annual Reports -- 4.1.2.2 Standardised Calculation of ROCE, ROE Spread and Value Added -- 4.1.2.3 Association Study in the Form of a Price Level Model -- 4.1.2.3.1 Price Level and Return Models as Possible Design Forms for Association Studies -- 4.1.2.3.2 Ohlson Model as Theoretical Basis for the Regression Equation -- 4.1.2.3.3 Feltham Ohlson model as extension of the Ohlson model -- 4.1.2.3.4 Derivation of the equation for panel regression -- 4.1.2.3.5 Definition of Endogenous Variable -- 4.1.2.3.6 Definition of Explanatory Variables -- 4.1.2.3.7 Definition of Control Variables -- 4.1.2.3.8 Panel Regression as the Applied Statistical Method -- 4.1.3 Description of Data Base -- 4.1.3.1 Analysis of Annual Reports -- 4.1.3.2 Standardised Calculation of ROCE, ROE Spread and Value Added -- 4.1.3.3 Value Relevance Analysis -- 4.2 Results of the Empirical Study -- 4.2.1 Analysis of Annual Reports -- 4.2.2 Standardised Calculation of ROCE Spread and Value Added -- 4.2.3 Value Relevance of Value Added in Comparison to Selected Traditional Key Figures -- 4.2.3.1 Descriptive Statistics -- 4.2.3.1.1 Descriptive Statistics of Dependent Variable and Analysed Key Figures -- 4.2.3.1.2 Descriptive Statistics of Independent Variables -- 4.2.3.2 Selection of Panel Model -- 4.2.3.3 Analysis of Regression Requirements -- 4.2.3.4 Value Relevance Analysis -- 4.3 Interpretation of Results -- 4.3.1 Analysis of Annual Reports -- 4.3.2 Standardised Calculation of ROCE Spread and Value Added -- 4.3.3 Value Relevance Analysis -- 4.4 Limitations -- 4.4.1 Analysis of Annual Reports -- 4.4.2 Standardised Calculation of ROCE Spread and Value Added -- 4.4.3 Value Relevance Analysis -- 5 Conclusion -- 5.1 Summary -- 5.2 Outlook -- List of Literature | |
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| contents | Intro -- Foreword -- Preface by the Editors -- Acknowledgement -- Table of Contents -- List of Illustrations -- List of Tables -- List of Formulas -- List of Abbreviations -- List of Symbols -- 1 Introduction -- 1.1 Problem Description -- 1.2 Objectives -- 1.3 Structure of Work -- 2 Framework Conditions for the Application of Value Based Performance Measures -- 2.1 Maximisation of Shareholder Value as Primary Goal of Companies -- 2.1.1 Necessity of Value Based Management for Companies in Today's Business EEnvironment -- 2.1.1.1 Development of Value Based Management -- 2.1.1.2 Elements and Objectives of Value Based Management -- 2.1.2 Shareholder Value Approach as one Characteristic Form of Value Based Management -- 2.1.2.1 Shareholder Value Network -- 2.1.2.2 Critical Discussion of Shareholder Value Approach -- 2.1.3 Calculation of Cost of Capital as a Crucial Part of Value Based Management and Shareholder Value Approach -- 2.1.3.1 Calculation of Cost of Equity Capital with the CAPM and Calculation of Cost of Debt Capital -- 2.1.3.2 Critique of CAPM -- 2.2 Conflicts of Interest Between Investors and Managers -- 2.2.1 Classification of Principal Agent Theory and Justification of its Application -- 2.2.2 Structure of Principal Agent Relationships -- 2.2.3 Kinds of Information Asymmetries and Resulting Information Problems -- 2.2.3.1 Hidden Characteristics and Adverse Selection -- 2.2.3.2 Hidden Action and Hidden Information -- 2.2.4 Relationship Between Investors and Managers on the Basis of the Principal Agent Theory -- 2.2.4.1 The Model of Jensen and Meckling -- 2.2.4.2 Accounting and Reporting of Key Figures as Important Tools for Reducing Information Asymmetries -- 2.2.5 Effects of Information Asymmetries on Cost of Capital -- 2.2.6 Critiques of Principal Agent Theory -- 2.3 Relevance of Information on Capital Markets and for its Actors 2.3.1 Price Formation on Capital Markets Depending on the Level of Information -- 2.3.1.1 Efficient Market Model and Levels of Market Efficiency -- 2.3.1.2 Critique of Efficient Market Model -- 2.3.1.3 Empirical Insights on the Information Efficiency of Capital Markets -- 2.3.2 Crucial Actors on Capital Markets and their Information Needs -- 2.3.2.1 Classification of Actors on Capital Markets -- 2.3.2.2 Information Needs of Actors -- 2.3.2.2.1 Insights from empirical studies -- 2.3.2.2.2 Importance of Key Figures within Information Research of Investors -- 2.4 Information Delivery of Companies on the Basis of IFRS Annual Accounts and Value Reporting -- 2.4.1 Role of Accounting in the Context of Principal Agent Theory, Theory of Efficient Capital Markets and Information Needs of Investors -- 2.4.2 IFRS as Rules for Disclosing Financal Statements -- 2.4.3 Evaluation of IFRS from an Investor's Point of View -- 2.4.3.1 Benefits and Advantages of IFRS -- 2.4.3.2 Costs and Flaws of IFRS Reporting -- 2.4.4 Value Reporting as a Supplement of IFRS Reporting -- 2.4.4.1 Definition and Objectives of Value Reporting -- 2.4.4.2 Reduction of Communication Gaps by Value Reporting -- 2.4.4.3 Principles of Value Reporting and appropriate communication channels -- 2.4.4.4 Elements of Value Reporting -- 2.4.4.5 Integrated Report as Latest Development of Value Reporting -- 3 Critical Evaluation of Selected Value Concepts -- 3.1 Traditional Key Figures Used Commonly by Investors -- 3.1.1 Systematisation of Traditional Key Figures -- 3.1.2 Price Earnings Ratio and Earnings per Share -- 3.1.3 Return on Equity and Return on Sales -- 3.1.4 Return on Investment -- 3.2 Concept of Value Based Key Figures -- 3.2.1 Systematisation of Value Based Key Figures -- 3.2.2 Advantages of Value Based Key Figures and Flaws of Traditional Key Figures 3.2.3 Evaluation Criteria for Value Based Performance Measures -- 3.3 Value Based Performance Measures Focussing on a Single Period -- 3.3.1 Concept of Residual Income (Preinreich-Lücke Theorem) -- 3.3.2 Result-Based Key Figures -- 3.3.2.1 ROCE Spread and Value Added -- 3.3.2.1.1 Calculation -- 3.3.2.1.2 Evaluation -- 3.3.2.2 Economic Value Added -- 3.3.2.2.1 Calculation -- 3.3.2.2.2 Conversions -- 3.3.2.2.3 Evaluation -- 3.3.3 Cash Flow Based Key Ffigures -- 3.3.3.1 Cash Flow Return on Investment -- 3.3.3.1.1 Calculation of Dynamic Cash Flow Return on Investment -- 3.3.3.1.2 Calculation of Static Cash Flow Return on Investment -- 3.3.3.2 Cash Value Added -- 3.3.3.3 Evaluation of Cash Flow Return on Investment and Cash Value Added -- 3.4 Value Based Performance Measures Focussing on the Total Period -- 3.4.1 Discounted Cash Flow -- 3.4.1.1 Calculation -- 3.4.1.2 Evaluation -- 3.4.2 Market Value Added -- 3.4.2.1 Calculation -- 3.4.2.2 Evaluation -- 3.5 Overview of the Current State of Research -- 3.5.1 Application of Value Based Performance Measures in Europe -- 3.5.2 Classification of Studies Analysing Value Relevance of Key Figures -- 3.5.2.1 Objectives and Assumptions of Capital Market Research -- 3.5.2.2 Capital Market Research Approaches -- 3.5.2.3 Types of Statistical Tests for Determining Value Relevance -- 3.5.3 Value Relevance of Traditional and Value Based Performance Measures -- 4 Application and Value Relevance of Value Based Performance Measures in Europe -- 4.1 Development of the Empirical Study -- 4.1.1 Research Questions, Research Hypotheses and Objectives of Empirical Study -- 4.1.1.1 Analysis of Application of Value Based Performance Measures in Europe -- 4.1.1.2 Standardised Calculation of a Value Based Performance Measure -- 4.1.1.3 Value Relevance of Value Based Performance Measures and Traditional Key Figures 4.1.2 Methodology of the Study -- 4.1.2.1 Analysis of Annual Reports -- 4.1.2.2 Standardised Calculation of ROCE, ROE Spread and Value Added -- 4.1.2.3 Association Study in the Form of a Price Level Model -- 4.1.2.3.1 Price Level and Return Models as Possible Design Forms for Association Studies -- 4.1.2.3.2 Ohlson Model as Theoretical Basis for the Regression Equation -- 4.1.2.3.3 Feltham Ohlson model as extension of the Ohlson model -- 4.1.2.3.4 Derivation of the equation for panel regression -- 4.1.2.3.5 Definition of Endogenous Variable -- 4.1.2.3.6 Definition of Explanatory Variables -- 4.1.2.3.7 Definition of Control Variables -- 4.1.2.3.8 Panel Regression as the Applied Statistical Method -- 4.1.3 Description of Data Base -- 4.1.3.1 Analysis of Annual Reports -- 4.1.3.2 Standardised Calculation of ROCE, ROE Spread and Value Added -- 4.1.3.3 Value Relevance Analysis -- 4.2 Results of the Empirical Study -- 4.2.1 Analysis of Annual Reports -- 4.2.2 Standardised Calculation of ROCE Spread and Value Added -- 4.2.3 Value Relevance of Value Added in Comparison to Selected Traditional Key Figures -- 4.2.3.1 Descriptive Statistics -- 4.2.3.1.1 Descriptive Statistics of Dependent Variable and Analysed Key Figures -- 4.2.3.1.2 Descriptive Statistics of Independent Variables -- 4.2.3.2 Selection of Panel Model -- 4.2.3.3 Analysis of Regression Requirements -- 4.2.3.4 Value Relevance Analysis -- 4.3 Interpretation of Results -- 4.3.1 Analysis of Annual Reports -- 4.3.2 Standardised Calculation of ROCE Spread and Value Added -- 4.3.3 Value Relevance Analysis -- 4.4 Limitations -- 4.4.1 Analysis of Annual Reports -- 4.4.2 Standardised Calculation of ROCE Spread and Value Added -- 4.4.3 Value Relevance Analysis -- 5 Conclusion -- 5.1 Summary -- 5.2 Outlook -- List of Literature |
| ctrlnum | (ZDB-30-PQE)EBC6313456 (ZDB-30-PAD)EBC6313456 (ZDB-89-EBL)EBL6313456 (OCoLC)1191231562 (DE-599)BVBBV048223186 |
| dewey-full | 658.15 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Electronic eBook |
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-- Foreword -- Preface by the Editors -- Acknowledgement -- Table of Contents -- List of Illustrations -- List of Tables -- List of Formulas -- List of Abbreviations -- List of Symbols -- 1 Introduction -- 1.1 Problem Description -- 1.2 Objectives -- 1.3 Structure of Work -- 2 Framework Conditions for the Application of Value Based Performance Measures -- 2.1 Maximisation of Shareholder Value as Primary Goal of Companies -- 2.1.1 Necessity of Value Based Management for Companies in Today's Business EEnvironment -- 2.1.1.1 Development of Value Based Management -- 2.1.1.2 Elements and Objectives of Value Based Management -- 2.1.2 Shareholder Value Approach as one Characteristic Form of Value Based Management -- 2.1.2.1 Shareholder Value Network -- 2.1.2.2 Critical Discussion of Shareholder Value Approach -- 2.1.3 Calculation of Cost of Capital as a Crucial Part of Value Based Management and Shareholder Value Approach -- 2.1.3.1 Calculation of Cost of Equity Capital with the CAPM and Calculation of Cost of Debt Capital -- 2.1.3.2 Critique of CAPM -- 2.2 Conflicts of Interest Between Investors and Managers -- 2.2.1 Classification of Principal Agent Theory and Justification of its Application -- 2.2.2 Structure of Principal Agent Relationships -- 2.2.3 Kinds of Information Asymmetries and Resulting Information Problems -- 2.2.3.1 Hidden Characteristics and Adverse Selection -- 2.2.3.2 Hidden Action and Hidden Information -- 2.2.4 Relationship Between Investors and Managers on the Basis of the Principal Agent Theory -- 2.2.4.1 The Model of Jensen and Meckling -- 2.2.4.2 Accounting and Reporting of Key Figures as Important Tools for Reducing Information Asymmetries -- 2.2.5 Effects of Information Asymmetries on Cost of Capital -- 2.2.6 Critiques of Principal Agent Theory -- 2.3 Relevance of Information on Capital Markets and for its Actors</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">2.3.1 Price Formation on Capital Markets Depending 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IFRS Reporting -- 2.4.4.1 Definition and Objectives of Value Reporting -- 2.4.4.2 Reduction of Communication Gaps by Value Reporting -- 2.4.4.3 Principles of Value Reporting and appropriate communication channels -- 2.4.4.4 Elements of Value Reporting -- 2.4.4.5 Integrated Report as Latest Development of Value Reporting -- 3 Critical Evaluation of Selected Value Concepts -- 3.1 Traditional Key Figures Used Commonly by Investors -- 3.1.1 Systematisation of Traditional Key Figures -- 3.1.2 Price Earnings Ratio and Earnings per Share -- 3.1.3 Return on Equity and Return on Sales -- 3.1.4 Return on Investment -- 3.2 Concept of Value Based Key Figures -- 3.2.1 Systematisation of Value Based Key Figures -- 3.2.2 Advantages of Value Based Key Figures and Flaws of Traditional Key Figures</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">3.2.3 Evaluation Criteria for Value Based Performance Measures -- 3.3 Value Based Performance Measures Focussing on a Single Period -- 3.3.1 Concept of Residual Income (Preinreich-Lücke Theorem) -- 3.3.2 Result-Based Key Figures -- 3.3.2.1 ROCE Spread and Value Added -- 3.3.2.1.1 Calculation -- 3.3.2.1.2 Evaluation -- 3.3.2.2 Economic Value Added -- 3.3.2.2.1 Calculation -- 3.3.2.2.2 Conversions -- 3.3.2.2.3 Evaluation -- 3.3.3 Cash Flow Based Key Ffigures -- 3.3.3.1 Cash Flow Return on Investment -- 3.3.3.1.1 Calculation of Dynamic Cash Flow Return on Investment -- 3.3.3.1.2 Calculation of Static Cash Flow Return on Investment -- 3.3.3.2 Cash Value Added -- 3.3.3.3 Evaluation of Cash Flow Return on Investment and Cash Value Added -- 3.4 Value Based Performance Measures Focussing on the Total Period -- 3.4.1 Discounted Cash Flow -- 3.4.1.1 Calculation -- 3.4.1.2 Evaluation -- 3.4.2 Market Value Added -- 3.4.2.1 Calculation -- 3.4.2.2 Evaluation -- 3.5 Overview of the Current State of Research -- 3.5.1 Application of Value Based Performance Measures in Europe -- 3.5.2 Classification of Studies Analysing Value Relevance of Key Figures -- 3.5.2.1 Objectives and Assumptions of Capital Market Research -- 3.5.2.2 Capital Market Research Approaches -- 3.5.2.3 Types of Statistical Tests for Determining Value Relevance -- 3.5.3 Value Relevance of Traditional and Value Based Performance Measures -- 4 Application and Value Relevance of Value Based Performance Measures in Europe -- 4.1 Development of the Empirical Study -- 4.1.1 Research Questions, Research Hypotheses and Objectives of Empirical Study -- 4.1.1.1 Analysis of Application of Value Based Performance Measures in Europe -- 4.1.1.2 Standardised Calculation of a Value Based Performance Measure -- 4.1.1.3 Value Relevance of Value Based Performance Measures and Traditional Key Figures</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">4.1.2 Methodology of the Study -- 4.1.2.1 Analysis of Annual Reports -- 4.1.2.2 Standardised Calculation of ROCE, ROE Spread and Value Added -- 4.1.2.3 Association Study in the Form of a Price Level Model -- 4.1.2.3.1 Price Level and Return Models as Possible Design Forms for Association Studies -- 4.1.2.3.2 Ohlson Model as Theoretical Basis for the Regression Equation -- 4.1.2.3.3 Feltham Ohlson model as extension of the Ohlson model -- 4.1.2.3.4 Derivation of the equation for panel regression -- 4.1.2.3.5 Definition of Endogenous Variable -- 4.1.2.3.6 Definition of Explanatory Variables -- 4.1.2.3.7 Definition of Control Variables -- 4.1.2.3.8 Panel Regression as the Applied Statistical Method -- 4.1.3 Description of Data Base -- 4.1.3.1 Analysis of Annual Reports -- 4.1.3.2 Standardised Calculation of ROCE, ROE Spread and Value Added -- 4.1.3.3 Value Relevance Analysis -- 4.2 Results of the Empirical Study -- 4.2.1 Analysis of Annual Reports -- 4.2.2 Standardised Calculation of ROCE Spread and Value Added -- 4.2.3 Value Relevance of Value Added in Comparison to Selected Traditional Key Figures -- 4.2.3.1 Descriptive Statistics -- 4.2.3.1.1 Descriptive Statistics of Dependent Variable and Analysed Key Figures -- 4.2.3.1.2 Descriptive Statistics of Independent Variables -- 4.2.3.2 Selection of Panel Model -- 4.2.3.3 Analysis of Regression Requirements -- 4.2.3.4 Value Relevance Analysis -- 4.3 Interpretation of Results -- 4.3.1 Analysis of Annual Reports -- 4.3.2 Standardised Calculation of ROCE Spread and Value Added -- 4.3.3 Value Relevance Analysis -- 4.4 Limitations -- 4.4.1 Analysis of Annual Reports -- 4.4.2 Standardised Calculation of ROCE Spread and Value Added -- 4.4.3 Value Relevance Analysis -- 5 Conclusion -- 5.1 Summary -- 5.2 Outlook -- List of Literature</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Business enterprises-Valuation-Europe..</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Corporations-Valuation-Europe..</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Business enterprises-Valuation</subfield></datafield><datafield 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| id | DE-604.BV048223186 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T19:50:37Z |
| indexdate | 2024-07-10T09:32:27Z |
| institution | BVB |
| isbn | 9783658314293 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033603919 |
| oclc_num | 1191231562 |
| open_access_boolean | |
| owner | DE-2070s |
| owner_facet | DE-2070s |
| physical | 1 Online-Ressource (326 pages) |
| psigel | ZDB-30-PQE ZDB-30-PQE HWR_PDA_PQE |
| publishDate | 2020 |
| publishDateSearch | 2020 |
| publishDateSort | 2020 |
| publisher | Springer Vieweg. in Springer Fachmedien Wiesbaden GmbH |
| record_format | marc |
| series2 | FOM-Edition Research Ser |
| spelling | Eikelmann, Nils Verfasser aut Value Based Performance Measures Theoretical Evaluation and Empirical Analysis of Their Application and Value Relevance on a European Level Wiesbaden Springer Vieweg. in Springer Fachmedien Wiesbaden GmbH 2020 ©2020 1 Online-Ressource (326 pages) txt rdacontent c rdamedia cr rdacarrier FOM-Edition Research Ser Description based on publisher supplied metadata and other sources Intro -- Foreword -- Preface by the Editors -- Acknowledgement -- Table of Contents -- List of Illustrations -- List of Tables -- List of Formulas -- List of Abbreviations -- List of Symbols -- 1 Introduction -- 1.1 Problem Description -- 1.2 Objectives -- 1.3 Structure of Work -- 2 Framework Conditions for the Application of Value Based Performance Measures -- 2.1 Maximisation of Shareholder Value as Primary Goal of Companies -- 2.1.1 Necessity of Value Based Management for Companies in Today's Business EEnvironment -- 2.1.1.1 Development of Value Based Management -- 2.1.1.2 Elements and Objectives of Value Based Management -- 2.1.2 Shareholder Value Approach as one Characteristic Form of Value Based Management -- 2.1.2.1 Shareholder Value Network -- 2.1.2.2 Critical Discussion of Shareholder Value Approach -- 2.1.3 Calculation of Cost of Capital as a Crucial Part of Value Based Management and Shareholder Value Approach -- 2.1.3.1 Calculation of Cost of Equity Capital with the CAPM and Calculation of Cost of Debt Capital -- 2.1.3.2 Critique of CAPM -- 2.2 Conflicts of Interest Between Investors and Managers -- 2.2.1 Classification of Principal Agent Theory and Justification of its Application -- 2.2.2 Structure of Principal Agent Relationships -- 2.2.3 Kinds of Information Asymmetries and Resulting Information Problems -- 2.2.3.1 Hidden Characteristics and Adverse Selection -- 2.2.3.2 Hidden Action and Hidden Information -- 2.2.4 Relationship Between Investors and Managers on the Basis of the Principal Agent Theory -- 2.2.4.1 The Model of Jensen and Meckling -- 2.2.4.2 Accounting and Reporting of Key Figures as Important Tools for Reducing Information Asymmetries -- 2.2.5 Effects of Information Asymmetries on Cost of Capital -- 2.2.6 Critiques of Principal Agent Theory -- 2.3 Relevance of Information on Capital Markets and for its Actors 2.3.1 Price Formation on Capital Markets Depending on the Level of Information -- 2.3.1.1 Efficient Market Model and Levels of Market Efficiency -- 2.3.1.2 Critique of Efficient Market Model -- 2.3.1.3 Empirical Insights on the Information Efficiency of Capital Markets -- 2.3.2 Crucial Actors on Capital Markets and their Information Needs -- 2.3.2.1 Classification of Actors on Capital Markets -- 2.3.2.2 Information Needs of Actors -- 2.3.2.2.1 Insights from empirical studies -- 2.3.2.2.2 Importance of Key Figures within Information Research of Investors -- 2.4 Information Delivery of Companies on the Basis of IFRS Annual Accounts and Value Reporting -- 2.4.1 Role of Accounting in the Context of Principal Agent Theory, Theory of Efficient Capital Markets and Information Needs of Investors -- 2.4.2 IFRS as Rules for Disclosing Financal Statements -- 2.4.3 Evaluation of IFRS from an Investor's Point of View -- 2.4.3.1 Benefits and Advantages of IFRS -- 2.4.3.2 Costs and Flaws of IFRS Reporting -- 2.4.4 Value Reporting as a Supplement of IFRS Reporting -- 2.4.4.1 Definition and Objectives of Value Reporting -- 2.4.4.2 Reduction of Communication Gaps by Value Reporting -- 2.4.4.3 Principles of Value Reporting and appropriate communication channels -- 2.4.4.4 Elements of Value Reporting -- 2.4.4.5 Integrated Report as Latest Development of Value Reporting -- 3 Critical Evaluation of Selected Value Concepts -- 3.1 Traditional Key Figures Used Commonly by Investors -- 3.1.1 Systematisation of Traditional Key Figures -- 3.1.2 Price Earnings Ratio and Earnings per Share -- 3.1.3 Return on Equity and Return on Sales -- 3.1.4 Return on Investment -- 3.2 Concept of Value Based Key Figures -- 3.2.1 Systematisation of Value Based Key Figures -- 3.2.2 Advantages of Value Based Key Figures and Flaws of Traditional Key Figures 3.2.3 Evaluation Criteria for Value Based Performance Measures -- 3.3 Value Based Performance Measures Focussing on a Single Period -- 3.3.1 Concept of Residual Income (Preinreich-Lücke Theorem) -- 3.3.2 Result-Based Key Figures -- 3.3.2.1 ROCE Spread and Value Added -- 3.3.2.1.1 Calculation -- 3.3.2.1.2 Evaluation -- 3.3.2.2 Economic Value Added -- 3.3.2.2.1 Calculation -- 3.3.2.2.2 Conversions -- 3.3.2.2.3 Evaluation -- 3.3.3 Cash Flow Based Key Ffigures -- 3.3.3.1 Cash Flow Return on Investment -- 3.3.3.1.1 Calculation of Dynamic Cash Flow Return on Investment -- 3.3.3.1.2 Calculation of Static Cash Flow Return on Investment -- 3.3.3.2 Cash Value Added -- 3.3.3.3 Evaluation of Cash Flow Return on Investment and Cash Value Added -- 3.4 Value Based Performance Measures Focussing on the Total Period -- 3.4.1 Discounted Cash Flow -- 3.4.1.1 Calculation -- 3.4.1.2 Evaluation -- 3.4.2 Market Value Added -- 3.4.2.1 Calculation -- 3.4.2.2 Evaluation -- 3.5 Overview of the Current State of Research -- 3.5.1 Application of Value Based Performance Measures in Europe -- 3.5.2 Classification of Studies Analysing Value Relevance of Key Figures -- 3.5.2.1 Objectives and Assumptions of Capital Market Research -- 3.5.2.2 Capital Market Research Approaches -- 3.5.2.3 Types of Statistical Tests for Determining Value Relevance -- 3.5.3 Value Relevance of Traditional and Value Based Performance Measures -- 4 Application and Value Relevance of Value Based Performance Measures in Europe -- 4.1 Development of the Empirical Study -- 4.1.1 Research Questions, Research Hypotheses and Objectives of Empirical Study -- 4.1.1.1 Analysis of Application of Value Based Performance Measures in Europe -- 4.1.1.2 Standardised Calculation of a Value Based Performance Measure -- 4.1.1.3 Value Relevance of Value Based Performance Measures and Traditional Key Figures 4.1.2 Methodology of the Study -- 4.1.2.1 Analysis of Annual Reports -- 4.1.2.2 Standardised Calculation of ROCE, ROE Spread and Value Added -- 4.1.2.3 Association Study in the Form of a Price Level Model -- 4.1.2.3.1 Price Level and Return Models as Possible Design Forms for Association Studies -- 4.1.2.3.2 Ohlson Model as Theoretical Basis for the Regression Equation -- 4.1.2.3.3 Feltham Ohlson model as extension of the Ohlson model -- 4.1.2.3.4 Derivation of the equation for panel regression -- 4.1.2.3.5 Definition of Endogenous Variable -- 4.1.2.3.6 Definition of Explanatory Variables -- 4.1.2.3.7 Definition of Control Variables -- 4.1.2.3.8 Panel Regression as the Applied Statistical Method -- 4.1.3 Description of Data Base -- 4.1.3.1 Analysis of Annual Reports -- 4.1.3.2 Standardised Calculation of ROCE, ROE Spread and Value Added -- 4.1.3.3 Value Relevance Analysis -- 4.2 Results of the Empirical Study -- 4.2.1 Analysis of Annual Reports -- 4.2.2 Standardised Calculation of ROCE Spread and Value Added -- 4.2.3 Value Relevance of Value Added in Comparison to Selected Traditional Key Figures -- 4.2.3.1 Descriptive Statistics -- 4.2.3.1.1 Descriptive Statistics of Dependent Variable and Analysed Key Figures -- 4.2.3.1.2 Descriptive Statistics of Independent Variables -- 4.2.3.2 Selection of Panel Model -- 4.2.3.3 Analysis of Regression Requirements -- 4.2.3.4 Value Relevance Analysis -- 4.3 Interpretation of Results -- 4.3.1 Analysis of Annual Reports -- 4.3.2 Standardised Calculation of ROCE Spread and Value Added -- 4.3.3 Value Relevance Analysis -- 4.4 Limitations -- 4.4.1 Analysis of Annual Reports -- 4.4.2 Standardised Calculation of ROCE Spread and Value Added -- 4.4.3 Value Relevance Analysis -- 5 Conclusion -- 5.1 Summary -- 5.2 Outlook -- List of Literature Business enterprises-Valuation-Europe.. Corporations-Valuation-Europe.. Business enterprises-Valuation Erscheint auch als Druck-Ausgabe Eikelmann, Nils Value Based Performance Measures Wiesbaden : Springer Vieweg. in Springer Fachmedien Wiesbaden GmbH,c2020 9783658314286 |
| spellingShingle | Eikelmann, Nils Value Based Performance Measures Theoretical Evaluation and Empirical Analysis of Their Application and Value Relevance on a European Level Intro -- Foreword -- Preface by the Editors -- Acknowledgement -- Table of Contents -- List of Illustrations -- List of Tables -- List of Formulas -- List of Abbreviations -- List of Symbols -- 1 Introduction -- 1.1 Problem Description -- 1.2 Objectives -- 1.3 Structure of Work -- 2 Framework Conditions for the Application of Value Based Performance Measures -- 2.1 Maximisation of Shareholder Value as Primary Goal of Companies -- 2.1.1 Necessity of Value Based Management for Companies in Today's Business EEnvironment -- 2.1.1.1 Development of Value Based Management -- 2.1.1.2 Elements and Objectives of Value Based Management -- 2.1.2 Shareholder Value Approach as one Characteristic Form of Value Based Management -- 2.1.2.1 Shareholder Value Network -- 2.1.2.2 Critical Discussion of Shareholder Value Approach -- 2.1.3 Calculation of Cost of Capital as a Crucial Part of Value Based Management and Shareholder Value Approach -- 2.1.3.1 Calculation of Cost of Equity Capital with the CAPM and Calculation of Cost of Debt Capital -- 2.1.3.2 Critique of CAPM -- 2.2 Conflicts of Interest Between Investors and Managers -- 2.2.1 Classification of Principal Agent Theory and Justification of its Application -- 2.2.2 Structure of Principal Agent Relationships -- 2.2.3 Kinds of Information Asymmetries and Resulting Information Problems -- 2.2.3.1 Hidden Characteristics and Adverse Selection -- 2.2.3.2 Hidden Action and Hidden Information -- 2.2.4 Relationship Between Investors and Managers on the Basis of the Principal Agent Theory -- 2.2.4.1 The Model of Jensen and Meckling -- 2.2.4.2 Accounting and Reporting of Key Figures as Important Tools for Reducing Information Asymmetries -- 2.2.5 Effects of Information Asymmetries on Cost of Capital -- 2.2.6 Critiques of Principal Agent Theory -- 2.3 Relevance of Information on Capital Markets and for its Actors 2.3.1 Price Formation on Capital Markets Depending on the Level of Information -- 2.3.1.1 Efficient Market Model and Levels of Market Efficiency -- 2.3.1.2 Critique of Efficient Market Model -- 2.3.1.3 Empirical Insights on the Information Efficiency of Capital Markets -- 2.3.2 Crucial Actors on Capital Markets and their Information Needs -- 2.3.2.1 Classification of Actors on Capital Markets -- 2.3.2.2 Information Needs of Actors -- 2.3.2.2.1 Insights from empirical studies -- 2.3.2.2.2 Importance of Key Figures within Information Research of Investors -- 2.4 Information Delivery of Companies on the Basis of IFRS Annual Accounts and Value Reporting -- 2.4.1 Role of Accounting in the Context of Principal Agent Theory, Theory of Efficient Capital Markets and Information Needs of Investors -- 2.4.2 IFRS as Rules for Disclosing Financal Statements -- 2.4.3 Evaluation of IFRS from an Investor's Point of View -- 2.4.3.1 Benefits and Advantages of IFRS -- 2.4.3.2 Costs and Flaws of IFRS Reporting -- 2.4.4 Value Reporting as a Supplement of IFRS Reporting -- 2.4.4.1 Definition and Objectives of Value Reporting -- 2.4.4.2 Reduction of Communication Gaps by Value Reporting -- 2.4.4.3 Principles of Value Reporting and appropriate communication channels -- 2.4.4.4 Elements of Value Reporting -- 2.4.4.5 Integrated Report as Latest Development of Value Reporting -- 3 Critical Evaluation of Selected Value Concepts -- 3.1 Traditional Key Figures Used Commonly by Investors -- 3.1.1 Systematisation of Traditional Key Figures -- 3.1.2 Price Earnings Ratio and Earnings per Share -- 3.1.3 Return on Equity and Return on Sales -- 3.1.4 Return on Investment -- 3.2 Concept of Value Based Key Figures -- 3.2.1 Systematisation of Value Based Key Figures -- 3.2.2 Advantages of Value Based Key Figures and Flaws of Traditional Key Figures 3.2.3 Evaluation Criteria for Value Based Performance Measures -- 3.3 Value Based Performance Measures Focussing on a Single Period -- 3.3.1 Concept of Residual Income (Preinreich-Lücke Theorem) -- 3.3.2 Result-Based Key Figures -- 3.3.2.1 ROCE Spread and Value Added -- 3.3.2.1.1 Calculation -- 3.3.2.1.2 Evaluation -- 3.3.2.2 Economic Value Added -- 3.3.2.2.1 Calculation -- 3.3.2.2.2 Conversions -- 3.3.2.2.3 Evaluation -- 3.3.3 Cash Flow Based Key Ffigures -- 3.3.3.1 Cash Flow Return on Investment -- 3.3.3.1.1 Calculation of Dynamic Cash Flow Return on Investment -- 3.3.3.1.2 Calculation of Static Cash Flow Return on Investment -- 3.3.3.2 Cash Value Added -- 3.3.3.3 Evaluation of Cash Flow Return on Investment and Cash Value Added -- 3.4 Value Based Performance Measures Focussing on the Total Period -- 3.4.1 Discounted Cash Flow -- 3.4.1.1 Calculation -- 3.4.1.2 Evaluation -- 3.4.2 Market Value Added -- 3.4.2.1 Calculation -- 3.4.2.2 Evaluation -- 3.5 Overview of the Current State of Research -- 3.5.1 Application of Value Based Performance Measures in Europe -- 3.5.2 Classification of Studies Analysing Value Relevance of Key Figures -- 3.5.2.1 Objectives and Assumptions of Capital Market Research -- 3.5.2.2 Capital Market Research Approaches -- 3.5.2.3 Types of Statistical Tests for Determining Value Relevance -- 3.5.3 Value Relevance of Traditional and Value Based Performance Measures -- 4 Application and Value Relevance of Value Based Performance Measures in Europe -- 4.1 Development of the Empirical Study -- 4.1.1 Research Questions, Research Hypotheses and Objectives of Empirical Study -- 4.1.1.1 Analysis of Application of Value Based Performance Measures in Europe -- 4.1.1.2 Standardised Calculation of a Value Based Performance Measure -- 4.1.1.3 Value Relevance of Value Based Performance Measures and Traditional Key Figures 4.1.2 Methodology of the Study -- 4.1.2.1 Analysis of Annual Reports -- 4.1.2.2 Standardised Calculation of ROCE, ROE Spread and Value Added -- 4.1.2.3 Association Study in the Form of a Price Level Model -- 4.1.2.3.1 Price Level and Return Models as Possible Design Forms for Association Studies -- 4.1.2.3.2 Ohlson Model as Theoretical Basis for the Regression Equation -- 4.1.2.3.3 Feltham Ohlson model as extension of the Ohlson model -- 4.1.2.3.4 Derivation of the equation for panel regression -- 4.1.2.3.5 Definition of Endogenous Variable -- 4.1.2.3.6 Definition of Explanatory Variables -- 4.1.2.3.7 Definition of Control Variables -- 4.1.2.3.8 Panel Regression as the Applied Statistical Method -- 4.1.3 Description of Data Base -- 4.1.3.1 Analysis of Annual Reports -- 4.1.3.2 Standardised Calculation of ROCE, ROE Spread and Value Added -- 4.1.3.3 Value Relevance Analysis -- 4.2 Results of the Empirical Study -- 4.2.1 Analysis of Annual Reports -- 4.2.2 Standardised Calculation of ROCE Spread and Value Added -- 4.2.3 Value Relevance of Value Added in Comparison to Selected Traditional Key Figures -- 4.2.3.1 Descriptive Statistics -- 4.2.3.1.1 Descriptive Statistics of Dependent Variable and Analysed Key Figures -- 4.2.3.1.2 Descriptive Statistics of Independent Variables -- 4.2.3.2 Selection of Panel Model -- 4.2.3.3 Analysis of Regression Requirements -- 4.2.3.4 Value Relevance Analysis -- 4.3 Interpretation of Results -- 4.3.1 Analysis of Annual Reports -- 4.3.2 Standardised Calculation of ROCE Spread and Value Added -- 4.3.3 Value Relevance Analysis -- 4.4 Limitations -- 4.4.1 Analysis of Annual Reports -- 4.4.2 Standardised Calculation of ROCE Spread and Value Added -- 4.4.3 Value Relevance Analysis -- 5 Conclusion -- 5.1 Summary -- 5.2 Outlook -- List of Literature Business enterprises-Valuation-Europe.. Corporations-Valuation-Europe.. Business enterprises-Valuation |
| title | Value Based Performance Measures Theoretical Evaluation and Empirical Analysis of Their Application and Value Relevance on a European Level |
| title_auth | Value Based Performance Measures Theoretical Evaluation and Empirical Analysis of Their Application and Value Relevance on a European Level |
| title_exact_search | Value Based Performance Measures Theoretical Evaluation and Empirical Analysis of Their Application and Value Relevance on a European Level |
| title_exact_search_txtP | Value Based Performance Measures Theoretical Evaluation and Empirical Analysis of Their Application and Value Relevance on a European Level |
| title_full | Value Based Performance Measures Theoretical Evaluation and Empirical Analysis of Their Application and Value Relevance on a European Level |
| title_fullStr | Value Based Performance Measures Theoretical Evaluation and Empirical Analysis of Their Application and Value Relevance on a European Level |
| title_full_unstemmed | Value Based Performance Measures Theoretical Evaluation and Empirical Analysis of Their Application and Value Relevance on a European Level |
| title_short | Value Based Performance Measures |
| title_sort | value based performance measures theoretical evaluation and empirical analysis of their application and value relevance on a european level |
| title_sub | Theoretical Evaluation and Empirical Analysis of Their Application and Value Relevance on a European Level |
| topic | Business enterprises-Valuation-Europe.. Corporations-Valuation-Europe.. Business enterprises-Valuation |
| topic_facet | Business enterprises-Valuation-Europe.. Corporations-Valuation-Europe.. Business enterprises-Valuation |
| work_keys_str_mv | AT eikelmannnils valuebasedperformancemeasurestheoreticalevaluationandempiricalanalysisoftheirapplicationandvaluerelevanceonaeuropeanlevel |