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Financial Performance Appraisal Using Economic Values Added in Emerging Markets: Evidence from Egyptian Listed Firms

The effectiveness of conventional accounting methods used for firm 
financial performance measurement and analysis has been criticized. Theorists 
started to put forward modern financial performance measures although their 
significance is still under examination by 
the researchers. Therefore, this study aims to investigate the impact of three contemporary economic based measures; economic value added (EVA), refined economic 
value added (REVA) and economic value added momentum (EVA Momentum) on 
firm financial performance in addition to finding out the economic value added 
based measure with the highest explanatory power relevant to firm financial 
performance via conducting relative and incremental information content 
analyses. Data were collected for companies listed in the Egyptian Stock 
Exchange over the period 2010-2019 excluding the financial sector. Generalized 
Least Squares (GLS) regression is conducted using the statistical package of 
EViews-version 10. The results showed 
significant impact of all the economic value added measures on firm 
financial performance. In addition, it was found that REVA could be considered as the most effective economic measure 
in improving and explaining the financial performance.