EVA® and other Arthurian myths: A comment on Zafiris & Bayldon (2000).

Dr. Rhoda Pierce‐Brown BA FCA PhD (Aston Business School Aston University Birmingham UK)

Journal of Applied Accounting Research

ISSN: 0967-5426

Publication date: 1 December 2000


The basis of this paper is a critical review of an article published in this journal, by Zafiris and Bayldon (JAAR, 5, 2, 2000), on Economic Value Added and Market Value Added. This review provides a detailed critique of the literature relating to EVA® and the underlying philosophy of the use of EVA® as a performance metric. Following this, there is a comment on the analysis provided by Zafiris and Bayldon and a review of the empirical evidence presented in support of their analysis. The paper demonstrates that the amendments to the EVA® model proposed by Zafiris and Bayldon are not original and are unlikely to result in a significant improvement to the usefulness of the original model.



Pierce‐Brown BA FCA PhD, R. (2000), "EVA® and other Arthurian myths: A comment on Zafiris & Bayldon (2000). ", Journal of Applied Accounting Research, Vol. 6 No. 1, pp. 2-22. https://doi.org/10.1108/96754260080001020

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Copyright © 2000, MCB UP Limited

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