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The European Journal of Applied Economics

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Possibility of Applying Economic Value Added in the Capital Market of the Republic of Srpska / Mogućnost Primene Dodate Ekonomske Vrednosti Na Tržištu Kapitala U Republici Srpskoj

Almir Alihodžić
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  • University of Zenica, Faculty of Economics 1 Travnička Street, Zenica, Bosnia and Herzegovina
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Published Online: 2013-11-02 | DOI: https://doi.org/10.2478/sjas10-4713

Abstract

The efficiency of a management team primarily depends on the level of improvement of enterprise performances, i.e. whether its market value has increased or whether it creates value for shareholders. The accounting net profit can provide a partial answer to this question because it covers only one portion of the cost of capital, i.e. the cost of debt capital, while the price and cost of equity are disregarded. The method of the economic value added takes into account an average cost of capital, i.e. it calculates the total costs of borrowed capital and own capital. This paper explores the possibility to calculate economic value added for an individual share within the share market index of BIRS.

Rezime

Efikasnost rada rukovodstva pre svega zavisi od toga koliko su poboljšane performanse preduzeća, tj. da li je povećana njegova tržišna vrednost, odnosno da li se stvara vrednost za deonićare. Računovodstvena neto dobit može da pruži delimićan odgovor na ovo pitanje zbog toga što računa sa samo jednim delom troškova kapitala, tj. sa troškovima pozajmljenog kapitala dok se cena i troškovi sopstvenog kapitala zanemaruju. Metod dodate ekonomske vrednosti uzima u obzir prosečnu cenu kapitala tj. kalkuliše sa ukupnim troškovima kako pozajmljenog tako i sopstvenog kapitala. U ovom radu se ispituje mogućnost proračuna dodate ekonomske vrednosti za pojedine akcije u okviru berzanskog indeksa Republike Srpske (BIRS).

Keywords: shareholder value added; economic value added; cost of capital; capital market

Ključne reči: dodata vrednost za akcionare; dodata ekonomska vrednost; trošak kapitala; tržište kapitala

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About the article

Published Online: 2013-11-02

Published in Print: 2013-10-01


Citation Information: Singidunum Journal of Applied Sciences, ISSN (Online) 2217-8783 , DOI: https://doi.org/10.2478/sjas10-4713.

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