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Valore Aggiunto Sistemico: un'alternativa all'EVA quale indice di sovraprofitto periodale

By Carlo Alberto Magni


This work presents a notion of residual income called Systemic Value Added (SVA). It is antithetic to Stewart’s (1991) EVA, though it is consistent with it in overall terms: a project’s Net Final Value (NFV) can be computed as the sum of capitalized EVAs or as the sum of uncapitalized SVAs. As a result, SVA and EVA decompose the NFV in different ways. Two numerical examples show the application of the model proposed. The two notions are the result of a different cognitive approach. The existence of possible formal translations of the residual income concept induces to regard residual income as a mere conventional, management accounting, net future (present) value, residual income, excess profit, systemic approach, EVA

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