Análisis del valor económico agregado (EVA) de los bancos privados grandes del Ecuador correspondiente al periodo 2012 – 2016

Abstract

The main objective of this research is to determinate the generation or destruction of value of the large private banks of Ecuador through the application and analysis of the Economic Value Added (EVA) model. It is worth mentioning that to EVA model application the Capital Asset Pricing Model (CAPM) adjusted with the country risk variable as the inflation rate was considered, as well as the determination of an accounting beta through the Return On Equity (ROE) that allow obtaining more accurate results reality of our country. Once the study was done, it was determined that the large private banks of Ecuador are generating value for the period 2012 – 2016, being a key indicator that measures risk and comprehensively analyzes the administrative management, comparing these results with those obtained from the analysis according to CAMEL, there is a coincidence when maximizing values, however that does not mean that it always generates value, in addition it must be taken into account that this method does not consider the implicit capital rat and provides limited information for stakeholders.