The market value added and the return on invested capital for industrial Romanian firms

The major objective of the company management is to maximize the value of the company and the wealth of the shareholders. In order to create value, a company must post results big enough to cover the operating costs and to properly remunerate the invested capital. A major factor of influence on the company’s value should be the level of the return. In this respect, this paper emphasizes the correlation between the market value added and the return on invested capital for 17 Romanian industrial companies listed on Bucharest Stock Exchange.