The purpose of the present research is to evaluate the value creation capacity of the secondary sector firms, listed in the Athens Stock Exchange over the period 2000 – 2004, using the Economic Value Added Model developed by Stern Stewart & Co. The percentage of the sample firms with a negative Economic Value Added ranges from 48% to 61%; the majority of the firms experience positive return on the capital invested, but this is not enough to cover their weighted average cost of capital. Two industries have positive average Economic Value Added in all five years, while the remaining two have positive average Economic Value Added in only two years. All industries in all five years have positive average return on the capital invested, however some of them have disproportionately high weighted average cost of capital.

Dr. Panayiotis G. Artikis (2005). Value Based Corporate Finance in the Secondary Sector in Greece, European Research Studies Journal Volume VIII Issue 3-4, 79-86