EVA, refined EVA, MVA, or traditional performance measures for the hospitality industry?

Stewart (1991) proposed economic value added (EVA) as a true measurement of a firm's performance and an executive's evaluation tool because EVA reflects only incremental values added to a firm after considering cost of capital. Kim [Kim, W.G., 2006. EVA and traditional accounting measures: which metric is a better predictor of market value of hospitality companies? Journal of Hospitality & Tourism Research 30(1), 34–39] examined EVA in the hospitality setting and concluded that EVA is not superior to other available measurements for accounting. However, this study contributes several improvements to Kim's (2006) study and compares the incremental explanatory power of six firm performance measures including EVA, refined EVA (REVA), market value added (MVA), and three traditional accounting performance measures for market adjusted returns. According to the findings, REVA and MVA are, apparently, valuable performance measures for evaluating hospitality firms.