Actual problems of innovative economy and law

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Economic value added in the operational performance assessment system of construction development enterprises

# 27 152-156 Download/view the full text of the article

УДК: 338.45:69.003:658.15:005.52

DOI: https://doi.org/10.36887/2524-0455-2026-4-27

Krychevska Yuliia
PhD in Economics, Associate Professor at the Department of Management in Construction
https://orcid.org/0009-0003-7036-3376
Chernenko Maksym
PhD Student in specialty 051 (C1 Economics), Department of Management in Construction
Kyiv National University of Construction and Architecture, Kyiv, Ukraine
https://orcid.org/0000-0002-0363-7221

The article supports using Economic Value Added (EVA) as a high-level criterion for assessing the operational performance of construction development enterprises. It aims to formalize the causal relationship between operational decisions, net operating profit after tax (NOPAT), the amount and duration of invested capital, and its weighted average cost (WACC), thereby distinguishing accounting profitability from economic value creation. The methodology combines value-based management, causal and process approaches, decomposition of EVA changes, time-weighted measurement of invested capital, and incremental evaluation of managerial interventions. The study identifies three principal channels of EVA formation: operating performance, capital intensity, and financing cost. For the long development cycle, the study proposes a time-weighted average invested-capital measure to reflect both the resources tied up in operations and the duration of their immobilization in work in progress, inventories, advances, receivables, equipment, and project infrastructure. An operational-to-value bridge translates changes in production and financial drivers into NOPAT, invested capital, WACC, and EVA. An incremental criterion for comparing managerial actions identifies decisions that improve local KPIs but destroy value because of excessive capital absorption or a higher risk premium. Scientific novelty lies in operationalizing EVA for the capital-intensive, temporally uneven construction-development cycle and treating it as a causal outcome of operating-system configuration rather than an isolated financial ratio. Practical significance consists in supporting value-based decisions concerning working capital, work in progress, procurement, equipment, project sequencing, contractual conditions, and digital investments. Further research should empirically calibrate NOPAT and invested-capital adjustments, attribute shared capital across projects, and validate the relationship between operational drivers and EVA using panel data from construction development enterprises.

Keywords: economic value added; operational performance; construction development; NOPAT; invested capital; WACC; value-based management; managerial decisions.

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Krychevska Y. , Chernenko M. Economic value added in the operational performance assessment system of construction development enterprises. Actual problems of innovative economy and law. 2026. №4. 152-156 pp. https://doi.org/10.36887/2524-0455-2026-4-27

Quote article, MLA style

Krychevska Y. , Chernenko M. Economic value added in the operational performance assessment system of construction development enterprises. Actual problems of innovative economy and law. https://doi.org/10.36887/2524-0455-2026-4-27