Although there is a rather thick layer of empirical studies on how to build an investment portfolio, both in terms of hypotheses being tested and sets of methods being used, the efforts of researchers are focused on proving the power of indicators exclusively of static criterion of the companies' performance, i.e. the power of illustrating the market price. And while the history of such research activities extends back over decades, the main driver of the comprehensive development of practical recommendations formed on their basis is an increase in the quality of sampling and improvement in research methods. As for the issue of building an investment portfolio on the basis of such currently used cost indices as economic value added (EVA), the whole pool of research work has already been formed for today, characterizing the connection of the index with the company's value. The analysis performed allows us to share positive conclusions about its relevance to emerging markets in post-crisis period as well. But what is more significant, based on the results of empirical analysis, we substantiate the necessity for researchers to go beyond the scope of the problem of selecting this or that index of static efficiency and pay attention to the dynamic efficiency index that reflects how a company has fulfilled its potential to increase value through compliance with standard correlations of growth rates of static efficiency indices. The article also offers the projection of conclusions on empiric testing of defined hypotheses on the theory and practice of corporate governance and potential aspects of the future research. (C) 2014 The Authors. Published by Elsevier B.V.
