Applied Economics Letters
This article presents estimates of firm and industry fixed-effects on profit rates for large US corporations, using both Economic Value Added (EVA), the popular measure of profits produced by Stern Stewart and Company, as well as simple (unadjusted) accounting measures as the dependent variable. We find that the improvement in explanatory power of the fixed-effect model is substantially greater when using EVA than has been documented with alternative measures.
Matthew J. Holian and Ali M. Reza. "Firm and industry effects in accounting versus economic profit data" Applied Economics Letters (2011): 527-529. https://doi.org/10.1080/13504851003761756