Existence of new and effective tools of management accounting, helping managers in better achieving company’s goals, i.e., shareholders wealth and firm’s value maximization. Achieving these goals can be measured through the capital markets. In this study, the relationships between value creation indicators, including: economic value added, market value added and residual income and the use of management accounting innovations is investigated. Research population of this research includes all companies listed on the Tehran Stock Exchange during the period of 2007-2011. The results show that there is significant relationship between market value added and use of management accounting innovations presented in this study, but no significant relationship between the use of management accounting innovations and economic value added and residual income are found. These finding indicate that capital market can better understand the value created by managerial accounting innovations than the other approaches.