scholarly journals A comparative study of information content of cash flow, cash value added, accounting earnings, and market value added to book value of total assets in evaluating the firm performance

2017 ◽  
Vol 5 (2) ◽  
pp. 112
Author(s):  
Mohammad Delkhosh ◽  
Zahra Malek ◽  
Maryam Rahimi ◽  
Zohreh Farokhi
Keyword(s):  
Firm Performance ◽  
Information Content ◽  
Financial Reporting ◽  
Value Added ◽  
Market Value ◽  
Cash Flows ◽  
Maximum Information ◽  
Book Value ◽  
Operating Cash Flows ◽  
Market Value Added

The aim of the present study was to compare the utility of traditional accounting reporting and financial reporting for performance evaluations. Accordingly, the relationship between six ratios of net cash flows, net operating cash flows, cash value added, income after tax, income before tax, and market value added to the book value of total assets and Tobin’s Q ratio as an indicator of performance evaluation were examined. For this purpose, the information of 122 companies listed on Tehran Stock Exchange in the years 2009 to 2014 were used. Besides, linear regression and analysis of variance (ANOVA) were used to analyze the data. The results showed that except for the ratio of net cash flows to the book value of total assets, there was a significant relationship between the other five ratios. In addition, it was noted that cash value added to net operating cash flows had more information content concerning evaluating the firm performance. The results also indicated that net cash flows did not contain information content for evaluating the firm performance. However, the market value added had the maximum information to be used for evaluating the firm performance.

scholarly journals PENGARUH ECONOMIC VALUE ADDED, MARKET VALUE ADDED, RESIDUAL INCOME, EARNINGS DAN ARUS KAS OPERASI TERHADAP RETURN SAHAM (Studi Empiris pada perusahaan LQ-45)

Media Ekonomi ◽  
2016 ◽  
Vol 16 (1) ◽  
pp. 176
Author(s):  
Hari Cahyadi ◽  
Akhmad Darmawan
Keyword(s):  
Stock Returns ◽  
Cash Flow ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Cash Flows ◽  
Residual Income ◽  
Operating Cash Flows ◽  
Operating Cash Flow ◽  
Market Value Added

This study to get empirical evidence that the EVA, MVA, Residual income, Earnings and operating cash flow affect the return earned by shareholders, either partially or simultaneously. The sampling method used was purposive sampling, with the criteria of the company that is always inclouded in the LQ-45 index listed in the Indonesia Stock Exchange (BEI) during the observation period of 2011-2014. Companies used in the sample have a positifve data. The analytical method used was multiple linear regression test. The result of this study concluded that the MVA, residual income and operating cash flows simultaneously affected the return earned by shareholders. MVA partially had no effect on returns received by shareholders. Residual income partially had an effect on returns received by shareholders. Operating cash flow partially had an influence on return received by shareholders. The second and the fifth hypothesis in this study could not be tested because EVA variables and earnings experienced multi co linearity, thus it was excluded from the study. Keywords : EVA, MVA, Residual income, Earnings, operating cash flows and stock returns

scholarly journals PENGARUH KINERJA KEUАNGАN DАN GOOD CORPORATE GOVERNANCE TERHADAP HАRGА SАHАM YАNG DIMΟDERАSI ΟLEH INTERNET FINANCIAL REPORTING

2021 ◽  
Vol 2 (1) ◽  
pp. 11-25
Author(s):  
Herlina Putri Rianti ◽  
Аjeng Wijаyаnti
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Economic Value Added ◽  
Purposive Sampling ◽  
Good Corporate Governance ◽  
Market Value Added

Populasi dalam penelitian ini adalah perusahaan manufaktur sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2014 – 2019. Teknik pengambilan sampel dilakukan dengan menggunakan teknik purposive sampling. Penelitian ini akan menggunakan software STATA dalam menganalisis data penelitian. Hasil pengujian menunjukkan economic value added tidak berpengaruh terhadap harga saham, market value added berpengaruh terhadap harga saham, dewan komisaris tidak berpengaruh terhadap harga saham, kepemilikan institusional tidak berpengaruh terhadap harga saham, internet financial reporting tidak berpengaruh terhadap harga saham, internet financial reporting memoderasi economic value added terhadap harga saham, internet financial reporting memoderasi market value added terhadap harga saham, internet financial reporting tidak memoderasi dewan komisaris terhadap harga saham dan internet financial reporting tidak memoderasi kepemilikan institusional terhadap harga saham. Kata kunci : Kinerja Keuangan, Economic Value Added, Market Value Added, Good Corporate Governance, Dewan Komisaris, Kepemilikan Institusional, Harga Saham, Internet Financial Reporting.  

scholarly journals EVA-based financial performance measurement: An evidential study of selected emerging country companies

2020 ◽  
Vol 18 (1) ◽  
pp. 179-195
Author(s):  
Kushagra Goel ◽  
Sunny Oswal
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Information Content ◽  
Value Added ◽  
Market Value ◽  
Market Returns ◽  
Stock Market Returns ◽  
Financial Variables ◽  
Incremental Information ◽  
Market Value Added

This paper aims at examining the claims that economic value added (EVA) is a superior performance indicator than the traditional performance indicators like ROCE, NOPAT, EPS, OCF, and RONW. This study investigates the relative explanatory power of EVA measure of non-financial Indian companies with respect to two measures, market value added and stock returns used as a proxy for shareholder value. The analysis is performed for a sample of 46 Indian companies for the period of 2009-2019. The panel data regression models are employed to test the relative and incremental information content of EVA and other audited accounting-based measures. Relative information content tests reveal that NOPAT and OCF appear to be more value-relevant than EVA in explaining the market value of Indian companies. It was also found that ROA is more closely associated with stock market returns than EVA. Additionally, incremental information content tests suggest that EVA underperforms in comparison with NOPAT and OCF in analysing market value added. It was also found that EVA does not add any incremental information content to that provided by ROA and ROE accounting measures in explaining stock returns. Overall, the findings do not support the purported superiority of EVA to established accounting variables in association with market value or stock market returns of the firm. It is concluded that non-financial variables such as research and development, customer satisfaction, internal business process efficiency, innovation, employee satisfaction, CSR, product quality apart from financial variables drive market value and should be considered by investors in developing their investment strategies

scholarly journals - PENGARUH MARKET VALUE ADDED, RETURN ON ASSETSDAN RETURN ON EQUITY TERHADAP HARGA SAHAM PADA PERUSAHAAN PROPERTY DAN REAL ESTATE YANGTERDAFTARDI BURSA EFEK INDONESIA PERIODE 2013 – 2017

2019 ◽  
Vol 8 (2) ◽  
pp. 90-108
Author(s):  
Maiya Liza
Keyword(s):  
Real Estate ◽  
Stock Prices ◽  
Sampling Method ◽  
Value Added ◽  
Market Value ◽  
Return On Assets ◽  
Return On Equity ◽  
Book Value ◽  
Asset Value ◽  
Market Value Added

This study aims to analyze the effect of Market Value Added, Return On Assets and Return On Equity on stock prices. The research object of property and real estate companies is 48 companies. Based on the purposive sampling method, a sample of 15 companies was obtained. The research method uses the classic assumption test and multiple linear analysis. The results of the study show that (1) Market Value Added has an effect on stock prices, because if the company has a higher stock market value than book value it is considered capable of creating wealth for shareholders. (2) Return On Asset does not affect stock prices, because the research sample has a low Return On Asset value, which is caused by a less significant increase in profit compared to an increase in assets. (3) Return On Equity does not affect stock prices, because if the company manages capital well then it can generate profits.

scholarly journals ECONOMIC VALUE ADDED (EVA) dan MARKET VALUE ADDED (MVA) SEBAGAI ALAT UKUR KINERJA PERUSAHAAN

IQTISHODUNA ◽  
2011 ◽  
Vol 3 (2) ◽  
Author(s):  
Fitriyah Fitriyah
Keyword(s):  
Cost Of Capital ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Equity Market ◽  
Company Performance ◽  
Book Value ◽  
Market Value Added ◽  
The Cost ◽  
A Company

Company performance is a measure that describes the financial condition of a company. The measurement of financial performance is based on the data gathered from financial reports made by the company. One of the popular measure for financial performance is financial ratios. However, financial ratios are only focused on accounting profit and do not include capital cost, so the resulting information cannot give adequate insight on the expected return from the investments made by the investors. In order to provide a solution for this challenge, a new concept has been proposed, that is economic value added (EVA) and market value added (MVA). EVA is a measure of added value generated by a company by reducing cost of capital that will indicated whether the rate of return is higher than the cost of capital expended for financing the investment. While MVA is a cumulative outcome of company performance which results from various investment which has been committed or is expected to be made. Hence, the success in terms of MVA is the success in maximizing the wealth of shareholders by allocating proper resources.EVA is calculated by subtracting after-tax net operating income from weighted average cost of capital (WACC). A positive EVA means that the company gains a greater return than the cost of capital, so that the investors will gain a return from their investment, and vice versa. MVA is calculated by subtracting equity market value with equity book value. Equity market value is calculated by multiplying the number of outstanding shares with share price, while equity book value is calculated by multiplying the number of outstanding shares with the nominal value per share. A positive MVA ( 1) means that that the management has been able to improve the wealth of the company and, by the same token, the investors' wealth, and vice versa.

Determinants Of Market Value Added Some

2011 ◽  
Vol 1 (4) ◽  
pp. 16-20
Author(s):  
Dr. A. Vijayakumar Dr. A. Vijayakumar ◽  
Keyword(s):  
Value Added ◽  
Market Value ◽  
Market Value Added

Pengaruh Pengungkapan Corporate Social Responsibility (CSR) Pada Nilai Perusahaan

2011 ◽  
Vol 3 (2) ◽  
pp. 1-19
Author(s):  
Chermian Eforis ◽  
Rosita Suryaningsih
Keyword(s):  
Corporate Social Responsibility ◽  
Annual Report ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Economic Value Added ◽  
Market Value Added ◽  
Csr Disclosure ◽  
Corporate Social ◽  
Simple Regression

This study aims to determine the influence of the level of CSR disclosure in annual report to corporate values that proxies with Economic Value Added (EVA) and Market Value Added (MVA).   The objects of this study are companies that were included in Kompas 100 Edition of the second review in 2010.The chosen model of this research is simple regression which can be defined as a model that used the normal probability plot  for data normality test, DurbinWatson test for autocorrelation, graph plots to test heteroscedasticity, and saw the value of tolerance and VIF for multicollinearity test. Hypothesis is analyzed using simple regression method  The results showed that the level of CSR disclosure contained in the annual report has a significant influence on the EVA. The same results were also found on the MVA, where the level of CSR disclosure contained in the annual report has a significant influence on the MVA. Key words: Corporate Social Responsibility, Economic Value Added, Market Value Added

A. PENGARUH DEBT TO EQUITY RATIO (DER), RETURN ON ASSET (ROA), PRICE EARNING RATIO (PER) DAN MARKET VALUE ADDED (MVA) TERHADAP HARGA SAHAM PERUSAHAAN PROPERTI YANG TERDAFTAR DI BURSA EFEK INDONESIA

2018 ◽  
Vol 3 (2) ◽  
pp. 1
Author(s):  
Muhammad Agung Sudrajat ◽  
Irma Taufani, SST ◽  
Lailatus Sofiyah, S.Pd
Keyword(s):  
Asset Price ◽  
Value Added ◽  
Market Value ◽  
Purposive Sampling ◽  
Equity Ratio ◽  
Market Value Added

ABSTRAK Penelitian ini bertujuan untuk mengetahui pengaruh secara parsial maupun secara simultan Debt to Equity Ratio (DER), Return on Asset (ROA) ,Price Earning Ratio (PER) dan Market Value Added (MVA) terhadap harga saham. Teknik pengumpulan data pada penelitian ini menggunakan metode purposive sampling. Metode yang digunakan adalah analisis statistik regresi berganda dan data yang digunakan dalam penelitian ini adalah sekunder yang di peroleh dari Bursa Efek Indonesia selama 2017-2019. Dalam penelitian ini terdapat sampel yang digunakan sebanyak 22 perusahaan. Hasil penelitian secara parsial menunjukkan bahwa Debt to Equity Ratio (DER) dan Price Earning Ratio (PER) tidak berpengaruh signifikan terhadap harga saham sedangkan Return on Asset (ROA) dan Market Value Added (MVA) berpengaruh signifikan terhadap harga saham. Sedangkan hasil penelitian secara simultan menunjukkan bahwa Debt to Equity Ratio (DER), Return on Asset (ROA) ,Price Earning Ratio (PER) dan Market Value Added (MVA) secara simultan berpengaruh terhadap harga saham. Kata kunci : Debt to Equity Ratio, Return on Asset ,Price Earning Ratio, Market Value Added

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