scholarly journals Effect of Sustainability Reporting on Economic Value Added of Manufacturing Firms Listed on Nigeria Stock Exchange

2020 ◽  
pp. 15-33
Author(s):  
Okoye, Emmanuel Ikechukwu ◽  
Ndum, Ngozi Blessing
Keyword(s):  
Environmental Sustainability ◽  
Stock Exchange ◽  
Pearson Correlation ◽  
Economic Value ◽  
Value Added ◽  
Sustainability Reporting ◽  
Manufacturing Firms ◽  
Least Square ◽  
Economic Value Added ◽  
Ex Post

This study assessed the Effect of Sustainability Reporting on Economic Value Added of Manufacturing Firms Listed on Nigeria Stock Exchange. Twenty one (21) listed manufacturing firms constituted the sample size of this study between 2008 and 2019. Ex-Post facto research design and content analysis were adopted while secondary data were extracted from the annual reports and accounts of the sampled firms and were analysed using E-Views 10 statistical software. The study employed descriptive statistics and inferential statistics using Pearson correlation, Panel Least Square (PLS) regression analysis, granger causality test and Hausman test. Findings from the empirical analysis showed that Economic Sustainability Reporting, Social Sustainability Reporting, Environmental Sustainability Reporting and Sustainability Governance Reporting exerted a significant positive effect on Economic Value Added, of listed manufacturing firms in Nigeria at 5% level of significance respectively. It was recommended inter alia that corporate entities in Nigeria should invest in sustainability activities in all its ramifications in order to boost the image/reputation of the firms thereby increasing their returns.

scholarly journals Financial Ratios, Economic Value Added and Market Reaction: A Quantitative Study on Indonesia Stock Exchange

2020 ◽  
Vol 7 (2) ◽  
pp. 82-91
Author(s):  
Indrawan Azis ◽  
Dara Ayu Nianty ◽  
Andi Marlinah
Keyword(s):  
Market Reaction ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Secondary Data ◽  
Partial Least Square ◽  
Least Square ◽  
Economic Value Added ◽  
Manufacturing Companies ◽  
Market Reactions

Reflecting on the phenomenon of stock market movements on the Indonesia Stock Exchange, this study was appointed to examine the effect of the effect of liquidity, solvency, and Economic Value Added (EVA) on market reactions in manufacturing companies listed on the IDX. The research method uses a quantitative approach, and types are categorized in explanatory research. The population in this study is manufacturing companies listed on the Indonesia Stock Exchange in the period 2017-2019. Determination of the sample to be tested in this study using a purposive sampling method and obtained 36 companies. Secondary data were obtained from the Capital Market Information Center (PIPM) the Indonesia Stock Exchange (IDX). The analytical method is Partial Least Square (PLS) with the assistant of SmartPLS 3.0 software. The results of the study showed that all exogenous variables positively and significantly influenced endogenous variable (EVA and Market Reaction). Research findings enrich previous studies on understanding market reactions and their impact on the development of corporate financial strategies in Indonesia.

scholarly journals The Ability of Traditional and Modern Performance Indicators in Interpreting the Phenomenon of Earnings Management: Evidence Manufacturing Firms in Amman Stock Exchange

2016 ◽  
Vol 8 (1) ◽  
pp. 77 ◽  
Author(s):  
Mohammad A Momani
Keyword(s):  
Earnings Management ◽  
Performance Indicators ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Manufacturing Firms ◽  
Tobin’S Q ◽  
Economic Value Added ◽  
Tobin's Q ◽  
Amman Stock Exchange

<p>The study objects for investigating the ability of traditional and modern performance indicators in interpreting earnings management phenomena of listed manufacturing firms in the Amman Stock Exchange (ASE), using adjusted Jones method for measuring earnings management. The study takes into considerations three traditional indicators, including; Return on Assets (ROA), Return on Sales (ROS), and Operating Cash Flow, while the Market Value Added (MVA), Tobin's-Q, and Economic Value Added (EVA) are used as modern indicators for financial performance. A sample consisted of 29 firms had been selected, and data covering the period 2006-2013 had been collected from these firms, where 232 observations were used in the analysis. The study found that the earnings management of listed manufacturing firms at (ASE) still practice the phenomenon of earnings management, at low level based on the measures followed by the study, and that there is a significant linear relationship between performance indicators (traditional and modern) and earnings management. The results indicate that there is a significant as well inverse relationship between (ROA) and earnings management. Also, the study found that modern performance indicators are able to interpret earnings management, where the results indicate that there is a significant as well as inverse relationship between (EVA), and (Tobin's-q) and earnings management. One important finding showed that (EVE) is effective and followed by (Tobin's-q) indicator in interpreting the earnings management phenomena. However, the study did not show a significant relationship between CFO, LEV Ratio, ROS, and MVA with earnings management. Based on these results, the study made many recommendations to the interested parties and the most important one is that companies must disclose the economic value added in the financial statements to enable investors and related parties to be aware of the amount of value-added that lead to increase the wealth of shareholders, and to help managers to consider all costs of capital. In addition, these indicators can be used with other indicators such as (ROA, ROE) to evaluate firm’s performance.</p>

scholarly journals Investigating the Effect of Dividend Payments on the Economic Value Added of Companies Listed in Tehran Stock Exchange

2017 ◽  
Author(s):  
Fatemeh Zangeneh ◽  
Ali Kiani ◽  
Ali Sabbaghian
Keyword(s):  
Correlation Coefficient ◽  
Stock Exchange ◽  
Pearson Correlation ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Statistical Population ◽  
Dividend Payments ◽  
Necessary Constraints ◽  
Positive Correlation Coefficient

The stock exchange, as one of the most important and critical economic centers, plays a significant role in sustainable economic development by attracting and properly directing the investment and liquidity of various groups of the society. The purpose of this study is to investigate the effect of dividend payments on the economic value added of companies listed in the Tehran Stock Exchange. In this research, the statistical population includes all 444 accepted companies in the stock exchange. By examining the financial statements, applying the necessary constraints and performing random sampling, 115 qualified companies were finally extracted. The Cochran formula method was used for sampling. In this study, after collecting the necessary information, the dividend and economic value added of the sample companies were calculated. The relationship between the study variables was measured using Pearson correlation coefficient. The tests and analyzes show that there is a positive correlation coefficient between the dividend and the dependent variable of economic value added in the capital market of Iran.

scholarly journals PENGARUH ECONOMIC VALUE ADDED (EVA) DAN RASIO PROFITABILITAS TERHADAP HARGA SAHAM

2018 ◽  
Vol 2 (2) ◽  
pp. 290-303
Author(s):  
Venni Agnatia ◽  
Diah Amalia
Keyword(s):  
Coal Mining ◽  
Stock Price ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Return On Equity ◽  
Total Data ◽  
Profitability Ratios

The purpose of this research is to analyze the effect of Economic Value Added (EVA) and profitability ratios partially and simultaneously to the coal mining company’s stock price. The profitability ratios used in this research as independent variable are Return on Asset (ROA), Return on Equity (ROE), Return on Investment (ROI) and Net Profit Margin (NPM) although the stock price as the dependent variable. The samples used were 14 companies from 25 coal mining companies listed in Indonesia Stock Exchange during the period 2011-2017 so total data processed is 98 samples. This research used linear regression analysis with Eviews version 9. The result indicated that partially the variable ROA and ROI has significant positive effect on stock price. EVA, ROE and NPM does not affect the stock price. All variables simultaneously affect to the stock price.   Keyword: EVA, ROA, ROE, ROI, NPM, Stock Price

scholarly journals A Review of the Relationship between Ownership Structure and Economic Performance Criteria in Companies Listed on Tehran Stock Exchange

2016 ◽  
Vol 8 (6) ◽  
pp. 89
Author(s):  
Ali Yaghoobi ◽  
Ehsan Khansalar
Keyword(s):  
Ownership Structure ◽  
Economic Performance ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Performance Criteria ◽  
Economic Value Added ◽  
Cross Sectional ◽  
Independent Variables ◽  
The Relationship

<p>The aim of this study is to investigate the relationship between ownership structure and economic performance criteria of companies listed on Tehran Stock Exchange. This study is a descriptive- applied research that reviews the cross-sectional data relating to 114 listed companies between 1387-1393. Multivariate regression is used to analyze the effect of each of these factors on economic performance.</p>The results show that from three applied independent variables in the regression model, there is a significant relationship in a<strong> </strong>95% confidence level between Institutional ownership and property management and economic value added and modified economic value added but there is not any relationship between ownership concentration variable and economic performance criteria. The obtained determination coefficient for the above relationship shows that the independent variables explain only part of the economic performance, and investors need to consider other factors as well to evaluate the economic performance of the company.

scholarly journals The comparison between the market value (MVA) the net profit after tax by economic value added (EVA) to net profit after tax of the companies listed on the in Tehran Stock Exchange.

2016 ◽  
Vol 4 (5) ◽  
pp. 562-564
Author(s):  
Amir Rahimi Ashtiani ◽  
Saleh Payande Ashtiani
Keyword(s):  
Significant Relationship ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Shareholder Wealth ◽  
Economic Value Added ◽  
Net Profit ◽  
Pharmaceutical Industries ◽  
Spss Software

Desired performance and eventually increase the company's value will increase shareholder wealth. The fundamental challenge of managing businesses to create value for shareholders. The comparison between the market value (MVA) the net profit after tax by economic value added (EVA) to net profit after tax of the companies listed on the in Tehran Stock Exchange in 2007 to 2014. So that can be a benchmark internal performance evaluation that a representative of the market value is also achieved which the statistical was determined technique of a linear regression coefficient, And EVIEWS and SPSS software was used to test the hypotheses. The results show that there are positive correlation between (MVA/EARING) as the dependent variable (EVA /EARING) as independent variables studied in all companies, regardless of their weakness. So the companies listed in in Tehran Stock Exchange (EVA/EARING) as a measure of internal performance measurement alone is not enough to predict the effectiveness criteria is value in the market. In our group of companies and industries except, automotive and pharmaceutical industries that there were not a significant relationship between the variables in the rest of the industry significant relationship between the variables.

scholarly journals PENGARUH DEBT TO EQUITY RATIO, RETURN ON ASSETS, PRICE EARNING RATIO DAN ECONOMIC VALUE ADDED TERHADAP RETURN SAHAM PADA PERUSAHAAN SUBSEKTOR PROPERTY DAN REAL ESTATE.

2018 ◽  
Vol 2 (1) ◽  
pp. 12-24
Author(s):  
Julyana Widjayanti ◽  
Risal Rinofah ◽  
Mujino Mujino
Keyword(s):  
Real Estate ◽  
Stock Returns ◽  
Stock Return ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Sampling Technique ◽  
Economic Value Added ◽  
Return On Assets ◽  
Equity Ratio

This study aims to determinethe effect of Debt to Equity Ratio, Return On Assets, Price Earning Ratio, and Economic Value Added on Stock Returns on Property and Real Estate companies listed on the Indonesia Stock Exchange (BEI) for the 2014-2018 period. The sampling technique is purposive sampling. Samples were obtained from 11 Property and Real Estate companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2018 period. Based on the results of data analysis shows that Debt to Equity Ratio and Return On Assets have a positive and significant effect on Stock Return, Price Earning Ratio and Economic Value Added have a negative and no significant effect on Stock Return. Together Debt to Equity Ratio, Return On Assets, Price Earning Ratio, and Economic Value Added have a positive and significant effect on Stock Return.    

scholarly journals Corporate Governance Mechanisms and Value Creation: An Empirical Evidence

2019 ◽  
pp. 1-14 ◽  
Author(s):  
Musa Usman Kabir ◽  
Norhani Binti Aripin ◽  
Redhwan Ahmed Ali Al-Dhamari
Keyword(s):  
Corporate Governance ◽  
Firm Value ◽  
Economic Value ◽  
Value Added ◽  
Manufacturing Firms ◽  
Board Independence ◽  
Managerial Ownership ◽  
Economic Value Added ◽  
Governance Mechanisms ◽  
Corporate Governance Mechanisms

The study examines the perceived effects of corporate governance mechanisms on the value of manufacturing firms in Nigeria by adopting economic value added as the measure of firm value. Corporate governance mechanisms such as concentrated ownership, managerial ownership, the board size, board independence, and foreign ownership as they influence corporate valuation were empirically investigated. 89 listed manufacturing firms in Nigeria were selected for 5 years (2012-2016) for the analysis. The study utilized different tests such as OLS panel data regression and multiple regression model to establish the relationship with panel corrected standard error (PCSE). The study is guided by resource enrichment theory and agency theory. The finding of the study shows that ownership concentration, the board size, and board independence positively impacted on firm value as measured by economic value added. However, managerial ownership and foreign ownership reported negative and insignificant impacts on the value of Nigerian manufacturing firms.

scholarly journals PENGARUH ECONOMIC VALUE ADDED (EVA) DAN MARKET VALUE ADDED (MVA) TERHADAP RETURN SAHAM PERUSAHAAN OTOMOTIF DI INDONESIA TAHUN 2007–2010

El Dinar ◽  
2014 ◽  
Vol 1 (02) ◽  
Author(s):  
Putri Kurnia Widiati
Keyword(s):  
Stock Return ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Stock Exchanges ◽  
Good Prediction ◽  
Economic Value Added ◽  
Market Value Added ◽  
Important Position

<p>This study analyzed the effect of Economic Value Added (EVA), Market Value Added (MVA) of otomotif companies Stock return listed on stock exchanges Indonesia, because otomotif companies have an important position on Indonesian Economics.Population of this research are otomotif company that listed on the Stock Exchange of Indonesia from 2007–2010 with sensus sampling method and multiple regresion analysis to analyzed. For the parsial side Market Value Added (MVA) has an influence to stock return of Otomotif Company that listed on the Stock Exchange. To get the trust from investor, otomotif company should have good performance with a good value of Market Value Added, because Market Value Added has significant effect to stock return; and have a good prediction about another factor that influence the stock return wich used histories data for the indicator.</p><p> </p>

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