دانلود رایگان مقاله تاثیر اندازه گیری عملکرد و بهره وری در ارزش افزوده بازار

Abstract

The purpose of this paper is to investigate economic value added (EVA), as a performance measurement model, as compared to six traditional accounting performance measures vis-à-vis the market value of firms listed on Tehran Stock Exchange (TSE). The paper also explores the effect of the degree of operating leverage, financial leverage, and efficiency on market value added. The paper uses a sample of 450 firm-year observations from the Iranian market and applies pooled ordinary least square and panel data regression. The results indicate that EVA has no superiority over other performance measures, and that return on sales and return on assets are more powerful than EVA in explaining firm market value. Due to EVA's lack of correlation with market value, investors cannot use it as an internal value creation measure along with the traditional performance measures. This paper is one of the first studies on the relevance of traditional accounting and value-based performance measures in explaining TSE market values. The results extend EVA's role in explaining market values, and address its effect on investors’ decisions in a continental Asian market with characteristics similar to that of Iran.

Conclusion

At the beginning of this paper, we examined the information content of EVA and six traditional accounting performance measures—that is, EPS, DPS, ROA, ROE, ROCE, and ROS—in explaining the market value of TSE-listed firms. Then, the relationship between efficiency, degree of operating and financial leverage, and market value of these firms was examined. Using a data set of 75 Iranian manufacturing companies for the period 2003–2008, we tested the relative and incremental information content of EVA and conventional performance measures. Regarding incremental information content, EVAis not superior to other performance evaluation measures; moreover, the results show that ROS and ROA have a greater explanatory power than EVA. Further, the results show that one ofthe efficiency measurement variables is negatively associated with MVA. The results also indicate that TSE-listed firms show no significant relationship between leverage and MVA. The empirical results of the study do not support the claim that EVA is a better performance indicator than traditional accounting measures in explaining market value.We find evidence supporting the earlier work of Biddle et al.(1997), Chen and Dodd (2001), Kim (2006), and Ismail (2006), suggesting that traditional accounting-based measures are more associated with MVA than EVA. Our results, in sum, do not support the claim of Stern et al. that EVA is superior to other measures in explaining MVA. The present findings can have the following implications: 1. Due to the weak correlation between EVA and MVA, investors cannot consider EVA along with the traditional accounting-based measures in their investment decisions. EVA alone cannot predict and explain the market value of the firms listed in the Tehran Stock Exchange and investors should pay little attention to this measure in their decision making.