Mohamad Kashanipoor; Amir Rasaiian
Volume 5, Issue 20 , January 2008, , Pages 129-157
Abstract
Market Value Added is important measure in firms' performance measurement. The main goal of this paper is to review the relationship between MVA and some measures of performance measurement such as EVA~ROA, SRE, PBT/S ...
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Market Value Added is important measure in firms' performance measurement. The main goal of this paper is to review the relationship between MVA and some measures of performance measurement such as EVA~ROA, SRE, PBT/S and OCF. Therefore 189 sample firms that their required data for a 10 years period (1376-1385) was available are selected. Then the related data to 5 independent variables are reviewed. MVA is calculated as dependent variable too. The simple regression model is used to examine the hypothesis. The method of the regression model is panel data regression. Signification of models is examined by T and F statistics. The conclusions indicate that there are significant relationships between MVA and EVA, ROA, SRE and OCF. The conclusions account for that EVA is the best measure to explain the changes in MVA.
Mohammad Namazi; Mohammad Sayrani
Volume 2, Issue 5 , April 2004, , Pages 25-60
Abstract
This research is carried out by the use of agency theory in considering twoimportant subjects: - Relation of giving bonus to CEO which is compensation plan from accounting profit, profit growth, and Market Value Added (M.V.A.) -Studying important structures in identifying bonus of CEO's. ...
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This research is carried out by the use of agency theory in considering twoimportant subjects: - Relation of giving bonus to CEO which is compensation plan from accounting profit, profit growth, and Market Value Added (M.V.A.) -Studying important structures in identifying bonus of CEO's. In the first case, from the gathered information of profit making companies accepted in Tehran Stock Exchange ( T.S.E. ) in the years 1376 to 1380. Methods used in variance and regression analysis. In the second case measurement research has been done by submitting some form of questioners and gathering viewpoint of managing directors and consultants of holding companies, investment companies and industrial organizations by statistical techniques, binomial test and analysis of variance test and Kruskal- wallis test. At the end, analysis and results research, the summery of above cases has been submitted.
M. Dastgir; N. Izadinia
Volume 2, Issue 5 , April 2004, , Pages 131-155
Abstract
Valuation of securities by economic value added (EVA) model and Free cash flow (FCF ) model i s a current procedures in free economy societies. Using such models requires long and complex ...
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Valuation of securities by economic value added (EVA) model and Free cash flow (FCF ) model i s a current procedures in free economy societies. Using such models requires long and complex calculations, therefore, they seem to be difficult to implement in the first sight. One of the objectives of the present study is to see whether by using accrual accounting reports, in the present situation i n Iran, is i t possible to value business entities and their share values. To support the EVA and FCF models empirically, we need to study the relationship between the value creation measures (internal measures of operation evaluation ) and values the judgment of financial markets (external measures of operation evaluation ) .
This research is in the field of accounting and financial management and its hypotheses are and in connection with the relationship between value creation measures, i.e. EVA and FCF measures, financial market measures such as, market value (MV) and market value added (MVA).
The results of this study suggests that with some adjustments to accounts and financial reports we are able to value business entities and their shares in a given time period, and report the gap between share values, based on the EVA and the FCF models , and market values of those shares. The specific results from testing the hypotheses in this study dictate that i n most industries there is a meaningful relationship between internal measures of creating value market measures of business entities under study.
