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.
Hossein Etemadi; Banani Mahdi
Volume 5, Issue 19 , October 2007, , Pages 73-91
Abstract
One aim of investors in the purchasing of company stocks is using from the dividends. Investors enjoy from the cash flow and want to receive assure for particular amounts in the determine time, on the other hand, dividends payout can indicate the financial healthy and suitable condition of company for ...
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One aim of investors in the purchasing of company stocks is using from the dividends. Investors enjoy from the cash flow and want to receive assure for particular amounts in the determine time, on the other hand, dividends payout can indicate the financial healthy and suitable condition of company for investors. So companies can use this weapon in their sharing price and also guiding the investors. The aim of this research is the consideration of the payment dividends balance dependent with the company operation of two assessment equivalent including the economic value added and return on assets. In order to consider the subject of 88 companies select that was necessary to account the research variables and the suitable statistic testing perform like the correlation tests, This research results is that the dividends has weak cohesion with economic value added and it has no cohesion relation with return on assets.
Therefore, we can conclude that payment or nonpayment of dividends cannot indicate the suitable or unsuitable operation of company and increasing or decreasing of dividends also should not be indicate for fairness or unfairness investment in the company ,so utilization of dividends don't recommend to take the investment and credit decisions by investors and creditors.
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.
