Document Type : Research Paper
Authors
Abstract
In this research we are to investigate the existence of relationship between refined economic value added and usual measurements of performance such as earnings per share and price to earning ratio.
The results show that there is no significant relation between refined economic value added and the dependent variables. Although the existence of mentioned correlation has not proved but it does not mean that there is no relation between variables. The percent of correlation coefficients and calculated R-squared show that there is a weak relation between refined economic value added and usual measurements of performance such as earning per share and price to earning ratio. Nevertheless the relation is more significant for price to earning ratio than earning per share.
1. ریاحی بلکویی، احمد. تئوری‌های حسابداری. ترجمة علی پارساییان (2000). تهران، دفتر پژوهش‌های فرهنگی، 1381.
2. جهانخانی، علی و سجادی، اصغر. «کاربرد مفهوم ارزش افزوده اقتصادی در تصمیمات مالی». فصلنامه تحقیقات مالی، سال دوم، شماره‌های 5 و6، (1374): 86-68.
3. دوانی، غلامحسین. مجموعه قوانین مالیات‌های مستقیم. تهران: انتشارات کیومرث، 1381.
4. شریعت‌پناهی، سیدمجید و بادآور نهندی، یوسف. «ارتباط بین ارزش افزوده اقتصادی پالایش شده (REVA) و بازده سهام تعدیل شده بر اساس ریسک». فصلنامه مطالعات حسابداری، شماره 7، (1384): 95-77.
5. مجله بانک مرکزی جمهوری اسلامی ایران، شماره‌های 269 و 270 ، 273 و 274 ، 277 و 278 ، 281 و 282 و 285 و 286.
6. Alchian, A. A. and Demsetz, H. "Production Information Costs and Economic Organization"., American Economic Review, Vol. 62, Issue 5, (1972): 777-795.
7. Bacidore, J. M., Boquist, J. A., Milbourn, T. T. and A. V. Thakor. "The Search for The Best Financial Performance Measure"., Financial Analysts Journal, (May, June, 1997): 10-20.
8. Balsam, Steven and Ranald Lipka. "Share Prices and Alternative Measures of Earnings Per Share"., Accounting Horizons, (September 1998): 234-249.
9. Bausch A. E., Barbara, W. and Blome, M. "Is Market Value-Based Residual Income a Superior Performance Measure Compared to Book Value-Based Residual Income?"., Working Paper 2003, No. 1. Justus-liebig-Universitat, (2003).
10. Chen, S. and J. L. Dodd. "Operating Income, Residual Income and EVA(TM): Which Metric Is More Value Relevant?"., Journal of Managerial Issues, Vol. 13, Issue 1, (Spring 2001): 65-87.
11. Ferguson, R. and D. Leistikow. "Search for the Best Financial Performance Measure"., Financial Analysts Journal, Vol. 54, No. 1, (Jan, Feb, 1998): 80-86.
12. Hall, J. H. and L. M. Brummer. "The Relationship between the Market Value of a Company and Internal Performance Measurements"., http:www.scirus.com., ([5 Jun. 2005), (2001).
13. Hendriksen, E. and M. F. Van Breda. Accounting Theory. 5th ed. New York: IRWIIN., 1992.
14. Hiss, C. and P. Phan. "CEO Tenure as the Terminant of CEO Pay"., Academy of Management Journal. Vol. 34, Issue 3, (1991): 707-717.
15. Jennings, Ross, Mark, J. Le Clere and Robert B. Thompson. "Evidence on the Usefulness of Alternative Earnings Per Share Measures"., Financial Analysts Journal, Vol. 53, No. 6, (1997): 36-46.
16. Jensen, M. G. and W. Meckling. "Theory of the Firm: Managerial Behavior, Agency Costs, and Owner Ship Structure"., Journal of Financial Economics, Vol. 3, Issue 4, (1976): pp. 305-360.
17. Jensen, M. C. and K. J. Murphy. "Performance Pay and Top-Management Incentives"., Journal of Political Economy, Vol. 98, No. 2, (1989): 225-262.
18. Lehn, K. and A. K. Makhija. "EVA, Accounting Profits and CEO Turnover: An Empirical Examination"., Journal of Applied Corporate Finance, Vol. 10, No. 2, (1996): 90-97.
19. Lovata, L. M. and Costigan, M. L. "Empirical Analysis of Adapter Value Added"., Management Accounting Research, Vol. 13, (2002): pp. 215-228.
20. Makelainen, Esa. "Economic Value Added as a Management Tool", http:www.evanomics.com/evastudy/shtml., (16 Jul. 2005), (1998).
21. Stewart, G. B. The Quest for Value: A Guide for Senior Managers. New York: Harper Business Publisher., 1991.
22. Suojanen, W. W. "Accounting Theory and the Large Corporation"., The Accounting Review, (July 1954): pp. 391-398.
23. Worthington, A. and T. West. "Australian Evidence Concerning the Information Content of Economic Value Added"., Australian Journal of Management, Vol. 29, No. 2, (December 2004): pp. 201-242.
)