Are Modern Performance Assessment Criteria Superior to Traditional ones in describing Market Value Variations
Publish place: دومین کنفرانس بین المللی مدیریت و حسابداری
Publish Year: 1396
نوع سند: مقاله کنفرانسی
زبان: English
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شناسه ملی سند علمی:
MANAGECONF02_0007
تاریخ نمایه سازی: 13 شهریور 1396
Abstract:
In this research it is tried to determine whether economic value added is superior to other traditional performance assessment criteria such as operating cash flow and earning before interest and taxes in describing changes of marketvalues of the listed Pharmaceutical companies of Tehran Stock Exchange during 2008-2014 or not. To this end, 133 company-year data was used in order to test two hypotheses at the significant level of 95 percent using Vuong Z-test.The results showed that both hypotheses were rejected. In other words, economic-value added doesn’t have any superiority compared to earning before interest and taxes and operating cash flow in explaining changes of market value of firms.
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Authors
Mohammad Khakrah Kahnamouei
Department of Accounting, Payam Noor University, Tehran, Iran
Tandis Khakrah Kahnamouei
Department of Accounting, Payam Noor University, Tehran, Iran