The study of relationship between shareholder values added (sva) and different criteria of the risk adjusted return
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2013, Vol 5, Issue 9
Abstract
Nowadays shareholders are expected to obtain information about the firm's profitability, current and future liquidity status of firms, potential of making income, sustained growth of the company and its risk analysis through reliable indicators. Hence new metrics is proposed to measure the value of a firm that is quickly replacing traditional criteria and indicators of evaluating of firms. Accordingly, some criteria were expressed based on economic theory that one of them is shareholder value added. This study attempts to find the information content of shareholder value added and different criteria of the risk adjusted return during 2007 to 2011 for 200 companies listed in tehran stock exchange. The results indicate that the relationship between shareholder value added and total risk adjusted return was negative relationship by integrated regression model (panel data) and using eviews 7 software. Also relationship between shareholder value added and systematic risk-adjusted return was poor correlation intensity, despite the adoption of a negative relationship between them and the relationship between shareholder value added and excess return was not accepted.
Authors and Affiliations
Mohammad norouzi| Ma student of accountin Accounting department Science and research branch Islamic azad university Giulan, iranmnorouzi_uni@yahoo.com, Mahmoud samadi| assistant professor Accounting department Islamic azad university Tonekabon, iran, email: M_samadi_largani@yahoo.com
Keywords
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