Market value added and traditional accounting criteria: Which measure is a best predictor of stock return in Malaysian companies

Document Type: Research Paper

Author

Department of Accounting, Birjand Branch, Islamic Azad University, Birjand, Iran

Abstract

This study tests the hypothesis that market value added (MVA) is more highly associated with stock return (SR) than traditional performance measures. The purpose of this study is to provide empirical evidence on the relative and incremental information content of MVA and traditional performance measures, namely, net income (NI), net operational profit after tax (NOPAT), and earning per shares (EPS). The sample involved 395 non-financial companies listed in the main market of Bursa Malaysia over the period 2002–2011. To analyze the hypotheses panel data regression methods were employed. The results indicated that accounting measures (NI, NOPAT and EPS) have higher relative information content with stock return compared to MVA. Thus, the results do not support the hypothesis that MVA is superior to traditional accounting measures in association with stock return. Moreover, the findings showed that MVA has incremental information content with stock return compared to accounting measures. Consequently, MVA is a useful measure in describing the firm’s stock return in Bursa Malaysia. Therefore, Malaysian companies can use MVA with traditional measures (NI, NOPAT, and EPS) in evaluating companies’ performance.

Keywords

Main Subjects


Article Title [Persian]

ارزش افزوده بازار و معیارهای سنتی حسابداری: کدام معیار بهترین پیشبینی کننده بازده سهام در شرکتهای مالزی است؟

Author [Persian]

  • حبیب اله نخعی
گروه حسابداری دانشگاه آزاد اسلامی - واحدبیرجند
Abstract [Persian]

این مطالعه به بررسی این فرضیه می پردازد که آیا ارزش افزوده بازار ارتباط بهتری با نرخ بازده سهام در مقایسه با معیارهای سنتی حسابداری دارد. هدف این تحقیق بررسی محتوای اطلاعاتی نسبی و فزآینده ارزش افزوده بازار با نرخ بازده سهام در مقایسه با معیارهای سنتی حسابداری (سود خالص، سود خالص قبل از مالیات و سود هرسهم) است. نمونه آماری این تحقیق 395 شرکت غیر مالی پذیرفته شده در بورس اوراق بهادار مالزی در فاصله زمانی سال 2002 تا 2011 است. برای تحلیل فرضیه ها، از روش دادهای پانلی استفاده شده است. نتایج آزمون محتوای اطلاعاتی نسبی نشان داد که معیارهای حسابداری ارتباط بیشتری با نرخ بازده سهام در مقایسه با ارزش افزوده بازار دارند. بنابراین، نتایج این تحقیق، برتری ارزش افزوده بازار بر معیارهای حسابداری را در ارتباط با نرخ بازده سهام تایید نکرد.بعلاوه ، نتایج تحقیق نشان داد ارزش افزوده بازار دارای محتوای اطلاعاتی فزاینده است. در نتیجه، ارزش افزوده بازار معیاری مفیدی در تشریح نرخ بازده سهام در بورس مالزیست. بنابراین، شرکتهای مالایی می توانند همراه با معیارهای حسابداری از ارزش افزوده بازار برای ارزیابی عملکرد شرکتها استفاده نمایند.

Keywords [Persian]

  • ارزش افزوده بازار
  • سودخالص
  • سود هرسهم
  • محتوای اطلاعاتی نسبی و فزاینده
  • نرخ بازده سهام
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