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Asian Journal of Research in Banking and Finance
Year : 2014, Volume : 4, Issue : 5
First page : ( 156) Last page : ( 169)
Online ISSN : 2249-7323.

The relationship of value added and the traditional criteria of evaluating the performance with the market refined return

Nejad Mohammad Tabasi

Department of Business Management, Neyshabur Branch, Islamic Azad University, Neyshabur, Iran

Abstract

The aim of this study was to insert the refined value added in the works related to the cement industry and it studies its comparison with the economic value added, market value added and the other traditional accounting criteria (i.e. cash flow obtained from operations, returns on assets and return on equity) for the cement market refined returns. In this research, specifically it selects the refined (or improved) market return as a dependent variable, which has been widely used in the researches related to the information content to measure the stock performance of the cement industry after adjustment for the market returns. The statistical community of this research is all the cement companies accepted on the Tehran stock exchange during 2006 to 2010. All these companies that include 28 companies have been studied to review the assumptions and the goals of the research. Data analysis methods in this way is that after collecting data from Eviews software, simple linear regression was used to examine the significance of variables by using T-student, to rank the variables affecting the market refined return, the determination coefficient has been used. The results of the findings of the research showed that between the market refined return and refined economic value added, there is a significant relationship, the results also indicate that the explanation power of economic added value, yet compared to the refined economic added value for the market refined return is more, therefore, strong connection was observed between the market refined return and the economic added value.

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Keywords

Value added, traditional criteria of evaluating the performance, market refined return.

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