Nosheen Rasool, Safi Ullah, Muhammad Mubashir Hussain, Muhammad Usman
{"title":"附加价值和传统会计措施在刺激股票市场回报中的作用:基于巴基斯坦证券交易所非金融类上市公司的研究","authors":"Nosheen Rasool, Safi Ullah, Muhammad Mubashir Hussain, Muhammad Usman","doi":"10.26710/jafee.v7i1.1599","DOIUrl":null,"url":null,"abstract":"The purpose of this study is to examine the comparative relationship of value-added and conventional financial performance indicators with stock returns of listed companies of Pakistan Stock Exchange. Stock Return (SR) is used as an outcome variable, whereas, for measuring explanatory variables, Traditional Financial Performance indicators includes return on assets (ROA), return on equity (ROE), Return on Capital Employed (ROCE) and Earnings Per Share (EPS) whereas modern performance indicators is measured through economic value added (EVA), economic value added movement (EVAM), economic value added spread (EVAS). The sample consists of 107 companies and having 856 observations of non-financial sector listed on Pakistan Stock Exchange (PSX) for the time period 2011 to 2018. Findings reveal that stock returns are more influenced by the value that is created by listed companies for their shareholders than the accounting profits. The study aims at providing useful information for the management, investors, researchers, and regulators.","PeriodicalId":52706,"journal":{"name":"Journal of Accounting and Finance in Emerging Economies","volume":"55 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2021-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Role of Value Added and Conventional Accounting Measures in Stimulating Stock Market Returns: A Study of Non-Financial Sector Listed at Pakistan Stock Exchange\",\"authors\":\"Nosheen Rasool, Safi Ullah, Muhammad Mubashir Hussain, Muhammad Usman\",\"doi\":\"10.26710/jafee.v7i1.1599\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The purpose of this study is to examine the comparative relationship of value-added and conventional financial performance indicators with stock returns of listed companies of Pakistan Stock Exchange. Stock Return (SR) is used as an outcome variable, whereas, for measuring explanatory variables, Traditional Financial Performance indicators includes return on assets (ROA), return on equity (ROE), Return on Capital Employed (ROCE) and Earnings Per Share (EPS) whereas modern performance indicators is measured through economic value added (EVA), economic value added movement (EVAM), economic value added spread (EVAS). The sample consists of 107 companies and having 856 observations of non-financial sector listed on Pakistan Stock Exchange (PSX) for the time period 2011 to 2018. Findings reveal that stock returns are more influenced by the value that is created by listed companies for their shareholders than the accounting profits. The study aims at providing useful information for the management, investors, researchers, and regulators.\",\"PeriodicalId\":52706,\"journal\":{\"name\":\"Journal of Accounting and Finance in Emerging Economies\",\"volume\":\"55 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-01-26\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Accounting and Finance in Emerging Economies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.26710/jafee.v7i1.1599\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting and Finance in Emerging Economies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.26710/jafee.v7i1.1599","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Role of Value Added and Conventional Accounting Measures in Stimulating Stock Market Returns: A Study of Non-Financial Sector Listed at Pakistan Stock Exchange
The purpose of this study is to examine the comparative relationship of value-added and conventional financial performance indicators with stock returns of listed companies of Pakistan Stock Exchange. Stock Return (SR) is used as an outcome variable, whereas, for measuring explanatory variables, Traditional Financial Performance indicators includes return on assets (ROA), return on equity (ROE), Return on Capital Employed (ROCE) and Earnings Per Share (EPS) whereas modern performance indicators is measured through economic value added (EVA), economic value added movement (EVAM), economic value added spread (EVAS). The sample consists of 107 companies and having 856 observations of non-financial sector listed on Pakistan Stock Exchange (PSX) for the time period 2011 to 2018. Findings reveal that stock returns are more influenced by the value that is created by listed companies for their shareholders than the accounting profits. The study aims at providing useful information for the management, investors, researchers, and regulators.
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