أثر ‌القيمة‌ الاقتصادية المضافة‌ على الاسعار السوقية للاسهمم دراسة‌ تحميمية مقارنة مع ‌أثر ‌المؤشرات‌ المالية‌ التقليدية ‌الربح ‌المتبقي, و‌العائد‌ على‌الاستثمار‌ The Impact of the Economic Value Added (EVA) On Stock market prices Analytical Comparative Study With Traditional Financial Indicators Residual Income& Return On Investment (RI&ROI)

جويحان, سلطان سليمان (2015) أثر ‌القيمة‌ الاقتصادية المضافة‌ على الاسعار السوقية للاسهمم دراسة‌ تحميمية مقارنة مع ‌أثر ‌المؤشرات‌ المالية‌ التقليدية ‌الربح ‌المتبقي, و‌العائد‌ على‌الاستثمار‌ The Impact of the Economic Value Added (EVA) On Stock market prices Analytical Comparative Study With Traditional Financial Indicators Residual Income& Return On Investment (RI&ROI). Masters thesis, جامعة الشرق الاوسط.

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Abstract

This study primarily intends to specify which of the following indicators will provide the most feasible solution regarding the fluctuations affecting the stock market prices: the impact of the Economic Value Added (EVA) on stock market prices (SP), or the traditional financial indicators derived under the accrual basis of accounting, e.g., Return on Investment (ROI) and residual income (RI). To achieve the main goals of this study, the official financial statements that belong to the sample of the study which consists of (31) Jordanian industrial firms listed at Amman Stock Exchange over the period 2012-2014 were taken into consideration. In order to test the hypotheses in this study, Pearson’s product-moment correlation coefficients, t-test and simultaneous regression analysis were extracted using SPSS The findings revealed that ROI was the most influential predictor on SP where a relatively high positive Pearson’s product-moment correlation coefficient of 0.430 was found. On the other hand, EVA and RI were found to make no statistically significant contribution in explaining variance in SP with values around 0.146 and 0.127 respectively. The results also showed that the impact of both ROI and RI on SP was more than EVA. Interestingly, the capability of independent variables used in this study in explaining variance in SP was slightly enhanced by the addition of EVA into the regression model along with ROI and RI. In light of these findings, numerous recommendations were provided. There is a necessity for a national information bank that provides information on EVA and its related data such as beta coefficient as well as Weighted Average Cost of Capital (WACC). The study also recommended the addition of EVA measurement to other measurements used by Amman Stock Exchange. Key words: Economic Value Added ; Residual Income ; Return On Investment

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