THE RELATION OF CASH VALUE ADDED, ECONOMIC VALUE ADDED, FREE CASH FLOW AND RESIDUAL INCOME WITH CREATED SHAREHOLDER VALUE

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REZAEE FARZIN; MOLOUDI SOLEYMAN

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Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2010 | Volume:3 | Issue:5 Page(s): 1-18

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Title

THE RELATION OF CASH VALUE ADDED, ECONOMIC VALUE ADDED, FREE CASH FLOW AND RESIDUAL INCOME WITH CREATED SHAREHOLDER VALUE

Author(s)

REZAEE FARZIN | MOLOUDI SOLEYMAN | Issue Writer Certificate

Keywords

CASH VALUE ADDEDQ4

ECONOMIC VALUE ADDEDQ3

FREE CASH FLOWQ4

RESIDUAL INCOMEQ4

CREATED SHAREHOLDERS VALUEQ4

Abstract

The ECONOMIC VALUE ADDED (EVA) and FREE CASH FLOW (FCF) are main measures of value measurement that both don’t have other accounting measures inadequacy. If EVA and FCF be used with CASH VALUE ADDED (CVA) and RESIDUAL INCOME (RI) measures will cause symmetry between shareholders and management interests. In addition to the mentioned measures apply to report firms of economic values. This research investigated the relation among CVA, EVA, FCF and RI as independent variables with CREATED SHAREHOLDERS VALUE (CSV) as dependent variable. To perform this research, the data for 74 publicly listed firms in Tehran Stock Exchange during 2005-2009 were used. For this purpose, sample firms were divided in two group. Group1 including the firms were created value (the shareholder return exceeds the required return), group2 including the firms were destroyed value (the shareholder return is less than the required return). For testing hypotheses regression analysis methods and comparison of tow equation regressions with SPSS were used. Findings showed that model of EVA and FCF with R2 0.317 is the best model and model of EVA and CVA with R2 0.163 is the weakest predicted model for CREATED SHAREHOLDERS VALUE.The research showed to listed firms in Tehran Stock Exchange, EVA and RI the best of index for estimate CSV, too if they be used with index such as CVA, FCF…, they will have better results.

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APA: Copy

REZAEE, FARZIN, & MOLOUDI, SOLEYMAN. (2010). THE RELATION OF CASH VALUE ADDED, ECONOMIC VALUE ADDED, FREE CASH FLOW AND RESIDUAL INCOME WITH CREATED SHAREHOLDER VALUE. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 3(5), 1-18. SID. https://sid.ir/paper/358374/en

Vancouver: Copy

REZAEE FARZIN, MOLOUDI SOLEYMAN. THE RELATION OF CASH VALUE ADDED, ECONOMIC VALUE ADDED, FREE CASH FLOW AND RESIDUAL INCOME WITH CREATED SHAREHOLDER VALUE. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2010;3(5):1-18. Available from: https://sid.ir/paper/358374/en

IEEE: Copy

FARZIN REZAEE, and SOLEYMAN MOLOUDI, “THE RELATION OF CASH VALUE ADDED, ECONOMIC VALUE ADDED, FREE CASH FLOW AND RESIDUAL INCOME WITH CREATED SHAREHOLDER VALUE,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 3, no. 5, pp. 1–18, 2010, [Online]. Available: https://sid.ir/paper/358374/en

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