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An empirical investigation of the relationship between TSR,value-based and accounting-based performance measures

机译：TSR，基于价值和基于会计绩效措施的关系的实证调查

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Purpose - The paper aims to find out the information content of performance measures from accounting and value-based measures that best explain the total shareholder return.Design/ methodology/ approach - To achieve this aim, static and dynamic panel data regression analysis is applied to the sample of 56 Indian companies taken from the Nifty Midcap 100 Index, between 2012 and 2019. Findings - It is found that accounting-based measures have more relative information content in predicting total shareholder return as compared to value-based measures. Economic value added (EVA) and cash value added (CVA) do not add to the information content provided by accounting-based measures. A combination of accounting-based measures and value-added intellectual coefficient (VAIC) adds marginally to the information content provided by accounting-based measures in explaining the total shareholder return. Dynamic panel regression analysis shows that return on assets (ROA), return on capital employed (ROCE), return on equity (ROE) and EVA have a significant impact on total shareholder return.Originality/value - In this study, along with EVA, other measures from value-based measures, i.e. CVA are empirically tested to explain the total shareholder return. Intellectual capital efficiency computed by VAIC is also empirically tested along with accounting-based measures, EVA, CVA and market value added (MVA). To bring robustness to findings, data are tested by using dynamic panel regression analysis.
机译：目的 - 论文旨在找出最佳解释总股东返回的基于核算和价值的措施的绩效措施信息内容.Design/方法/方法 - 实现此目的，应用静态和动态面板数据回归分析在2012年和2019年间，从漂亮的中途公司100指数中获取的56家印度公司的样本 - 发现，与基于价值的措施相比，基于会计的措施在预测总股东返回方面具有更多相对信息内容。已添加的经济增值（EVA）和现金价值（CVA）不添加基于会计措施提供的信息内容。基于会计的措施和增值智力系数（VAIC）的组合略微增加到通过基于会计措施提供的信息内容，以解释股东总回报。动态面板回归分析显示资产回报（ROA），雇用资本退回（ROCE），股权返回（ROE）和EVA对总股东返回的重大影响。在本研究中，与EVA一起产生重大影响。基于价值的措施的其他措施，即CVA经过经验测试，以解释总股东返回。 VAIC计算的智力资本效率也经验与基于会计的措施，EVA，CVA和市场增值（MVA）进行了经验测试。要使稳健性对结果来说，通过使用动态面板回归分析来测试数据。

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