Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/206227 
Year of Publication: 
2019
Citation: 
[Journal:] Cogent Business & Management [ISSN:] 2331-1975 [Volume:] 6 [Publisher:] Taylor & Francis [Place:] Abingdon [Year:] 2019 [Pages:] 1-14
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
Shareholders' wealth maximization is the ultimate objective of firms. Economic value added (EVA) is a financial metric linked to shareholders' wealth maximization. Prior studies revealing the efficacy of value-based and accounting-based performance measures are inconclusive. Moreover, all prior research ignored long-run and short-run co-integration of traditional as well as value-based financial performance measures with share prices. This research found EVA has a negative weak but significant relation with stock return in long run by employing panel co-integration, panel FMOLS and panel DOLS for 70 nonfinancial Pakistan Stock Exchange listed firms from 13 industries for a study period of 2006-2015.
Subjects: 
EVA
ROA
Stock Returns
FMOLS
DOLS
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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