The Relationships among Economic Value Added, Accounting Performance Measures, Market Value Added, and Shareholder Value Added: Evidence from Companies Listed on the Stock Exchange of Thailand
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Abstract
This article aimed to examine the relationships among Economic Value Added (EVA), accounting performance measures, Market Value Added (MVA), and Shareholder Value Added (SVA) of companies listed on the Stock Exchange of Thailand. Secondary data were collected from the financial statements of listed companies during the period 2013–2022, totaling 2,730 firm-year observations. Descriptive statistics were employed to describe the general characteristics of the data, while inferential statistics—specifically Pearson’s correlation analysis and path analysis—were used to investigate the relationships and causal influences among variables. The results revealed that EVA, return on equity (ROE), earnings per share (EPS), and MVA were positively correlated with SVA, whereas return on assets (ROA) exhibited a negative relationship with SVA. Furthermore, the findings from the path analysis indicated that EVA, ROE, and EPS indirectly influenced SVA through MVA. These results suggest that both accounting-based and value-based performance measures play significant roles in enhancing shareholder value. This research contributes to a deeper understanding of the factors influencing shareholder value creation in Thai listed firms. The findings provide valuable implications for corporate executives, investors, and other stakeholders in developing financial strategies, improving performance management, and making investment decisions that promote sustainable shareholder value.
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