Asymmetric impact of economic value-added dynamics on market value of stocks in Pakistan stock exchange, a new evidence from panel co-integration, FMOLS and DOLS

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...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autores principales:	Adil Pasha, Muhammad Ramzan
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2019
Materias:	eva roa stock returns fmols dols Business HF5001-6182 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/8e384e20427a451c88872ab4fb98c622
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:8e384e20427a451c88872ab4fb98c622
record_format	dspace
spelling	oai:doaj.org-article:8e384e20427a451c88872ab4fb98c6222021-12-02T18:31:20ZAsymmetric impact of economic value-added dynamics on market value of stocks in Pakistan stock exchange, a new evidence from panel co-integration, FMOLS and DOLS2331-197510.1080/23311975.2019.1653544https://doaj.org/article/8e384e20427a451c88872ab4fb98c6222019-01-01T00:00:00Zhttp://dx.doi.org/10.1080/23311975.2019.1653544https://doaj.org/toc/2331-1975Shareholders' 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.Adil PashaMuhammad RamzanTaylor & Francis Grouparticleevaroastock returnsfmolsdolsBusinessHF5001-6182Management. Industrial managementHD28-70ENCogent Business & Management, Vol 6, Iss 1 (2019)
institution	DOAJ
collection	DOAJ
language	EN
topic	eva roa stock returns fmols dols Business HF5001-6182 Management. Industrial management HD28-70
spellingShingle	eva roa stock returns fmols dols Business HF5001-6182 Management. Industrial management HD28-70 Adil Pasha Muhammad Ramzan Asymmetric impact of economic value-added dynamics on market value of stocks in Pakistan stock exchange, a new evidence from panel co-integration, FMOLS and DOLS
description	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.
format	article
author	Adil Pasha Muhammad Ramzan
author_facet	Adil Pasha Muhammad Ramzan
author_sort	Adil Pasha
title	Asymmetric impact of economic value-added dynamics on market value of stocks in Pakistan stock exchange, a new evidence from panel co-integration, FMOLS and DOLS
title_short	Asymmetric impact of economic value-added dynamics on market value of stocks in Pakistan stock exchange, a new evidence from panel co-integration, FMOLS and DOLS
title_full	Asymmetric impact of economic value-added dynamics on market value of stocks in Pakistan stock exchange, a new evidence from panel co-integration, FMOLS and DOLS
title_fullStr	Asymmetric impact of economic value-added dynamics on market value of stocks in Pakistan stock exchange, a new evidence from panel co-integration, FMOLS and DOLS
title_full_unstemmed	Asymmetric impact of economic value-added dynamics on market value of stocks in Pakistan stock exchange, a new evidence from panel co-integration, FMOLS and DOLS
title_sort	asymmetric impact of economic value-added dynamics on market value of stocks in pakistan stock exchange, a new evidence from panel co-integration, fmols and dols
publisher	Taylor & Francis Group
publishDate	2019
url	https://doaj.org/article/8e384e20427a451c88872ab4fb98c622
work_keys_str_mv	AT adilpasha asymmetricimpactofeconomicvalueaddeddynamicsonmarketvalueofstocksinpakistanstockexchangeanewevidencefrompanelcointegrationfmolsanddols AT muhammadramzan asymmetricimpactofeconomicvalueaddeddynamicsonmarketvalueofstocksinpakistanstockexchangeanewevidencefrompanelcointegrationfmolsanddols
_version_	1718377992383627264

Asymmetric impact of economic value-added dynamics on market value of stocks in Pakistan stock exchange, a new evidence from panel co-integration, FMOLS and DOLS

Ejemplares similares