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

Artikel

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: Cogent Business & Management ; ISSN: 2331-1975 ; Volume: 6 ; Year: 2019 ; Pages: 1-14 ; Abingdon: Taylor & Francis

Classification and Topics

• Classification: Management
• Subject: EVA ; ROA ; Stock Returns ; FMOLS ; DOLS

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Pasha, Adil ; Ramzan, Muhammad
• Event: Veröffentlichung
• (who): Taylor & Francis
• (where): Abingdon
• (when): 2019

Further information

• DOI: doi:10.1080/23311975.2019.1653544
• Handle: http://hdl.handle.net/10419/206227
• Last update: 10.03.2025, 11:42 AM CET