رابطه ارزش افزوده اقتصادي و ارزش افزوده اقتصادي پالايش شده با بازده سهام

The Relationship Between the ECONOMIC Value Added (EVA) and Refind Economic Value Added (REVA) to Stock Return

Performance evaluation is an activity that helps stockholders make a decision in an optimal investment. Copeland (2002) believes that none of the traditional performance evaluation benchmarks, such as income, earnings per share and income growth, have a correlation with total return for stockholders. Among other criteria for performance evaluation, which might have a correlation with created return for stockholders are Economic Value Added (EVA) and Refined Economic Value Added (REVA). The purpose of this paper is, therefore, to investigate the relationship between EVA and REVA to stock return for Iranian companies accepted in the Tehran Stock Exchange (TSE). With that regard, using the combined data of company and year, 71 companies accepted in the TSE have been tested in 10 years. The research hypothesizes have been tested using the Pearson correlation coefficient. The research findings show that there is no significant relationship between the Economic Value Added and the Refined Economic Value Added to stock return .