نویسندگان
چکیده
کلیدواژهها
عنوان مقاله [English]
This study investigates and compares the economic value added, residual income valuation and abnormal earnings growth models in determining the stock market value of companies. According to the model of residual income valuation, the value of the company follows book value of equity and earnings by clean surplus accounting method and the value of the company follows abnormal earnings over time, based on abnormal income growth model. However, economic value added is exceeding Net Operating Profit After Tax (NOPAT) accounted according to imposed capital costs over time by dirty surplus accounting method. Our study sample included 115 listed companies in Tehran Security Exchange (TSE) during 2003 to 2008. For testing of hypotheses, we used pooled data. Adjusted Determination Coefficient, Mean Square Error (MSE), F statistics, Akaike Info Criterion (AIC) and Schwarz-Beizen Info Criterion (SBIC) used in comparison of models.
As the findings showed, none of the hypotheses verified significant difference between explanatory powers in all three models. The findings also indicated that there was a significant relationship between the company value and accounting variables but there wasn't a significant difference between explanatory powers in determining the company values. It was also revealed that explanatory power of residual income valuation model was relatively higher than economic value added model and explanatory power of economic value added model was relatively higher than abnormal earnings growth model
کلیدواژهها [English]