الانعكاسات المحاسبية لحوكمة الشركات على مؤشرا الأداء و أثرها على عوائد الأسهم بالتطبيق على الشركات المساهمة المسجلة في سوق الأوراق المالية السعودية

Abstract EN

This research aims at studying the impact of economic value added, market value added, and accounting performance indicators of the return on investment, and return on equity.

It also studies the impact of the economic value added, and the accounting performance indicators on market value added, as well as compliance with the rules of governance on the economic and accounting performance indicators and their relation to stock returns.

This study is carried out on a sample of 34 joint-stock companies listed in the Saudi stock market from 31/12 / 2004 to 31/12/2009.

The researcher used a simple and multiple linear regression to examine the hypotheses of the study which concluded that the economic value added surpassed other indicators in explaining changes of stock returns.

The addition of market value added to economic value added leads to a higher explanatory power of the model.

The study also found that the combination of economic indicators and accounting indicators raises the explanatory power of the regression model from 13%, with regard to the economic value added alone, and 19% with regard to both the economic and market value added, up to almost 24%.

The study also showed that the indicators of economic value added surpass other accounting indicators in explaining the changes taking place in market value added.

It is thus concluded that compliance with the rules and regulations of corporate governance had no effect on performance indicators or its relationship to stock returns.