مدى اختلاف العلاقة لكل من ROA و EVA مع العوائد غير العادية للأسهم و تأثر العلاقة بنوع القطاع و الحجم : دراسة تطبيقية على الشركات المدرجة في بورصة عمان

Abstract EN

This study aimed to find out the relationship between the Return on Assets (ROA) as a traditional measure of performance and Abnormal Returns (AR) on one hand, as well as examining the relationship between the Economic Value Added (EVA) as a modern measure of performance and Abnormal Returns (AR) on the other hand.

The study also takes into account the impact of the firms' size and sector as control variables on ROA and EVA relationships with stock abnormal returns.

The study was conducted on sample of 60 Jordanian firms listed in Amman Stock Exchange (ASE) which was equally divided between the industrial and services sectors.

Thirty firms from each sector were randomly chosen over the period from 2008 to 2011.

The study used simple regression method to test hypotheses after confirming the analytical validity of data for the study as the data are representing Pooled Data Regression.

The main study findings are documenting the statistically significant relationship between EVA and abnormal returns for stocks of the sample firms in general.

Stock abnormal returns of large and small firms in specific are significantly correlated with EVA.

Moreover, Stock abnormal returns of industrial, but not service, firms are significantly correlated with EVA.

However, a statistically insignificant relationship between ROA and abnormal returns for all the sample firms, but it was closer to significance for the service firms as the value of sig equaled 0.08 approximately.

The study recommended to rely on EVA index as a measurement indicator of performance for industrial firms listed on ASE market and to rely on traditional indicators such as ROA to measure performance of service firms in the ASE.