Measuring shareholder value in Tunisian banking
| Autor: | Khadija Mnasri, Ezzeddine Abaoub |
|---|---|
| Přispěvatelé: | Université de Tunis, Université de Tunis El Manar (UTM) |
| Jazyk: | angličtina |
| Rok vydání: | 2011 |
| Předmět: |
Organizational Behavior and Human Resource Management
050208 finance Earnings volatile markets business.industry Corporate governance 05 social sciences corporate governance Accounting Economic Value Added [SHS.ECO]Humanities and Social Sciences/Economics and Finance Shareholder value EVD 0502 economics and business Economics economic value added Intermediation Performance indicator 050207 economics Market value Explanatory power business Finance earnings |
| Zdroj: | Int. J. Accounting, Auditing and Performance Evaluation Int. J. Accounting, Auditing and Performance Evaluation, 2011, X,No.X (1/2), pp.xx-xx. ⟨10.1504/IJAAPE.2011.037728⟩ |
| DOI: | 10.1504/IJAAPE.2011.037728⟩ |
| Popis: | International audience; This paper examines the relative and incremental information content of economic value added (EVA) and traditional performance measures, focusing on the Tunisian banking industry. Our sample comprises only publicly listed commercial banks, and comprises ten banks over a period of ten years (after liberalisation periods from 1997 to 2006). Regression analysis indicates the EVA measure that accounts for the specifics of banking (EVA BKG) is of very little explanatory power. In contrast, intermediation and interest margins are more useful than other earnings measures in explaining the market value of commercial banks. Also, the standard economic value added (EVA STD) seems to explain better shareholder value creation than a wide range of simple accounting and other performance indicators. Incremental information content tests show that EVA STD components contribute marginally to information already available to the market participants (i.e. the intermediation margin). These results have implications to banking-related academicians and practitioners. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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