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Paper Information

Journal:   THE IRANIAN ACCOUNTING AND AUDITING REVIEW   Fall 2004 , Volume 11 , Number 37; Page(s) 121 To 144.
 
Paper: 

INVESTIGATING THE RELATION BETWEEN OPERATIONAL CASH FLOWS, OPERATIONAL PROFIT AND ECONOMIC VALUE ADDED WITH CREATED SHAREHOLDER VALUE

 
 
Author(s):  NOURAVESH I., SALEHY F., KARAMY GH.R.
 
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Abstract: 
Nowadays, Investors, creditors, and managers need reliable and updated index to measure the stockholders" wealth.
Having used these indexes,investors can decide on selling or keeping their shares, and clereditor can analyze the risk of their investment and security. In addition, managers will be able to measurethe performance of their compames.
In order to evaluate the validity of this kind of indexes at Tehran"s stock exchange, this research intends to investigate the relation between "created shareholder value added" on one hand and operational cash flow, operational profitrand economic value on the other hand.
Results of this research show that in those"listedcompanies at Tehran"s stock exchange, the Eva (Economicc Value Added) index is more reliable to forecast the created shareholder value. it Also shows shareholders how much role or influence has management had in their added wealth.
Generally, this research shows that the traditional accounting indexes are inadequate and cannot satisfy the investment markets and shareholders requirements. EVA is an index that is more useful to assess the management in terms of maximizing shareholder"s wealth.
 
Keyword(s): INDEXES OF PERFORMANCE ASSESSMENT, CREATED SHAREHOLDER VALUE, ECONOMIC VALUE ADDED, CAPITAL COST, ASSESSMENT MODEL OF ACCOUNTING INDEXES
 
References: 
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