742

(EVA)(ROE, ROI) The role of modern methods of financial analysis in assessing performance and

raising the market value of the institution. An analytical study between economic

value added (EVA) and traditional financial indicators (ROI, ROE)

3

chaachoua38@yahoo.comBakeur87@yahoo.fr

a.audina@centre-univ-mila.dz1

(EVA)(ROI, ROE)70077002

(SPSS)

T (EVA)(ROI,ROE)(EVA)

(ROI, ROE)

JELG14G20

chaachoua38@yahoo.com

248

Abstract :

We have tried through this research paper to clarify the role of modern methods of financial

analysis in evaluating performance and raising the market value of the institution through an analytical

study comparing EVA and ROI, ROE, and to achieve the objectives of the study, the researcher relied

on the financial statements of Saidal Complex for the period (2002-2017).

To test the hypotheses, the SPSS program was used. The researcher used a set of tests, such as a

one-sample T test, Pearson correlation coefficient, and simple and multiple linear regression analysis.

The results revealed that there is no statistically significant relationship between performance

evaluation using EVA and the market value of the stock, and there is a statistically significant

relationship between the traditional financial performance evaluation indicators (ROI, ROE) and the

market value of the stock, and that there is a statistically significant relationship between the indicators

of financial performance evaluation ( EVA and ROI, ROE) combined and the market value of the

stock.

In light of the findings, the researcher recommended the necessity of introducing a kind of

complementarity between the traditional indicators for assessing financial performance that and

modern indicators for assessing performance.

Keywords: Financial performance evaluation; added economic value; traditional financial indicators; The

market value of the enterprise;

JEL Classification Cods : G14, G20.

ROI

ROEEPS

Joel StrenG.Bennett Stewart

Stern – Stewart0897

(EVA)

(EVA)

(EVA)

(EVA)(ROE, ROI)

249

(EVA) (ROI) (ROE)

0000

0000

(EVA) 0000

(ROI) 0000

(ROE)

250

(EVA)(ROI, ROE)

(EVA) (ROI) (ROE)

(SPSS)

(EVA)

(ROI)

(ROE)

السوقية

(SP)

(EVA)(ROE, ROI)

251

(EVA)(ROI)(ROE)

Economic Value Added (EVA):

. (Costin, 2017, p.168) Return On Investment (ROI):

Return On Assets (ROE)

(EVA)

252

(EVA)(MVA)(Q Tobin’s)

Q Tobin’s

(EVA)

(ROA)(ROE)(EPS)

(Panel Data)70007004

- Etude (NICOLAE SICHIGEA, LAURA VASILESCU, 2015) ECONOMIC VALUE ADDED

AND MARKET VALUE ADDED - MODERN INDICATORS FOR ASSESSMENT THE

FIRM’S VALUE. (EVA)

(MVA)

- Etude (Mohamed Abdallah Almomani, 2016) The Ability of Traditional and Modern

Performance Indicators in Interpreting the Phenomenon of Earnings Management:

Evidence Manufacturing Firms in Amman Stock Exchange.

(ROA)

(EVA)(ROE, ROI)

253

(ROS)(MVA)Tobin’s-Q

(EVA)70027002

254

(EVA)

(EVA) (EVA)

Stem Stewart & Co

(NOPAT)

(EVA)(ROE, ROI)

255

(CMPC)

K0 KD

D

KCP CP

(EVA)

EVA ROCI

CMPC CI

K0 = KD. (D/(D+CP)) + KCP. (CP/(D+CP))

EVA = (ROCI-CMPC)*CI

256

(EVA)(ROI, ROE)

htt://WWW.saidalgroup/dz70077002

Spss77

(Min) (Max) SP 345.00715.00494.687121.853

ROI

ROE

EVA

SPSS

70077002

40220090720220

22292202707090

0000000072

0000200072

00002007200000

4840292200240

(EVA)(ROE, ROI)

257

02220202

SP ROE ROI EVA

0.008 -0.322** -0.287 1 Pearson Corrélation ®

EVA 0.488 0.007 0.351 Sig. (2-tailed)

-0.104 0.765** 1 -0.287 Pearson Corrélation ®

ROI 0.351 0.000 0.140 Sig. (2-tailed)

-0.601** 1 0.765** -0.322** Pearson Corrélation ®

ROE 0.007 0.000 0.112 Sig. (2-tailed)

1 -0.601** -0.104 0.008 Pearson Corrélation ®

SP 0.007 0.351 0.488 Sig. (2-tailed)

0.05 SPSS

( R )(Sig)

(EVA)(ROI)(Sig = 0.351)0000

(EVA)(ROE)00277

(Sig = 0.007)0000

(EVA)(SP)00009

(Sig = 0.488)0000

(ROI)(ROE)00220

(Sig = 0.000)0000

(ROI)(SP)00004

(Sig = 0.351)0000

(ROE)(SP)00200

(Sig = 0.007)0000

258

0000

0000

(EVA)(EVA)

(SP)

( R ) ( R2 )

FDFSIgB T Sig

0.0080.0000.001

1

0.977

Constant - 4.0830.001

14

(EVA) 7.669 0.0300.97715

SPSS

(EVA)(R= 0.008)

(R2=0.000)F(Sig = 0.977)0000Beta20288t

0002000822

0000(EVA)0000

(ROA) (ROE)

(SP)

(EVA)(ROE, ROI)

259

( R ) ( R2 )

FDFSIgB T Sig

-

1Constant -

14

(ROI) 15

SPSS

(ROI)(R= -0.104)

(R2=0.011)F(Sig = 0.702)0000Beta4080707t

0028000207

0000(ROI) 0000

(ROE)(ROE)

(SP)

( R ) ( R2 )

FDFSIgB T Sig

1Constant - 10.64414

(ROE) - -2.810 15

SPSS

260

(ROE)(R= -0.601)

(R2=0.361)F(Sig = 0.007)0000Beta

1268.78t2.81000004

0000

(ROE)0000(ROE)

0000

(EVA)(ROI)(ROE)(SP)

(EVA)(ROI)(ROE)

(SP)

( R ) ( R2 )

FDFSIgB T Sig

1Constant

-

14EVA ROI

15ROESPSS

(R= 0.831)(Sig =

0.002)0000(EVA)(ROI)(ROE)

0000

(EVA)(ROE, ROI)

261

والقيمة السوقية 0000

للمؤسسة.

0000

0000

(EVA) (EVA)

(EVA) 0000

(ROI)

0000

(ROE)

0072

0000

0000

262

(SVA)(CVA)

1. Costin, D. M. (2017). Economic Value- A General Review of the Concept. Ovidius , xvill, 168.

, . (2009). : - . 41. , : .

, . . (2014).

(ENSP) 2009/2012. , 2, 38.

, . . (2015). - CAC40 (2008-2013). , 15, 181.

NCA

htt://WWW.saidalgroup/dz .