Selection of dependent variables form various studies
| Dimensions | Variable | Authors |
|---|---|---|
| 1. Value-added measures | I. Economic value added (EVA) | Kang et al. (2010), Mulyadi and Anwar (2012) |
| II. Market value added (MVA) | ||
| 3. Profitability measures | I. Return on total assets (ROTA) | Waddock and Graves (1997), Kang et al. (2010), Mishra and Saur (2010), Mulyadi and Anwar (2012), Mujahid and Abdullah (2014), Hafez (2016), Abilasha and Tayagi (2019) |
| II. Return on equity capital (ROEC) | ||
| III. Net profit (NP) | Mulyadi and Anwar (2012) | |
| IV. Earnings per share (EPS) | Mujahid and Abdullah (2014) | |
| 7. Market measures | I. Stock market returns (SMR) | Hafez (2016), Maqbool and Zameer (2018) |
| II. Price earnings ratio (PER) | ||
| 9. Growth measures | I. Growth in sales (GIS) | Kapoor and Sandhu (2010), Mulyadi and Anwar (2012) |
| II. Growth in assets (GIA) | Kapoor and Sandhu (2010) |
| Dimensions | Variable | Authors |
|---|---|---|
| 1. Value-added measures | I. Economic value added (EVA) | |
| II. Market value added (MVA) | ||
| 3. Profitability measures | I. Return on total assets (ROTA) | |
| II. Return on equity capital (ROEC) | ||
| III. Net profit (NP) | ||
| IV. Earnings per share (EPS) | Mujahid and Abdullah (2014) | |
| 7. Market measures | I. Stock market returns (SMR) | |
| II. Price earnings ratio (PER) | ||
| 9. Growth measures | I. Growth in sales (GIS) | |
| II. Growth in assets (GIA) |
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