Variables

Indicators

Measurement

Reference

Independent variables

Economic Value added

EVA

EVA = NOPAT − Capital Charges

Or

EVA = NOPAT − (Invested Capital × WACC)

Nakhaei et al. (2012) and Khadafi & Heikal (2014)

Refined Economic Value Added

REVA

REVA = NOPT − (Capital Market Value × WACC)

Nakhaei et al. (2012) and Baseri et al. (2013)

Economic Value Added Momentum

EVA Momentum

EVA Momentum = (EVA₁ − EVA₀)/Sales₀

Nakaei et al. (2012) and Fayed and Dubey (2016)

Dependent variable

Corporate Financial Performance

ROA

Net income/total assets

Tripathi et al. (2018) and Maeenuddina et al. (2020)