Variables | Indicators | Measurement | Reference |
Independent variables | |||
Economic Value added | EVA | EVA = NOPAT − Capital Charges Or EVA = NOPAT − (Invested Capital × WACC) | |
Economic Value Added Momentum | EVA Momentum | EVA Momentum = (EVA1 − EVA0)/Sales0 | |
Dependent variable | |||
Corporate Financial Performance | ROA ROE | Net income/total assets Net income/total equity | |