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)

Economic Value Added Momentum

EVA Momentum

EVA Momentum = (EVA1 − EVA0)/Sales0

Nakhaei et al. (2012) and Fayed & Dubey (2016)

Dependent variable

Corporate Financial Performance

ROA

ROE

Net income/total assets

Net income/total equity

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