MARC View

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001			vtls000096946
003			KUKTEM
005			20251117113321.0
008			160808t2016 my da f abm 000 0 eng d
020			_aTHE0000085(Local)
039		9	_a201905131316 _baishah _c201710121540 _daishah _y201608081037 _zsaini
040			_aUMP
090			_aFIM .P36 2016 r Thesis
100	1		_aPanigrahi, Shrikant Krupasindhu
245	1	4	_aThe influence of traditional and value based performance measures on shareholder’s value creation of Malaysian listed construction companies / _cShrikant Krupasindhu Panigrahi
260			_aKuantan, Pahang : _bUMP, _c2016
300			_axix, 308 p. : _bill. (some col.) ; _c30 cm. + _e1 CD-ROM
500			_aFaculty of Industrial Management
502			_aThesis (Doctor of Philosophy (Technology Management)) -- Universiti Malaysia Pahang -- 2016
504			_aBibliography : p. 195-224
520	3		_aThis thesis examines the relationship between performance measurement tools and shareholder's wealth in the context of Malaysian public listed construction companies. The question guiding this study is focused on whether the development of performance measures had any impact on shareholder's value. After more than one decade of the Asian financial crisis, Malaysian firms still focus on the conventional performance measures which are criticized due to general accepted accounting principles. Both traditional accounting measures and economic measures have failed in reecting the company's true value due to lack of creating long term sustainability of business. Thus, this study investigates the long run causal relationship between the performance measurement tools and shareholder's wealth creation. The study exploits panel data analysis techniques particularly Error Correction Models (ECM) to test for the existence of a relationship of error terms. Using a sample of panel data of 280 observations over the period 2003-2012, this study _nds compelling evidence that shareholder value is a function of performance measures. The evidence obtained from the study shows the existence of co-integration between the EPS, EVA, DPR MVA and CSV in the short as well as the long run. The study found a strong impact of EPS, EVA and management's dividend payout decisions on created shareholder's value. It was also evidenced that dividend paid to the shareholders and increase market price of shares have significant inuence on long term market value of stocks which in turn increases shareholders wealth. EPS is still considered to be the strong factor for the shareholders to identify their value. EVA as a value based performance tool dominates shareholder's wealth. The more the managers produce EVA, the more shareholder's wealth maximization will be created. The finding showed significant support for EVA, but EVA was not reported by the companies and is not been used by investors for their investment decisions. EVA can be utilized as a reward system for increasing management performance. These results conclusively support the claims made by EPS, EVA and DPR proponents and further support the potential usefulness of the performance metric for internal and external performance. Furthermore, MVA was found to have negative relationship with CSV which was contradicting with the theory that shed light on the increase in shareholder value when there is increase in stock market value and eficiency. Thus it is highly recommended to focus for future research on this contradict finding.
610	2	0	_aFaculty of Industrial Management _xDissertations
650		0	_aUniversities and Colleges _xDissertations
650		0	_aTheses
856	4	0	_uhttp://ecollib.ump.edu.my/3527/ _zLibrary access only
999			_aVIRTUA40 _c6618 _d6624
999			_aVTLSSORT00800200040009001000245026003000500050205040520061006500650185609992