This study aims to analyze the impact of both financial intelligence and investment decision quality on achieving added market value, through an analytical study of a sample of private commercial banks operating in Iraq during the period from 2015 to 2022. The study was based on a quantitative analytical approach, benefiting from actual annual data for banks listed on the Iraq Stock Exchange, with the use of a number of financial indicators, most notably: return on assets. (ROA), return on investment (ROI), return on equity (ROE), liquidity ratio, as well as market value added (MVA) calculations, and A number of statistical tools were used, such as linear correlation analysis and multiple regression, to test the relationships between the variables. The results showed that the return on equity(ROE) as a representative of financial intelligence is the most influential and significant factor in explaining the variance in market value added, while investment decision quality indicators did not appear (ROA, ROI) And a moral impact within the approved model, the results also indicated that there is a moderate positive impact of liquidity in supporting market value. The researcher recommends The necessity of raising the efficiency of financial management in private banks, adopting strategic practices that enhance the use of financial intelligence in guiding investment decisions, and linking financial performance to the market position of the bank. A shelf.

This study aims to analyze the assessment of the company's financial performance using the EVA (Economic Value Added) and MVA (Market Value Added) methods in PT Indofood Sukses Makmur Tbk for the 2021-2024 period. The results show that the company's ability to create economic value is not stable when measured by the EVA method, where in 2021 and 2023 EVA is positive, while in 2022 and 2024 EVA is negative. This shows that there are internal challenges that affect operational efficiency and capital management. Meanwhile, the company's MVA has been positive from 2021 to 2023 and increased in 2024, indicating that market perception of the company's outlook remains good. Overall, the study concludes that although Indofood faces internal dynamics that affect its economic performance in a volatile manner, the market still gives a positive appreciation. The fluctuations of EVA reflect the company's need to improve the consistency of economic value creation, while the high MVA confirms that investor confidence in the company's growth potential and long-term strategy remains strong and stable.

Fluctuations in stock prices in the Industrials sector on the Indonesia Stock Exchange show that investors consider fundamental factors in decision-making. However, the results of previous research related to the influence of capital structure, company value, and dividend policy are still inconsistent, so a new study is needed. This study aims to analyze the influence of capital structure (DER), Market Value Added (MVA), and dividend yield on stock prices. The research uses a quantitative method with multiple linear regression based on secondary data from the IDX's financial statements and share prices. The sample consisted of 9 companies with 36 observations. The results of the classical assumption test showed that the model met the requirements of normality, multicollinearity, heteroscedasticity, and autocorrelation did not occur. Partial tests showed that DER (Sig = 0.075) and MVA (Sig = 0.058) had no significant effect, while dividend yield had a significant negative effect (Sig = 0.003). Simultaneous tests showed a significant influence of the three variables with a Calculation of 4.502 and a Sig of 0.010. The Adjusted R² of 0.231 shows that other variables are more dominant in influencing the stock price. Further research is suggested to add variables and extend the analysis period.

This systematic literature review examines the critical role of behavioral accounting in shaping strategic decision-making within the context of organizational digital transformation and business innovation. Employing a PRISMA-based methodology, this study synthesizes scholarly evidence from peer-reviewed journals and academic databases published between 2020 and 2025, addressing how behavioral factors influence the effectiveness of strategic innovation execution in digitalized business environments. The research integrates perspectives from behavioral accounting, strategic innovation economics, technology management, and platform economics to construct a unified framework explaining competitive advantage creation through digital transformation. Key findings reveal that successful strategic innovation depends not solely on technological sophistication but critically on understanding cognitive biases, technology adoption readiness, and organizational change management capabilities. The analysis demonstrates that Economic Value Added (EVA) and Market Value Added (MVA) serve as essential metrics for validating innovation effectiveness beyond traditional accounting measures. Cognitive barriers including anchoring bias, confirmation bias, and cognitive overload systematically impede strategic execution, while dynamic capabilities and upskilling investments emerge as sources of sustainable competitive advantage. The study further establishes that platform economics in financial services, particularly peer-to-peer lending, requires careful regulatory orchestration through instruments such as Indonesia's Financial Services Authority (OJK) Regulatory Sandbox. Evidence indicates that organizations integrating behavioral accounting perspectives into digital transformation strategies achieve superior innovation outcomes, with artificial intelligence adopters demonstrating 3.1 times higher return on investment when supported by clear strategic frameworks. The research contributes theoretically by synthesizing disparate literature streams into a cohesive strategic innovation economics framework, while offering practical implications for organizations navigating digital-driven transformation. Recommendations emphasize structured risk assessment models, behavioral finance training to mitigate cognitive distortions, and ecosystem-level regulatory design to balance innovation encouragement with systemic stability.

This study examines the impact of Market Value Added (MVA), Economic Value Added (EVA), and Financial Value Added (FVA) on stock returns in energy-sector mining companies listed on the Indonesia Stock Exchange (IDX) during 2018–2023. A quantitative approach with multiple linear regression was applied to 23 purposively selected firms based on data availability. Secondary data were obtained from annual reports and stock prices published on the IDX website. The findings show that EVA has a significant effect on stock returns (p = 0.048 < 0.05), while MVA (0.075) and FVA (0.080) are not significant individually. However, the three variables collectively influence stock returns (p = 0.031 < 0.05). The adjusted R² of 0.396 indicates that 39.6% of return variability is explained by the model, with the rest influenced by other factors. Overall, EVA emerges as the key indicator for investors in evaluating return potential, while market-based measures such as MVA are less decisive, and historical value indicators (FVA) are less statistically relevant as predictors of stock returns. From a managerial perspective, firms are encouraged to focus on capital efficiency and sustainable economic value creation to enhance their investment appeal.

Type of the article: Research ArticleCorporate governance mechanisms have progressively played a crucial role in value creation, particularly in emerging markets where there is information asymmetry and agency issues. They have been considered strategic levers for enhancing the value creation of firms. Of these mechanisms, the audit committee is identified as a crucial asset for facilitating good corporate governance in firms. This study examines how the characteristics of the audit committee influence value creation in Moroccan public firms. panel data for 44 Casablanca Stock Exchange listed companies between 2022 and 2024, we use static panel regression models to investigate the relationship between audit committee attributes and two value creation proxies: market value added (MVA) and return on equity (ROE). The results show that independence, skill, size, and frequency of audit committee meetings all play significant roles in greater value creation. Particularly, independence has the most significant positive effect on MVA and ROE. The expertise of the committee has a positive effect on MVA, while its size has a positive effect on both indicators. Meeting frequency significantly improves ROE but makes no difference to MVA. These results suggest that effective audit committees are excellent governance mechanisms capable of reducing information asymmetries, enhancing the quality of financial reporting, and thereby building shareholder value in the Moroccan context.

This study aims to analyze the financial performance of telecommunication companies listed in the LQ45 Index for the 2022–2024 period using Economic Value Added (EVA), Market Value Added (MVA), Refined Economic Value Added (REVA), Financial Value Added (FVA), and Shareholder Value Added (SVA) methods. The research applies a descriptive quantitative approach with secondary data from annual financial statements obtained from the Indonesia Stock Exchange. The results indicate that EVA, FVA, and SVA are positive, meaning firms create economic value. Meanwhile, MVA and REVA tend to fluctuate or turn negative, indicating limitations in enhancing market value.

The purpose of this study is to analyze the effect of market value added (MVA), return on equity (RoE), and return on assets (RoA) on stock returns. This relationship is tested with corporate valuation as a mediating variable. This study focuses on 12 plantation sub-sector entities listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. The sample was selected using purposive sampling based on predetermined criteria. The quantitative approach includes regression analysis and Sobel's test for mediation. The research findings show that MVA, RoE, and RoA have a significant effect on corporate valuation, but do not indicate an effect on stock returns. Furthermore, corporate valuation is not able to act as a mediating variable in the relationship between market value added (MVA), return on equity (RoE), and return on assets (RoA) with stock returns in 12 plantation sub-sector entities listed on the Indonesia Stock Exchange for the period 2020–2024.

This study aims to analyze the differences in financial performance before and after the Boycott Divestment Sanctions (BDS) movement in affected companies listed on the Indonesia Stock Exchange. Financial performance is measured using three main indicators: Market Value Added (MVA), Economic Value Added (EVA), and Earnings Per Share (EPS). This study used a quantitative method with a purposive sampling technique on 15 companies in the consumer cyclical and consumer non-cyclical sectors that met the criteria for being affected by BDS. Data, consisting of quarterly financial reports for the 2021–2024 period, were analyzed using the Wilcoxon Signed Rank Test to determine the differences before and after the BDS. The test results showed that MVA and EVA decreased significantly after the BDS, reflecting a decrease in the company's market value and economic value due to increased risk perception and a decrease in net operating profit after tax (NOPAT). Conversely, EPS showed no significant difference, indicating the company's ability to maintain stable earnings per share despite external pressures. This finding aligns with signaling theory, which states that external events can be negative signals for investors, but market reactions are heavily influenced by company fundamentals and management strategy.

The capital market is very important in the Indonesian economy, especially as a source of long-term financing for companies. One of the instruments most sought af­ter by investors is stocks, due to their high potential returns. It is suspected that Mar­ket Value Added (MVA) and Economic Value Added (EVA) have an influence on stock prices. In addition, previous studies have shown inconsistent results. This stu­dy aims to determine and analyze the partial effect of Market Value Added (MVA) on stock prices, the partial effect of Economic Value Added (EVA) on stock prices, and the simultaneous effect of MVA and EVA on the stock price of PT Tel­kom Indonesia Tbk during the period 2012–2023. The research method uses a de­scrip­tive quantitative approach, with data processed using SPSS for Windows Ver­sion 29. The results show that MVA has a partial significant effect on stock prices with a determination coefficient of 66%, while EVA does not have a partial signi­fi­cant effect with a determination coefficient of 12%. Simultaneously, MVA and EVA ha­ve a significant effect on stock prices with a combined determination coeffi­cient of 66.8%, while the remaining 33.2% is influenced by other variables not examined in this study.

The rapid growth of digital technology and increasing demand for data services have intensified competition in Indonesia's telecommunications industry. To enhance operational efficiency and strengthen market position, PT Indosat Tbk merged with PT Hutchison 3 Indonesia, effective on January 4, 2022. However, the impact of this corporate action on financial and market performance remains unclear. This study aims to analyze the differences in financial performance and stock returns of PT Indosat Ooredoo Hutchison Tbk before and after the merger over a six-year period, divided into three years pre- and post-merger (2019 - 2024). The analysis focuses on seven financial indicators: Current Ratio (CR), Fixed Asset Turnover (FAT), Total Debt to Total Capital (TDTC), Return on Invested Capital (ROIC), Price to Earnings Ratio (PER), Economic Value Added (EVA), and Market Value Added (MVA), along with stock return as a market performance indicator. A paired sample t-test was used to evaluate statistical differences. The results show a significant increase in FAT, indicating improved asset utilization, and a significant decline in MVA, reflecting weakened market perception after the merger. The other five financial ratios and stock return did not demonstrate statistically significant changes. These findings suggest that while operational efficiency has improved in certain aspects, the merger has not yet resulted in broad financial or market performance enhancements. The study provides insights for corporate decision-makers and investors in assessing post-merger effectiveness.

This study aims to examine the influence of financial performance indicators (current ratio, debt-to-equityratio, inventory ratio, net profit margin) and economic value added, as well as market value added, on firm value asrepresented by the price-to-earnings ratio. This research employs a quantitative methodology. The data is obtainedfrom secondary sources, specifically the financial records of PT Toba Pulp Lestari TBK from 2019 to 2023. Theemployed method is multiple linear regression analysis with EViews 12. Conclusions can be derived from the studytitled Analysis of Financial Performance of Economic Value Added and Market Value Added in Relation to CompanyValue at Toba Pulp Lestari TBK from 2019 to 2023. Current Ratio (CR) positively and significantly influencescompany value, while Debt to Equity Ratio (DER) negatively and significantly impacts company value. InventoryTurnover (ITO) also has a negative and significant effect on company value. Net Profit Margin (NPM) positivelyaffects company value but is insignificant. Economic Value Added (EVA) and Market Value Added (MVA) bothpositively and significantly enhance company value.

This study aims to determine the influence of Market Value Added (MVA) and Economic Value Added (EVA) on stock prices, with Return on Asset (ROA) as a moderation variable. In the world of investment, stock prices are an important indicator that reflects the value of a company in the eyes of investors. Therefore, this study seeks to explore how economic added value and market value can contribute to an increase in stock prices, as well as whether a company's financial performance reflected in ROA can strengthen the relationship. The research method used is a quantitative method. The sampling technique was carried out by purposive sampling of 30 banking sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2019 to 2022. The sample selection criteria include companies that consistently publish financial statements and have the complete data needed in this study. Data were analyzed using SPSS software version 26 with multiple linear regression analysis techniques to test the direct influence, as well as Moderated Regression Analysis (MRA) to test the role of ROA moderation. The results of the study show that MVA has a positive and significant effect on stock prices. The same goes for EVA, which also has a positive and significant influence on stock prices. However, when ROA was tested as a moderation variable, the results showed that ROA was unable to strengthen or weaken the influence of MVA on stock prices. The same is true of the influence of EVA on stock prices, where ROA has not proven to be a significant moderator. These findings indicate that while MVA and EVA are important indicators in determining stock prices, financial performance through ROA is not always able to moderate these relationships in the context of banking companies in Indonesia.

This study aims to examine the factors influencing stock returns in companies listed in the LQ45 index on the Indonesia Stock Exchange. Stock returns are a key indicator for investors in evaluating the results of investment activities in the capital market. The three independent variables described are Economic Value Added (EVA), Market Value Added (MVA), and Trading Volume Activity (TVAT). The purpose of this study is to examine the systematic role of EVA, MVA, and TVA in moderating the influence of stock returns in LQ45 companies during the 2019–2023 period. This study uses a quantitative approach with an associative method. The results show that simultaneously, EVA, MVA, and TVA have a positive effect on returns. Financial information is used to build investor confidence.

Introduction. The study of methods for valuing business within the framework of value-based management (VBM) is of significant importance in modern business and finance. As companies strive to enhance their value through more effective management approaches, VBM has gained prominence. One critical component of this system is the accurate valuation of the business, which provides a basis for strategic decision-making and performance measurement. The article addresses the gaps in understanding and application of these methods in the context of the Ukrainian market, where specific challenges arise due to differences in legal frameworks, market conditions, and valuation practices. The Purpose of the Article. This article comprehensively reviews the current methods for valuing businesses within the value-based management system, with a particular focus on their applicability and limitations in the Ukrainian context. This involves evaluating both international best practices and the specifics of the national legislation and market environment that shape business valuation practices. Methods. The research employs a systematic approach to assess the key valuation methods used in value-based management. These include economic value added (EVA), and market value added (MVA), among others. The study uses both qualitative and quantitative methods, combining theoretical analysis with empirical insights drawn from current practices in Ukraine. The analysis also reviews the existing legal framework concerning business valuation, highlighting potential challenges and discrepancies in the current implementation. Results. The study identifies several critical aspects of business valuation within the VBM framework, particularly focusing on the need for a more harmonized approach between international practices and local regulations. It was found that while the primary methods of business valuation are widely recognized, their practical implementation in Ukraine faces challenges due to gaps in legal provisions and a lack of standardization in valuation practices. Moreover, the research highlights the necessity for businesses to adjust their valuation approaches to better align with international standards. Conclusions. The findings indicate that there is a significant need for further development of business valuation methods tailored to the Ukrainian market. The article concludes with recommendations for policymakers and practitioners to enhance the integration of international valuation methodologies within the Ukrainian regulatory and economic environment. This includes revising current legislation to ensure a more consistent application of valuation standards, as well as educating stakeholders on the practical application of these methods.

This study aims to assess the financial performance of PT United Tractors, Tbk for the 2021–2023 period using the Economic Value Added (EVA) and Market Value Added (MVA) methods. This research is descriptive in nature and employs a quantitative approach. The analysis techniques used in this study include documentation and literature review. The study uses secondary data in the form of the company’s annual financial statements, particularly the statement of financial position and income statement, obtained from the official website of PT United Tractors, Tbk and the Indonesia Stock Exchange. Based on the EVA and MVA analysis of PT United Tractors, Tbk for the 2021–2023 period, the company demonstrates positive performance despite fluctuations. EVA increased from 2021 to 2022, reflecting capital efficiency, although it declined in 2023 due to a decrease in NOPAT. MVA also rose from 2021 to 2022, indicating wealth creation, but declined in 2023 in line with a drop in the share price.

The purpose of this study is to analyze the influence of profitability (ROA), earning per share, solvency (DER), market value added (MVA), and managerial ownership on stock prices. Purposive sampling is used to determine samples from the population of companies listed on the IDX in the 2019–2023 time range. The data was analyzed with IBM SPSS version 27. The findings of the study reveal that market value added has no effect on stock prices, while profitability (ROA), earning per share, solvency (DER), and managerial ownership have an effect on stock prices.

This study aims to assess the financial performance of companies in the Heavy Construction and Civil Engineering subsector listed on the Indonesia Stock Exchange (IDX) during the period of 2021 to 2023 using a value-based approach, namely Economic Value Added (EVA), Market Value Added (MVA), and Financial Value Added (FVA). The data were obtained from the financial statements of 10 companies selected through purposive sampling. The analysis revealed that 8 out of the 10 companies recorded positive EVA, with an industry average of IDR 208.85 billion. In contrast, only 3 companies showed positive MVA, while the overall industry average for MVA remained negative at approximately IDR (1.93 trillion). All sampled companies reported positive FVA, with an average value of IDR 1.09 trillion. These findings suggest that while the firms are able to create economic and financial value, they continue to face challenges in building or maintaining market trust

This study aims to analyze the effect of Economic Value Added (EVA), Market Value Added (MVA), and liquidity on stock returns at the companies incorporated in the LQ45 index on the Indonesia Stock Exchange (IDX). This research uses a quantitative approach with an explanatory method. The data used is secondary data from the company's annual financial statements for the 2021-2023 period. Samples were selected using purposive sampling method with the criteria that companies are consistently listed in LQ45, have complete financial reports, and record net income during the study period. Based on these criteria, 28 companies were obtained as samples. Data analysis was carried out with multiple linear regression, determination test (R²), model feasibility test (F test), and hypothesis testing (t test). The results showed that EVA, MVA, and liquidity have not been able to explain stock returns based on the feasibility of the model used. However, based on the results of hypothesis testing, only EVA has a positive and significant effect on stock returns, while MVA and liquidity do not show a significant effect. These findings suggest that investors consider economic value creation (EVA) more than market value and liquidity factors in making investment decisions. This study provides a theoretical contribution regarding the importance of EVA as a predictive indicator of stock returns, as well as providing practical implications for investors in developing a corporate value-based investment strategy.

The development of today's business world is increasingly dynamic and always changing, where every company is competing to improve the quality of the performance of each company, one of which is PT Semen Indonesia (Persero) Tbk. The company, in this case PT Semen Indonesia (Persero) Tbk, must be able to generate maximum profits and maximize shareholder wealth. There are many things that must be considered by the company to attract investors, one of which is showing good financial performance. While the measurement tools used to measure value-added-based financial performance are Economic Value Added (EVA) and Market Value Added (MVA). The design in this study uses a quantitative approach with descriptive statistical methods. The subject of this research is PT. Semen Indonesia (Persero) Tbk. Meanwhile, the object of this study is the income statement report for the 2019-2021 period. The data sources used in this study are primary and secondary, where the primary data is obtained from financial reports and secondary data from literature review, company profiles and company conditions and so on Based on Economic Value Added during 2019-2021, PT Semen Indonesia (Persero) Tbk has added economic value to the company. This is evidenced by the EVA method during 2019-2021 which achieved a positive value in accordance with EVA > 0 criteria set by PT Semen Indonesia (Persero) Tbk. Based on Market Value Added (MVA) at PT Semen Indonesia (Persero) Tbk for the 2019-2021 period, it has added market value in the company. This is evidenced by the MVA method during 2019-2021 which achieved a positive value according to the MVA criteria > 0 set by PT Semen Indonesia (Persero) Tbk