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Volume 46, Issue 6 (November 2018)
Relationship among Market Value Added, Cash Value Added, and Corporate Governance: A Case of Taiwan during 2011–2012
(Received 9 November 2015; accepted 21 July 2017)
Published Online: 2018
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Traditional accounting-based performance measurement systems often fail to account for changes in firms’ economic substances. Scholars have argued that market value added and cash value added methods are better value-based performance measurement systems that accurately reflect economic substance. This article examines the relationship among market value added, cash value added, and corporate governance for Taiwanese-listed firms. The results show cash value added to have a positive relationship to the market value added. The corporate governance variables have a positive or negative moderation effect on the relationship between cash value added and market value added systems. The moderation effect of the corporate governance variables on the market value added differs from cash value added.
Department of Accounting, Chinese Culture University, Taipei,
Stock #: JTE20150467
Title Relationship among Market Value Added, Cash Value Added, and Corporate Governance: A Case of Taiwan during 2011–2012