بررسي ارتباط ارزش افزوده اقتصادي و اهرم مالي با بازده سهام تعديل شده براساس ريسك

Surveying the relationship between economic value added and financial leverage with risk- adjusted stock returns

Investment in firms is an process two subsequent (Risk and return). In the investment project cannot select only on base of return overhead ,too, we must attend risk in our decision. Other hand ,now day for shareholder ,wealth earning is a topic purpose in the economic unitʹs management .Economic value added(EVA) is a wealth earning measurement that in comparison of other measurements has more utility. There are various risk for the firmʹs stocks .so , we can adjusted the return of firmʹs stocks on the base of stocks risk, that sufficiency compression between various return stocks of market is possible .In this, main purpose of research, study mater correlation and sufficiency expression between EVA and financial leverage for various measurements risk-adjusted stock returns (RVAR , RVOL ,a). Statistical society of this research is companies accepted in stock exchange of Tehran ,which ,forty five of them has been selected as statistical sample. Research period is since 1382 to 1386. hypothesis testing research done in confidence level 95 percent .Research results show that ,there is no significant correlation between EVA and financial leverage with risk- adjusted stock returns for each of years separately and accumulated years and only there is a significant correlation between EVA and RVOL in 1382.