Al-Ali, Ali H.Hindi; Al-Shabeeb, Sa ah K. Ib ahim
A icle
Rela ionship be ween p o i abili y indica o s and
maximiza ion ma ke alue added and in insic o he
indus ial companies
Global Business & Finance Re iew (GBFR)
P o ided in Coope a ion wi h:
People & Global Business Associa ion (P&GBA), Seoul
Sugges ed Ci a ion: Al-Ali, Ali H.Hindi; Al-Shabeeb, Sa ah K. Ib ahim (2024) : Rela ionship be ween
p o i abili y indica o s and maximiza ion ma ke alue added and in insic o he indus ial
companies, Global Business & Finance Re iew (GBFR), ISSN 2384-1648, People & Global Business
Associa ion (P&GBA), Seoul, Vol. 29, Iss. 2, pp. 71-84,
h ps://doi.o g/10.17549/gb .2024.29.2.71
This Ve sion is a ailable a :
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I. In oduc ion
This s udy explo es he ela ionship be ween
p o i abili y indica o s and he maximiza ion o
ma ke alue added and in insic alue in he indus ial
companies. Va ious p o i abili y indica o s and
Recei ed: No . 28, 2023; Re ised: Dec. 25, 2023; Accep ed: Jan. 15, 2024
† Co esponding au ho : Ali H.Hindi Al-Ali
E-mail: alih.alali@uoku a.edu.iq
measu es o maximizing he added and eal ma ke
alue a e examined using inancial s a emen s and
annual epo s published in I aq S ock Exchange
(Chun, 2021). ''Value is a c ucial goal o companies
o emain in business and gain a compe i i e
ad an age (Odusanya, e al., 2018)''. I is a p e equisi e
o he company's long- e m su i al and success.
Value maximiza ion se es as a majo goal o
achie ing a ious inancial objec i es. P o i abili y
is also a undamen al measu e o he company's
ⓒ
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,
and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed.
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024), 71-84
pISSN 1088-6931 / eISSN 2384-1648∣H ps://doi.o g/10.17549/gb .2024.29.2.71
ⓒ 2024 People and Global Business Associa ion
GLOBAL BUSINESS & FINANCE REVIEW
www.gb jou nal.o g
o inancial sus ainabili y and people-cen e ed global business1)
Rela ionship be ween P o i abili y Indica o s and Maximiza ion Ma ke
V
alue Added and In insic o he Indus ial Companies
A
li H.Hindi Al-Ali†, Sa ah K. Ib ahim Al-Shabeeb
F
acul y o Adminis a ion and Economics, Uni e si y o Ku a, I aq
A
B S T R A C T
Pu pose: This esea ch aims o s udy he impac o p o i abili y indica o s on maximizing he ma ke alue added
and in insic alue o indus ial companies lis ed on he I aq S ock Exchange.
Design/me hodology/app oach: The esea ch was s uc u ed using he analysis s udy me hod, inco po a ing a ious
inancial indica o s, such as Ne P o i Ma gin, Basic Ea ning Powe , Re u n on Asse s, Re u n on Equi y, o exam-
ine hei impac on ma ke alue added and in insic alue.
Findings: The esea che s u ilized inancial da a o m ou een indus ial companies ope a ing in I aq ; lis ed in
he inancial ma ke , spanning he pe iod om 2011 o 2022. The da a unde wen analysis employing inancial
me hods and a ious s a is ical ools, including single and mul iple eg ession analysis as well as ansac ion
analysis. The esul s e ealed ha he p o i abili y indica o s adop ed by he s udied companies exe ed a ied e ec s
on maximizing he ma ke alue o in insic alue. This a iance was obse ed in acco dance wi h he na u e and
o ien a ions o each company. The unde lying eason o his a ia ion can be a ibu ed o he di ec ela ionship
o he inancial indica o s used di ec ly wi h he in es o s, he eby in luencing managemen decisions.
Resea ch limi a ions/implica ions: The pape ocuses on ou a iables ep esen a i es o i m p o i abili y indica o s
o maximize bo h he ma ke alue added and he in insic alue; i is necessa y expanding he independen a iables.
O iginali y/ alue: This esea ch con ibu es o he li e a u e on Maximizing alue le els o indus ial companies.
I aids i m leade s and decision-make s unde s anding he signi ican ole o p o i abili y indica o s in maximizing
alue in inancial ma ke s by o e ing a mo e comp ehensi e iew o hei e ec i eness.
Keywo ds: P o i abili y indica o s, Ma ke alue added, In insic alue, Indus ial companies
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 71-84
72
pe o mance, e lec ed in his inancial epo . I
demons a es he company's abili y o gene a e p o i s
ela i e o sales and asse s du ing a speci ic pe iod.
The e o e, he p o i abili y o companies and s a egies
o enhancing hem should be e iden in hei ul ima e
alue. This opic has spa ked signi ican discussions
in he li e a u e and con inues o be o in e es in
he ealms o economics, inance, accoun ing and
managemen . P o i abili y se es as a c ucial indica o
o e alua ing a company's pe o mance, ep esen ing
i s abili y o gene a e p o i s h ough e ec i e asse
u iliza ion. This p o i abili y, in u n, mani es s in he
company's u u e alue. Maximizing he company's
alue equa es o enhancing sha eholde s' weal h by
maximizing he ma ke alue o sha es. Consequen ly,
ele a ed S ock ensu e a highe company alua ion,
in luencing in es o con idence in bo h cu en and
u u e pe o mance. Addi ionally, maximizing he
eal (in insic) alue o he company e e s o i s
undamen al alue de e mined h ough undamen al
analysis, i espec i e o ma ke alue. I is ypically
calcula ed by adding he discoun ed u u e income
gene a ed by ha company, s ock o p oduc o ob ain
i s p esen alue (G o e & Lockha , 2019).
(Yosi a, e al, 2022)emphasized ha he company's
goal is o maximize he sha eholde s' weal h by
inc easing he o e all alue o he company. he alue
o he company, howe e , canno be solely desc ibed
only by he i s sha e p ice; i ex ends o include
he company's in insic alue. This alua ion is
assessed in a ious way, wi h P o i abili y indica o s
se ing as key he independen a iable in ou s udy.
Cu en ly, among he measu emen ools ecommended
by he esea che s o maximize alue, some include
he p o i ma gin, ep esen ing he pe cen age o sales
a e deduc ing all cos s including in e es , axes and
p e e ed s ock di idends. (Mulyadi, e al., 2020),
basic ea ning powe measu es he company's abili y
o gene a e p o i s and compa e i o he o al asse s,
e lec ing he company's e iciency in managing all
in es men s in he o m o asse s (Ku nia, 2022),
addi ionally e u n on asse s is a a io indica ing he
company's p o iciency in using all i s asse s o achie e
pos - ax p o i (Rina, e al., 2022).
The e u n on equi y ep esen s he pe cen age
o p o i abili y indica ing he measu e o he income
a ailable o he owne s o companies, including
o dina y o p e e ed s ockholde s, o he capi al
ha hey in es in he company. An inc ease in his
a io signi ies ise in he ne p o i o he company
in conside a ion. In es o s can u ilize he e u n on
equi y index as a c ucial ac o in selec ing sha es
o in es ing hei capi al (Amanda, & Zulki li, 2022).
To maximize alue added, a measu e o success in
enhancing sha eholde weal h by alloca ing esou ces
e ec i ely, companies use i as an indica o o gauge
he amoun o weal h c ea ed o in es o s , e lec ing
he achie ed p ospe i y (Rahayu, & U ami, 2023).
On he o he hand, maximizing in insic alue
(Subs an ial), e e ed o as ai alue, in ol es
de e mining he o al p esen alue o ne cash low.
This can be measu ed by he company's ee cash
low (FCFF), which is expec ed o be ob ained h ough
discoun ed cash low models (Sijaba , & Fach udin,
2022). I aqi indus ial companies a e conside ed he
undamen al co ne s one o economic de elopmen ,
playing a i al ole in p o iding employmen
oppo uni ies, p omo ing in es men s, and achie ing
economic p og ess. These companies a y in size,
ac i i ies, and sec o s, acing se e al challenges,
including de e io a ing in as uc u e, complex egula ions
and adminis a i e p ocedu es, limi ed unding and
in es men s, skills and aining sho ages, and ising
p oduc ion cos s and employee wages. To enhance he
compe i i eness and expansion o I aqi companies,
i is c ucial o s eng hen he business en i onmen ,
imp o e in as uc u e, and p o ide inancial suppo
o s a ups and medium-sized en e p ises. This will
os e he economic en i onmen , enabling companies
o g ow and p ospe . Consequen ly, his s udy aims
o unde s and he ope a ions o I aqi companies in
gene al and he indus ial sec o in pa icula h ough
inancial and s a is ical analysis o he companies'
inancial s a emen s. I seeks o comp ehend he na u e
o hei in es men decisions and he mechanisms
employed o maximize hei alue, hus maximizing
sha eholde alue. The s udy also aims o iden i y
he challenges aced by hese companies and p o ide
Ali H.Hindi Al-Ali, Sa ah K. Ib ahim Al-Shabeeb
73
scien i ic and p ac ical solu ions o hem. On he
basis o he o egoing, The p ima y pu pose o his
s udy can be cla i ied h ough he esea che s'
endea o o in e p e and analyze he ela ionship
be ween indica o s o p o i abili y, maximizing he
ma ke alue added, and he in insic alue o he
indus ial companies lis ed in I aq S ock Exchange
h ough a numbe o measu es and indica o s used
o measu e he p o i abili y o companies and maximize
he added and eal ma ke alue. In he cu en s udy,
h ee impo an inancial a iables we e collec ed,
ep esen ing he p ima y conce n o he inancial
manage on one hand, and he undamen al ocus
o he in es o on he o he . This s udy se es as an
ex ension and complemen o he heo e ical indings
o p e ious esea che s. Howe e , i dis inguishes
i sel by inco po a ing less commonly used a iables,
se ing i apa om o he s udies. The p ima y ocus
o his s udy is o explo e he inancial ools ha
could play a ole in enhancing he alue o he en i y,
pa icula ly when accompanied by high p o i abili y.
II. Li e a u e Re iew
A. P o i abili y Indica o s
P o i abili y indica o s a e a ios used o gauge
a company's abili y o achie e a sa is ac o y le el
o p o i as a pe cen age (Husain, e al., 2020). These
indica o s illus a e how e ec i ely a company u ilize
i s asse s o gene a e p o i and enhance sha eholde
alue (Song, 2021). Among he mos c ucial indica o s
used he ollowing (Jihadi, e al., 2021):
1. Ne P o i Ma gin
The Ne P o i Ma gin (NPM) calcula es he
emaining pe cen age o sales a e sub ac ing o al
expenses and cos s including as in e es and ax
(Na iswa i, & Nug aha, 2020). The e o e, a high ne
p o i ma gin indica es a well-pe o ming company.
The ne p o i ma gin equa ion is:
2. Basic Ea ning Powe
This a io illus a es he company's capaci y o
gene a e p o i s om i s asse s and is calcula ed by
di iding o al p o i be o e deduc ing in e es and
axes by o al asse s (Laeli, & Pu ba, 2015). I ep esen s
he pe cen age o he company's income wi hou
ac o ing in in es ed capi al, o ax and in e es
obliga ions. The highe his pe cen age, he mo e
a o able i is o he company (B igham, & Eh ha d ,
2020). The basic ea ning powe equa ion is:
3. Re u n on Asse s
Re u n on asse s (ROA) s ands as one o he c i ical
a ios ha in es o s sc u inize when analyzing a
company's inancial pe o mance epo s. I gauges
he company's o al abili y o achie e p o i s using
all he asse s owned. ROA se es as a measu e o
he o e all e iciency o he company's ope a ions
(Ningsih, & Sa i, 2019). I can be ound h ough
he ollowing equa ion:
4. Re u n on Equi y
Ano he c ucial a io o sha eholde s and in es o s
in gene al is Re u n on Equi y (ROE). This a io
e lec s he ex en o which equi y o p i a e capi al
con ibu es o he company's p o i s (Widyas u i, ,
e al., 2023). The calcula ed a io can be used o
measu e he company's abili y o gene a e p o i o
ne p o i a e ax om he o al capi al in es ed.
The equa ion o e u n on equi y is:
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 71-84
74
B. Ma ke Value Added
The Ma ke Value (MVA) can be exp essed as
he alue o he sha es minus he sha eholde s' capi al
(Sunda i, e al., 2023). I signi ies he di e ence
be ween he company's ma ke alue and he o al
in es ed capi al. The a io se es as a measu es o
he company's inancial pe o mance h oughou i s
exis ence. A Posi i e Ma ke Value Added indica es
success ul inancial managemen in maximizing
sha eholde s' weal h (Se ianing yas, e al., 2015).
Success in maximizing sha eholde s' weal h implies
ha sha eholde s ecei e e u ns su passing hei
in es ed capi al. The maximizing o sha eholde s'
weal h is achie ed by inc easing he ma ke alue
o he company's capi al beyond he alue ini ially
paid by Sha eholde s. This , in u n, a ac s nume ous
in es o s o engage in ading he company's sha es
(Diana, & S iyono, 2022). Ma ke Value Added is
de ined as he di e ence be ween he ma ke alue
o he company's sha es and he book alue as
indica ed in he balance shee (A dana, e al., 2023).
I is calcula ed by using he ollowing equa ion:
C. The In insic Value
The in insic alue, also known as he eal alue
is de ined as he ac ual alue o he company. I
is la e compa ed wi h he sha e p ice in he ma ke
o de e mine whe he he company's sha e p ice is
o e alued, unde alued, o ai alue. The in insic
alue o he company e e s o i s basic essence
(Chand a e al, 2017) and is es ima ed h ough he
discoun ed cash low model. This model is conside ed
mo e accu a e o e alua ing he company because
his model akes in o accoun he ime alue o money,
and acco ding o (B igham, & Eh ha d , 2020) ,when
using he F ee Cash Flow (FCF) model, he o al
in insic alue o he company includes he alue
o ope a ions along wi h o he alue o sho - e m
in es men s (Nguyena & Nghiem, 2023), (assuming
ha he company does no own o he non-pe o ming
asse s, which applies o mos companies), his is called
he in insic alue o he in insic alue o dis inguish
i om he ma ke alue. The in insic alue is
es ima ed om he expec ed cash lows, using he
ollowing equa ion:
D. Hypo heses
H1:
P o i abili y indica o s, such as Ne P o i
Ma gin, Basic Ea ning Powe , and Re u n on
Asse s, signi ican ly in luence he maximiza ion
o ma ke alue added in companies lis ed
on he I aq S ock Exchange.
H2:
The p esence o p o i abili y indica o s, including
Ne P o i Ma gin, Basic Ea ning Powe , and
Re u n on Asse s, has a subs an ial impac on
he maximiza ion o in insic alue in companies
lis ed on he I aq S ock Exchange.
H3:
P o i abili y indica o s play a signi ican ole
in in luencing he o e all alue maximiza ion o
companies lis ed on he I aq S ock Exchange.
III. Me hodology
A. Resea ch Type
The cu en esea ch aims o s udy and es
hypo heses conce ning he impac o a se e al o
a iables ep esen ing he independen a iable,
namely (p o i abili y indica o s) on wo dependen
a iables (ma ke alue added and in insic alue).
The wo esea che s u ilized a combina ion o
expe imen al and analy ical e idence o explo e he
in luence o p o i abili y indica o s adop ed by
indus ial companies as he independen a iable, wi h
he maximizing he alue o bo h ypes (ma ke and
in insic) as a dependen a iable.
Ali H.Hindi Al-Ali, Sa ah K. Ib ahim Al-Shabeeb
75
B. Resea ch Communi y and Sample
This s udy ocused, on indus ial companies
ope a ing in I aq and lis ed in he inancial ma ke .
The sample was de i ed om a collec ion o published
inancial s a emen s spanning he yea s 2011 o 2020,
encompassing ou een companies. The c i e ia o
selec ing his speci ic sample in he cu en esea ch
we e as ollows:
1. The selec ed companies o he esea ch sample
- namely: (IIDP, IITC, IHFI, INCP, IMOS,
IMCI, IFCM, IKLV, IMAP, IMIB, IRMC,
IBPM, IBSD, IKHC) a e ac i ely lis ed on I aq
S ock Exchange and con inue o ope a e o he
p esen day.
2. The esea ch sample companies consis en ly
publish hei inancial s a emen s pe iodically
and egula ly h oughou he pe iod ex ending
om 2011 o 2022.
3. The esea ch sample companies ha e in eg a ed
inancial da a a ailable du ing he pe iod
2011 o2022, ensu ing comp ehensi e co e age
all esea ch a iables.
C. Da a Collec ion Technique
The p ima y da a ob ained o his esea ch comp ise
his o ical inancial eco ds spanning he pe iod om
2011 o2022. These da a we e di ec ly sou ced om
in o ma ion published in I aq S ock Exchange, as
well as he inancial epo s o he esea ched
companies. In addi ion, he seconda y da a o he
esea ch, i included da a ha I was deal wi h by
p e ious s udies and li e a u e ela ed o he p oblem
ha was s udied and analyzed in he cu en esea ch,
which was p esen ed in he o m o esea ch and
scien i ic e iews such as books, documen s, epo s,
and any o he sou ces ha helped en ich he esea ch
scien i ically.
IV. Resul and Discussion
A. Resul s
1. Desc ip i e S a is ics
In his esea ch, desc ip i e s a is ics se es he
pu pose o o e ing a p ecise and comp ehensi e
o e iew o he da a associa ed wi h indus ial
companies. Table 1 p o ides insigh s in o he lowe
and uppe limi s, as well as wi h he alues o he
a i hme ic mean and s anda d de ia ion o all
a iables. The ollowing esul s we e de i ed by
es ing desc ip i e s a is ics wi hin he SPSS p og am
S a is ician:
Th ough he ou pu s o he s a is ical p og am
shown in Table 1, i is obse ed ha he desc ip i e
s a is ics o he s udy a iables we e as ollows:
1-a. The sample size was (14) indus ial companies
o a pe iod o (12) yea s, i.e. wi h a o al
o (N=168) s a is ical obse a ions.
1-b. The minimum alue o (X1), (X3) and (X4)
was (0.00), while in (X2) i was (0.02), and
N Minimum Maximum Mean S d. De ia ion
Ne P o i Ma gin (X1) 168 .00 .63 .0802 .09574
Basic Ea ning Powe Ra io (X2) 168 .02 .69 .2483 .16944
Re u n on Asse s (X3) 168 .00 .31 .0441 .05037
Re u n on Common Equi y (X4) 168 .00 .14 .0357 .03849
Ma ke Value Added (Y1) 168 6.81 10.58 9.3493 .69045
In insic Value (Y2) 168 7.44 9.68 8.9111 .43378
Valid N (lis wise) 168
Table 1. Desc ip i e s a is ics
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 71-84
76
in (Y1) i was (6.81), while in (Y2) he smalles
alue was (7.44).
1-c. (X1) (0.63), (X2) (0.69), (X3) (0.31), (X4)
(0.14), (Y1) (10.58), and (Y2) had a maximum
o (9.68).
1-d. The mean o (X1) was (0.0802), (X2) (0.2483),
(X3) (0.0441), (X4) (0.03849), (Y1) (9.3493),
and (Y2) he mean was (8.9111).
1-e. The s anda d de ia ion o (X1) was (0.09574),
(X2) (0.16944), (X3) (0.05037), (X4) (0.0357),
(Y1) (0.69045), and (Y2) he s anda d de ia ion
was (433780).
B. Tes ing Resea ch Hypo heses
1. Tes ing he Na u e o he Da a
To asce ain whe he he esea ch a iables
con o m o a no mal dis ibu ion he unde wen a
no mal dis ibu ion es . This s ep is c ucial o la e
inclusion in he eg ession model; as es ( ) and
( ) assume ha he esidual alue ollows a no mal
dis ibu ion when u ilizing g aph analysis and
s a is ical es s a e used. In his esea ch, he no mal
dis ibu ion was es ed using he (Kolmogo o -
Smi no es ), and he esul s o a e p esen ed in
Table 2.
Th ough he abo e esul s, i is obse ed ha he
alue o (Asymp) is no signi ican o he wo
a iables
—
p o i abili y indica o s and maximizing
ma ke alue added
—
wi h alues o (0.875) and
(0.150), espec i ely. Howe e , o he in insic alue
a iable, signi icance is e iden wi h alue o (0.003),
as indica ed by (Sig <0.05). These esul s lead o
he conclusion ha he majo i y o he da a ollows
a no mal dis ibu ion.
2. Tes ing he Mul iple Linea i y
To de e mine whe he a s ong co ela ion exis s
among he independen a iables wi hin he eg ession
model wi h he dependen a iable, he mul iple linea
ela ionship es was conduc ed. Lack o a s ong
co ela ion is conside ed s a is ically accep able.
F om he esul s p esen ed in Table 3 i is obse ed
ha he a iance in la ion ac o (VIF) o he a iables
(X1, X2, X3, X4) is smalle han (5). This indica es
he absence o a mul iple linea p oblem be ween
he independen and dependen a iables.
XY1Y2
N 168 168 168
No mal Pa ame e s a,b Mean .1021 9.3493 8.9111
S d. De ia ion .05602 .69045 .43378
Mos Ex eme Di e ences
Absolu e .046 .088 .139
Posi i e .041 .057 .055
Nega i e -.046- -.088- -.139-
Kolmogo o -Smi no Z .592 1.138 1.802
Asymp. Sig. (2- ailed) .875 .150 .003
a. Tes dis ibu ion is No mal.
b. Calcula ed om da a.
Table 2. One-sample Kolmogo o -Smi no es
Coe icien s a
Model Collinea i y S a is ics
Tole ance VIF
1
X1 .650 1.540
X2 .987 1.014
X3 .643 1.556
X4 .676 1.478
a. Dependen Va iable: Y
Table 3. Mul iple linea i y es
Ali H.Hindi Al-Ali, Sa ah K. Ib ahim Al-Shabeeb
77
3. Tes ing Co ela ion
Conduc ing a co ela ion es un eils he na u e
and s eng h o he ela ionship be ween he esea ch
a iables. In Table 4, i is obse ed ha he co ela ion
be ween p o i abili y indica o s and maximizing he
o al alue o indus ial companies (bo h added and
eal ma ke ) is mode a ely posi i e, wi h a alue o
(24.3%).
C. Reg ession Analysis
The s a is ical ool (R2), known as he coe icien
o de e mina ion, indica es he model's abili y o
explain he a ia ion o he dependen a iable. I s
alue anges be ween ze o and one, wi h a alue
close o one signi ying ha he independen a iable
p o iding almos all he in o ma ion needed o p edic
changes in he dependen a iable. In Table 4, he
de e mina ion coe icien (R Squa e) is no ed (0.059),
implying ha he inancial p o i abili y indica o s
explain app oxima ely (5.9%) o he alue maximiza ion
o he esea ch sample companies. The emaining
(94.1%) o he alue in luences a e a ibu ed o o he
a iables no included in ou esea ch model.
To assess he eliabili y o he independen a iable
s a is ics, a ( - es ) was conduc ed in his pa ag aph.
The s a is ical ( ) es e alua es he ex en o which
he independen a iable can a ec he a iance o
he dependen a iable. Tables 5 and 6 p esen he
esul o his es :
F om he abo e able, i can be seen ha he alue
( ) o he Ne P o i Ma gin amoun ed o (-2.023),
and also ha he alue o ( ) o he Basic Ea ning
Powe Ra io amoun ed o (-1.294), as well as he
alue o ( ) o he a e o e u n on Asse s (ROA)
amoun ed o (2.037), and inally he alue ( ) o
he a e o e u n on equi y (ROE) amoun ed o
(1.425), and when compa ing hese alues wi h he
abula alue, we ind ha some a e less and o he s
a e g ea e , and on he basis o ha ; o mula ing
he eg ession model o he i s dependen a iable
is as ollows:
Model Summa y b
Model R R Squa e Adjus ed R Squa e S d. E o o
he Es ima e Du bin-Wa son
1.243
a.059 .036 .54207 2.022
a. P edic o s: (Cons an ), X4, X2, X1, X3
b. Dependen Va iable: Y
Table 4. Tes ing co ela ion
Coe icien s a
Model Uns anda dized Coe icien s S anda dized
Coe icien s Sig.
B S d. E o Be a
1
(Cons an ) 9.359 .111 84.277 .000
X1 -1.370- .677 -.190- -2.023- .045
X2 -.402- .311 -.099- -1.294- .197
X3 2.637 1.295 .192 2.037 .043
X4 2.353 1.651 .131 1.425 .156
a. Dependen Va iable: Ma ke Value Added
Table 5. T-Tes
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 71-84
78
Also, h ough Table 6, i can be seen ha he
alue ( ) o he Ne P o i Ma gin amoun ed o
(-1.955), and also ha he alue o ( ) o he Basic
Ea ning Powe Ra io amoun ed o (-0.449), as well
as he alue o ( ) o he a e o e u n on asse s
(ROA) amoun ed o (1.468), and inally he alue
o ( ) o he a e o e u n on equi y (ROE) amoun ed
o (1.682), and when compa ing hese alues wi h
he abula alue, we ind ha some a e less and
o he s a e g ea e , and on he basis o ha , o mula ing
he eg ession model o he i s dependen a iable
is as ollows:
The mul iple ela ionships be ween he independen
a iable, he p o i abili y indica o s and i s di e en
dimensions on he wo dependen a iables, he
ma ke alue added and eal, can be exp essed h ough
he ollowing Figu e 1.
D. Tes ing Reliabili y by Simul aneous
S a is ic
In his sec ion, an analysis o a iance es
(F-S a is ics -ANOVA) is pe o med, as he s a is ical
es (F) in i s gene al o m shows whe he he
independen a iables ha we e en e ed in o he model
ha e a di ec and simul aneous e ec on he dependen
a iables, and he esul s o he F es we e p ocessed
using he p og am SPSS shown in he ollowing able:
Based on he esul s o Table 7, which we e
ob ained by conduc ing he (F) es , we ind ha
he calcula ed alue (F-Calcula e > F-Table) using
a con idence le el (95%), and hus (H_0) is ejec ed,
and his means ha he e is an e ec be ween
indica o s P o i abili y, ma ke alue added, and he
in insic alue o indus ial companies in he esea ch
sample, and he al e na i e hypo hesis (H_1) is
accep ed because (Sig
≤
5%).
Coe icien s a
Model Uns anda dized Coe icien s S anda dized
Coe icien s Sig.
B S d. E o Be a
1
(Cons an ) 8.884 .070 126.028 .000
X1 -.841- .430 -.186- -1.955- .052
X2 -.089- .197 -.035- -.449- .654
X3 1.207 .822 .140 1.468 .144
X4 1.763 1.048 .156 1.682 .095
a. Dependen Va iable: In insic Value
Table 6. T-Tes
Figu e 1. E ec ela ionships o s udy a iables
