American Journal of Business Management, Economics and Banking ISSN (E): 2832-8078 Volume 20, | January, 2024 P a g e | 211 www.americanjournal.org RESPONSE OF SHAREHOLDER VALUE VARIATION FOR INFLATION IN THE IRAQI ECONOMY MEDIATED BY STOCKS PRICING EFFICIENCY (An applied of a number of institutions registered in the Iraq Stock Exchange) Mustafa Hussein Hassan (1) Imam Al-Kadhum College (IKC) mustafahussein@alkadhum-col.edu.iq mustafaajabar719@gmail.com Estabraq Mahmood Jarallah (2) Business Administration / College of Administration & Economics - Alfarahidi University Estabraq.Mahmood@uoalfarahidi.edu.iq Haider Nassrullah Dawood (3) AL Naharain University- Business Economics college haider_nasrallah@nahrainuniv.edu.iq A B S T R A C T K E Y W O R D S The aims of research test the effect of Inflation as one of the macroeconomic factors affecting investment activities, on shareholder value that measured by of Economic value added as a primary goal that the company seeks to maximize through achieving a return on capital that exceeds its cost in the stock market, and the extent of the change that occurs when entering Efficiency of stock pricing as a mediating variable, so in order to test the relationship of influence, the researcher intended to identify (10) institutions works in the Iraqi market and shares are registered in the Iraq Stock Exchange for the period extending from (2011-2020) monthly, from different sectors (banking, industrial, service), so The data will be of the type (Panel Data) with number of observations (1200), to measurement of inflation variable was using the consumer price index, shareholder value variable by added market value, and the pricing efficiency variable by the Treynor model, so for testing the mediation hypotheses using dynamic models were adopted, specifically the generalized moments model (GMM), results showed that there is a direct positive effect of inflation on shareholder value, as well as an indirect positive effect of inflation on shareholder value through pricing efficiency. Shareholder value, inflation, pricing efficiency, economic value added, generalized moments model. American Journal of Business Management, Economics and Banking Volume 20 January, 2024 P a g e | 212 www.americanjournal.org Introduction Traditionally, at the financial management level, the goal of companies is achieve and increase profits, but differ in agreeing on this goal as must be taken into account, such as survival, sustainability, avoiding financial distress , bankruptcy, increasing sales, and other goals that, do not reflect the nature of the primary goal ( the intention )? And it is in whose interest?, and how to manage the conflict to balance the interests of the manager and shareholders, shareholders and debits, and the need for survival and social responsibility. But many experts believe that maximizing shareholder value is the fundamental goal of financial management and companies. Investors who have invested their money in the financial assets of companies in the financial markets expect that companies will work to maximize their wealth by creating Economic value added to their shares that exceeds their book value, so maximizing earnings per share. Therefore, it is necessary to study a group of factors that could generate an impact or create a variation in shareholder value, and One of them and foremost is inflation as a macroeconomic factor. Stock trading in the financial market depends, in terms of volume and values, on the stability of factors that generate systemic risks, which can be reflected in market performance and then in the values of traded companies’ shares and the extent of their ability to achieve levels exceeding their nominal value according to inflation rates. Accordingly, the value depends on An investor who contributes to the capital of a number of companies with the aim of maximizing his wealth from his limited resources, based on a set of factors and higher growth possibilities if efficient pricing is achieved based on the closeness of the market values of shares to their real values, subject to the alignment between the cash flows expected from investing in them and the amount of compensation for the risks resulting from them. According to the above, the problem can be summarized: the extent of the effect of inflation on the in shareholder value variation with the presence of pricing efficiency as an intermediary variable. Thus, the research can aim to determine the causal relationship between inflation and the variation occurring in shareholder value, and estimating it through the role The mediator of pricing efficiency, as well as the possibility of revealing aspects of strength in the financial market by describing the economic and financial measures used and the mechanisms that help the shareholder to maximize his wealth. Therefore, the importance of research is focused in particular on the worsening phenomenon of inflation and the increase in price levels and then the decline in the purchasing power of money at a time when The ability of companies to achieve profitable returns on investment in their shares declines as a result of their prices falling or rising, but at rates less than the increase in inflation rates, and thus they lose their ability to achieve Economic value addedthat enables them to continue carrying out their activities without the need to increase their capital and avoid expanding the ownership base. It is hoped that the current research will serve as a serious scientific attempt to study the mechanism of avoiding the negative effects resulting from the rise in price levels and the erosion of the value of the currency, and then the decline in the performance levels of the entire financial market and the resulting negative effects on the decline in the ability of companies listed in the financial market itself in terms of their failure to Achieving added market value. 2. Literary Review Investment activities in the market are affected by many factors that may enhance trading and thus maximize shareholder value, that is, maximize the value of assets traded in the market. According to (Thenmozhi ,2000), maximizing shareholder value has always been the ultimate goal of every American Journal of Business Management, Economics and Banking Volume 20 January, 2024 P a g e | 213 www.americanjournal.org company, so investors must be very careful to evaluate The financial performance of companies is linked to the wealth of shareholders. It is clear that value-based measures that measure performance in terms of change in value receive great attention, and as a result (Omran et al., 2001), confirmed that the inflation rate has an impact on the performance of the stock market in general, emphasized (Konchitchki,2011) By studying the impact of inflation on financial statements, the results of inflation on companies may explore future cash flows, that is, gains and losses are transformed into cash flows and large returns that are unusual for trading strategies based on inflation. It is also clear that stock prices move as if investors do not They fully distinguish between cash and non-cash assets, which is key to determining the effects of inflation. Within the framework of determining the impact of inflation on liquidity in the stock market, (Jepkemei,2012) pointed out that there is a negative relationship between stock market liquidity and inflation, in contrast to Fisher’s hypothesis, by highlighting the process of price discovery in the market that indicates that investors fail to determine The impact of inflation on stocks in the stock market. On the other hand, (Asri,2017) expanded the experimental test to include studying the importance of inflation, exchange rates, Economic value added, and capitalization, as they are important variables in determining the economic situation, and it becomes clear that inflation and Economic value have a negative impact on the performance of companies. Inflation: The concept of inflation was first used in the United States during the Civil War in 1861, which expressed the excessive issuance of money in order to cover the growing war expenses, but it changed after World War II to express the issuance of money without cover, and after that it continued to develop to indicate the continuous rise in the general level of prices over time. (Touati, 2020:15), or it is “the percentage of annual price increases” (Youssefat, 2021:68), “the continuous rise in the general level of prices that leads to a decline in the value of the currency, and a decline in purchasing power due to the imbalance between the demand for goods and services.” And the supply of it, or an increase in the quantity of money in circulation without being matched by a real increase in production, which leads to a total imbalance” (Ben Zarrouk, 2021: 50). Inflation rates may vary significantly over time and depending on the country, when the inflation rate reaches a very high level With prices changing daily or hourly, the economy tends to function poorly, and high inflation quickly erodes the purchasing power of money, forcing people to spend their money as soon as they have it (Abel et al, 2011). Inflation may be generated due to an increase in aggregate demand as a result of any of the factors such as a decrease in the interest rate, an increase in the amount of money, an increase in government spending, a reduction in taxes, an increase in exports and an increase in investment (Parkin, 2016), thus consumer spending increases, which may not be matched by a real increase in production and thus decreases. Purchasing power and inflation occurs (Baranzini et al, 2005), and increases in production costs may lead to inflation as a result of the increase in cash directed to compensate for the decrease in the supply of energy and raw materials (Parkin, 2016). Inflation may also be attributed to the influence of structural factors (Totonchi, 2011). Shareholder value: Financial management is responsible for achieving optimal compatibility between the conflicting goals of stakeholders, ensuring that the value of the entity or shareholders is enhanced, according to American Journal of Business Management, Economics and Banking Volume 20 January, 2024 P a g e | 214 www.americanjournal.org the cash flows generated by the financial markets (Schuster, 2000), and the change in the company’s investment over time can be considered a reflection of the value of the company. Shareholders, i.e. stock values (Johnson, 2001), also represent the difference between the wealth held by shareholders at the end of a given year and the wealth they owned in the previous year (Fernández, 2001). Shareholders look at the company’s prospects and their expectations for future performance along with market trends (stock price fluctuations), thus two directions are generated in determining the source of value, internally as a result of companies’ performance or externally as a result of future expectations (Lafrenz, 2004). Creating shareholder value depends on the company's cash flows exceeding their expectations by making the optimal decision, especially the investment decision to ensure the ownership of successful current investments (Mishkin, 2015), and adding new promising investments that require continuous evaluation of the portfolio (Asaf, 2004). Managers may lack accuracy in finding a balance between different interests, so they do not focus more on maximizing shareholder value, which does not always mean maximizing share price, and thus failure to do so is a sign of administrative inefficiency in theory (Yan, 2019), but it may harm The company seeks this goal in the long term as a result of the procedures it follows to maximize shareholder value, which may be reflected in the erosion of consumer confidence (Stout, 2012). Pricing efficiency: (Samuelson, 1965) is the first to provide economic justifications for an efficient market, and (Fama, 1965) emphasized that, in light of the available information, the actual prices at each estimated point must reflect well, and thus efficient financial markets are able to absorb directly and instantly all new information (Hall, 2012). In general, stock prices respond primarily to fluctuations of supply and demand forces (Gusni, 2016), because of a wide range internal and external factors (Subing et al., 2017), and pricing efficiency is not only the extent to which the information is reflected, but also the sensitivity to the direction of the information (He& Fang, 2019), and since prices always accurately reflect information, they are good signals of value and encourage better allocation of capital, so pricing efficiency crucially depends on information (Zhao & Pu, 2014). From the above, pricing efficiency can be defined as the degree to which stock prices reflect all available information, in a timely and accurate manner (Saffi, 2008:8), and it is also known as the speed with which new information reaches market traders without a large time lag and without them incurring high costs. Stock prices reflect all available information, and all investors have the opportunity to obtain that information at the same level of returns, but a small number of investors can achieve extraordinary returns, as this depends on how the information is analyzed (Chhabra & Gupta, 2020) . 3. Methodology 3.1 Research sample In order to test the experimental influence relationship between the research variables, the Iraqi market was chosen as a research community, which is characterized by being an emerging market and includes a number of companies and financial institutions. To test this relationship, a number of companies and banks operating in the Iraqi market and registered in the Iraqi Stock Exchange were selected to include the sample (10) institutions for the period 2011 - 2020. Accordingly, approximately (1,200) observations will be generated on a monthly for each company and for the period referred to. The availability of data, the establishment of the company, and the date of its American Journal of Business Management, Economics and Banking Volume 20 January, 2024 P a g e | 215 www.americanjournal.org registration in the Iraq Stock Exchange were the basis for determining the form of the sample, which includes Table (1) Research sample: Table (1) Research sample Sector Company code Banking sector Trade Bank of Iraq DOCI Bank of Baghdad BBOB Al-Ahly bank BNOI Kurdistan Bank BKUL Industrial sector The Iraqi Company for Meat Production and Marketing IBSD The Iraqi company for the production of carpets and furniture IITC Baghdad Soft Drinks Company SBPT Service sector Babylon Hotel HBAY Baghdad Hotel HMAM Al Mansour Hotel AMEF 3.2 Measuring variables Table (2) show a tools were measurement variables: Table (2) Measures of research variables variable code Measuring Inflation X Consumer Price Index = Cost of the index basket of the current period / Cost of the index basket of the previous period ........... (1) Shareholder Value Y Economic value added= Net operating profit after taxes - cost of capital …(2) Pricing Efficiency Z Treynor model : T = (𝐑𝐢−𝐑𝐟) 𝛃𝐢 …………………. (3) So Ri is the average monthly stock return, and is calculated : 𝐑𝐢 = 𝐏𝐭−𝐏𝐭−𝟏 𝐏𝐭−𝟏 Rf: Risk-free rate of return βi :The systematic risk of a stock is calculated :𝛃 = 𝐂𝐨𝐯𝐢،𝐦 𝛔𝐦 𝟐 Table (3) shows inflation rates at the monthly level and for the period from 2012 to 2021, and according to the consumer price index shown in Equation (1), which measures the prices of a number of market basket goods purchased by families, and the general rate of inflation during the research period was (1.86). With a standard deviation of (2.33) and a variance of (123%), which confirms the large variation in inflation values for the period covered by the research, the sample for the period under study recorded the highest inflation rate of (8.7) in the month of April 2012, and across years the year (2011) was recorded. The highest inflation rate was with an average of (5.61). These levels in that period can be attributed to the significant expansion in government operating spending and the rise in salaries of workers in the public sector. In contrast, the sample for the period under study recorded the lowest inflation in August of 2019 with a value of (-1.6) and an average of the same. American Journal of Business Management, Economics and Banking Volume 20 January, 2024 P a g e | 216 www.americanjournal.org The year (-0.21), which reflects the reality of the effects of the pandemic that caused a recession in most global economies. Table (3) Inflation rates for the period 2011-2020 in the Iraqi economy 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Jan 5.8 5.4 2.8 4 -0.4 -0.9 -0.9 0.4 0.6 0.5 Feb 5.9 5.7 2.2 3 0.3 1.5 -0.8 -0.1 0.4 1 Mar 5 8.3 1.3 2 0.2 1.8 0.3 -0.8 1.4 0.6 Apr 5.8 8.7 1.2 1.5 0.5 2.1 1 -1.3 0.7 0.2 May 6.6 7.2 1.1 1.4 1.7 2.5 0.1 0.7 -0.8 0.7 Jun 6.1 5.8 2.3 2.3 2.2 0.1 -0.1 1.7 -1 0.1 Jul 6.2 5.7 2.5 2.3 2.6 -0.4 0.7 1.5 -1.6 -0.1 Aug 5.2 7 0.1 2.7 2.6 0.2 0.2 0.2 -0.3 0 Sep 5.1 6.4 0.3 2.1 2.1 0.3 0.4 0.1 -0.9 0.5 Oct 4.8 4.8 3.1 0.9 1.6 0.2 0.1 1.1 -0.8 0.7 Nov 4.8 4.5 2.7 3 1 -1 0.7 0.8 -0.3 -0.3 Des 6 3.6 3.1 1.6 2.3 -0.7 0.8 -0.1 0.1 3.2 AV. 5.61 6.09 1.89 2.23 1.39 0.48 0.21 0.35 -0.21 0.59 STD. 0.60 1.51 1.05 0.85 1.04 1.21 0.59 0.88 0.87 0.91 CV. 0.11 0.25 0.56 0.38 0.74 2.55 2.85 2.52 -4.17 1.53 Table (4) in the appendices shows the shareholder value of the companies in the research sample, measured using the added market value, which is the value of the company’s equity, which is calculated by finding the difference between the value of the enterprise and the capital invested in it. It is a measure of financial performance that is similar to any other traditional measures in achieving real economic profits for any business. A company, and the Economic value added derives its importance by measuring the economic value of the business after considering the cost of capital, including the cost of debt and the cost of equity. It is clear that it is a measure of performance most closely related to the creation of shareholders’ wealth over time for the company’s business. The results have shown that the Baghdad Company Soft drinks achieved the highest Economic value addedat the level of the research sample for the period (2011-2020) in the month of March, amounting to (56,200) million for the year 2018, with an average value of (46,100) at the company level, as well as an average value of (22,900) million at the level of the research sample and for the same companies, In contrast, the Iraqi Trade Bank recorded the lowest Economic value added across all observations of the research sample (-270) million dinars in October of 2016, with an average at the company level of (-230) million, and an overall average for the sample of (1600) thousand dinars. On the other hand, Table (5) in the appendices shows the results of calculating the Treynor model in evaluating investment portfolios and is considered a measure of pricing efficiency. It is clear that the Iraqi Company for Furniture and Carpet Production achieved the highest average evaluation factor of (5.22) in the year 2011, while the Bank of Baghdad recorded in the year 2013 had the lowest average evaluation factor of (0.0003), while at the level of the sample of institutions surveyed, the Iraqi Trade American Journal of Business Management, Economics and Banking Volume 20 January, 2024 P a g e | 217 www.americanjournal.org Bank recorded the highest average evaluation factor for the period studied (2011-2020) by (0.57), while the bank recorded the lowest average evaluation factor for the period (2011-2020). ) by (-6.3). 3.3 Testing research hypotheses The nature of the research variables, as well as the number of institutions and the period it covers on a monthly level, extending from (2011-2020), was imposed, which led to the generation of an average of (1200) views for each variable of the type (Panel Data). This type of data provides many characteristics that are not available in Cross-sectional or longitudinal data (Baltagi &Baltagi, 2008:7). To ensure the validity of the hypothesis test, the data was tested and found that it was not normally distributed at a significance level higher than (0.05). Although transformations were performed according to Tukey’s ladder, it was not normally distributed. On the other hand, the test results showed stability. The data is used using the Dickey Fuller model and it is stable at a significance level (0.000). Based on the above, dynamic estimation models can be used for Panel Data, which is characterized by being unbiased and consistent with static time series and bypassing the problems of autocorrelation. Depending on the structure of the data, the moments model will be adopted. Generalized (GMM) which includes: Yit=λYi,t-1+βXit+µ+εit………………..(4) To test the research hypotheses according to the hypothetical model in Figure (1), STATA software will be adopted: 3.4 Results The results of the hypothesis test are shown in Table (6). The first hypothesis H1-1 was recorded, which states: There is a statistically significant effect of inflation as an independent variable on shareholder value measured using Economic value added as a dependent variable at the level of the research sample for the period (2011-2020). The impact factor reached (0.459), which confirms the existence of a direct influence of inflation on the added market value, which is statistically significant at a level of significance (0.002). It means that the increase in steadily rising inflation rates at the level of the Iraqi economy will lead to enhancing shareholder value, with a coefficient of determination ( R2) by (0.482), meaning that the effect of inflation explains the change in shareholder value by (48.2%), while the remaining (51.8%) is explained by other variables not observed in the research. Thus, the test results deny the null hypothesis and confirm the alternative hypothesis, which states: A statistically significant effect of inflation on shareholder value at the level of the research sample. The second hypothesis H1-2 was recorded, which states: There is a statistically significant effect of the inflation variable as an independent variable on the pricing efficiency variable as a dependent variable. The influence factor reached (1.90), which confirms the There is a relationship of direct influence of inflation on value and pricing efficiency, at a significant level (0.404), which is not statistically significant. This means that inflation does not explain the change in pricing efficiency. American Journal of Business Management, Economics and Banking Volume 20 January, 2024 P a g e | 218 www.americanjournal.org Thus, the test results confirm the null hypothesis which states: There is no statistically significant effect of inflation on pricing efficiency. Pricing at the level of the research sample. The third hypothesis H1-3 was recorded, which states: There is a statistically significant effect of pricing efficiency as an independent variable on shareholder value measured using the Economic value added as a dependent variable and with the presence of the inflation variable as a control variable at the level of the research sample for the period (2011- 2020), and the impact factor reached (0.155), which confirms the existence of a direct impact relationship of pricing efficiency on added market value, which is statistically significant at a level of significance (0.009), which means that the increase in pricing efficiency will reflect positively on shareholders’ value and lead to its decline, with a coefficient of determination (R2) by (0.33), meaning that the effect of pricing efficiency explains the change in shareholder value by (33%), while the remaining (67%) is explained by other variables not observed in the research. Thus, the test results negate the null hypothesis and confirm the alternative hypothesis, which states: : There is a statistically significant effect of pricing efficiency as an independent variable on shareholder value measured using the Economic value added as a dependent variable and with the inflation variable as a monitoring variable. Finally, the test of the fourth hypothesis H1-4 was recorded, which is the mediation hypothesis which states: There is a statistically significant effect of the variable. Inflation in shareholder value is mediated by stock pricing efficiency, using Structural Equation Modeling (SEM) at the level of the research sample for the period (2011-2020). The impact factor reached (0.561), which confirms the existence of a direct influence of inflation in shareholder value with the presence of pricing efficiency as a mediating variable. The function is statistically significant at a level of significance (0.000), which means that the increase in the volume of inflation will positively affect shareholder value to a lesser extent in the presence of pricing efficiency as a mediator than directly, and with a coefficient of determination (R2) of (0.275), meaning that the effect of pricing efficiency explains the change in value. Shareholders accounted for (27.5%), while the remaining (72.5%) was explained by other variables not observed in the research. Thus, the test results negate the null hypothesis and confirm the alternative hypothesis, which states: There is a statistically significant effect of the inflation variable on shareholders’ value, mediated by pricing efficiency. Table (6) Hypothesis test results Model: Generalized moments model (GMM) Number of views: 1200 Cross section : 10 Time: 1/2011 - 12/2020 (monthly) Path Ceof. Err. Z P>IZI 2R Inflation → Shareholder value 0.459 0.838 1 0.002 0.482 Inflation → Pricing efficiency 1.90 2.272 3.7 0.404 0.274 Pricing efficiency → Shareholder value 0.155 0.010 3.95 0.009 0.330 Inflation → Pricing efficiency →Shareholder value (SEM) 0.561 0.743 3.64 0.000 0.275 American Journal of Business Management, Economics and Banking Volume 20 January, 2024 P a g e | 219 www.americanjournal.org 4. Conclusions It is clear from the results of measuring the research variables that there is a growth in the Economic value added in general for the companies in the research sample for the period under investigation, and it is certainly attributable to several macroeconomic reasons, most notably inflation as the main explanatory variable in this research. The test results showed the presence of a direct effect and therefore it will be directly reflected in The share price directly, which leads to the emergence of a gap between the real price and the nominal price of the share. It is clear that the accurate reflection of information in the market in share prices will enhance this effect, and thus the mediation of the efficiency of pricing shares in the market enhances the effect of inflation on shareholder value because it will maximize the The returns increase and the gap between the Economic value and the book value of capital assets, despite the fact that there is no significant effect of inflation on pricing efficiency, which means that the fluctuation of inflation rates will significantly affect pricing efficiency directly. References 1. Chhabra, D., & Gupta, M. (2020). Market Efficiency And Calendar Anomalies In Commodity Futures Markets: A Review. Agricultural Economics Research Review, 33(2), 263-277 2. Abel, A, B,, Bernanke, B, S,, & Croushore, D, (2011), Macroeconomics, 7th. 3. Asaf, S. (2004). Executive Corporate Finance: The Business Of Enhancing Shareholders Value. Pearson Education. 4. Asri, M. (2017). 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Appendix(1) Table (4) Economic value added by the companies in the study sample during the study period DCOI BBOB BNOI BKUL SBPT IITC IBSD AMEF HBAY HMAN 2011-1 7.12E+09 -4.7E+08 8.9E+09 5.4E+09 0 0 0 1.08E+11 5.23E+10 3.65E+10 11-Feb 7.4E+09 -4.7E+08 8.25E+09 6.03E+09 6.63E+10 1.87E+09 2.4E+10 1.05E+11 5.47E+10 3.75E+10 11-Mar 8E+09 -4.7E+08 8.25E+09 6.18E+09 1.01E+11 1.76E+09 2.27E+10 1.11E+11 5.6E+10 3.5E+10 11-Apr 8E+09 -4.7E+08 7.5E+09 6.6E+09 1.06E+11 1.9E+09 2.27E+10 1.21E+11 5.27E+10 3.51E+10 11-May 8E+09 -4.7E+08 6.95E+09 5.46E+09 8.25E+10 1.89E+09 2.27E+10 1.2E+11 5.27E+10 3.32E+10 11-Jun 8E+09 -4.7E+08 6.95E+09 5.46E+09 8.25E+10 1.89E+09 2.27E+10 1.2E+11 5.27E+10 3.32E+10 11-Jul 8E+09 -4.7E+08 6.5E+09 7.2E+09 9E+10 1.73E+09 2.34E+10 1.2E+11 5.27E+10 3.27E+10 11-Aug 8E+09 -4.7E+08 5.55E+09 7.2E+09 1.31E+11 1.72E+09 2.49E+10 1.14E+11 5.72E+10 3.46E+10 11-Sep 8E+09 -4.7E+08 5.55E+09 7.2E+09 1.25E+11 1.78E+09 2.56E+10 1.04E+11 5.12E+10 3.46E+10 11-Oct 5.89E+09 -4.7E+08 5.55E+09 7.2E+09 8.38E+10 1.83E+09 2.63E+10 1.04E+11 4.86E+10 3.85E+10 11-Nov 5.37E+09 -4.7E+08 4.85E+09 7.2E+09 6.25E+10 2E+09 2.55E+10 1.05E+11 4.68E+10 3.85E+10 11-Des 5.89E+09 -4.7E+08 4.45E+09 7.35E+09 6.75E+10 2E+09 2.66E+10 9.72E+10 4.46E+10 3.85E+10 AV 6.64E+09 -4.3E+08 6.03E+09 6.09E+09 7.64E+10 1.54E+09 2.04E+10 1.01E+11 4.74E+10 3.29E+10 12-Jan 4.62E+09 -4.7E+08 2.25E+09 7.2E+09 3.63E+10 1.85E+09 2.63E+10 8.48E+10 4.08E+10 3.85E+10 12-Feb 5.27E+09 6.48E+08 5.2E+09 7.2E+09 3.75E+10 1.94E+09 3.06E+10 9E+10 4.25E+10 3.85E+10 12-Mar 4.37E+09 1.44E+09 5.25E+09 7.2E+09 3.75E+10 1.93E+09 2.58E+10 8.77E+10 3.92E+10 3.85E+10 12-Apr 3.4E+09 1.39E+09 4.6E+09 7.2E+09 3E+10 1.85E+09 2.58E+10 7.31E+10 3.65E+10 3.09E+10 12-May 2.81E+09 9.9E+08 5E+09 6.6E+09 1.38E+10 1.83E+09 2.88E+10 7.89E+10 3.73E+10 2.96E+10 12-Jun 1.78E+09 6.75E+08 3.45E+09 6.45E+09 -2.5E+09 1.8E+09 2.71E+10 7.34E+10 3.62E+10 3.08E+10 12-Jul 1.71E+09 7.92E+08 3.85E+09 5.58E+09 3.75E+09 1.73E+09 2.9E+10 9.5E+10 4.39E+10 2.96E+10 12-Aug 1.78E+09 3.79E+09 4.4E+09 5.58E+09 1.5E+10 1.73E+09 3.06E+10 1.07E+11 4.25E+10 3.15E+10 12-Sep 1.94E+09 2.67E+09 4.4E+09 5.4E+09 2.38E+10 1.75E+09 2.91E+10 9.32E+10 3.95E+10 3.08E+10 12-Oct 6.79E+08 2.12E+09 4.4E+09 4.5E+09 3.63E+10 1.78E+09 2.91E+10 8.77E+10 3.95E+10 3.04E+10 12-Nov 8.41E+08 2.16E+09 3.1E+09 4.71E+09 4.38E+10 1.76E+09 2.64E+10 9.06E+10 3.95E+10 2.93E+10 12-Des 6.79E+08 2.31E+09 1.5E+09 4.5E+09 6.52E+10 1.8E+09 3.06E+10 9.94E+10 3.58E+10 2.9E+10 AV 2.49E+09 1.54E+09 3.95E+09 6.01E+09 2.83E+10 1.81E+09 2.83E+10 8.84E+10 3.94E+10 3.23E+10 13-Jan 3.23E+08 2.43E+09 0 4.2E+09 6.38E+10 1.76E+09 3.13E+10 8.46E+10 3.44E+10 2.84E+10 13-Feb 5.82E+08 3.26E+09 -6E+08 4.5E+09 1.13E+11 1.78E+09 3.26E+10 8.77E+10 3.48E+10 2.88E+10 13-Mar 2.59E+08 2.48E+09 -5E+08 3.72E+09 1.24E+11 1.83E+09 3.59E+10 8.33E+10 3.46E+10 2.88E+10 13-Apr 1.29E+08 2.48E+09 -7.5E+08 3.3E+09 1.21E+11 1.96E+09 4.64E+10 7.61E+10 3.42E+10 2.96E+10 13-May 1.29E+08 2.61E+09 -5.5E+08 3.15E+09 1.97E+11 1.75E+09 4.46E+10 7.89E+10 3.55E+10 3.17E+10 13-Jun -1.3E+08 3.29E+09 -5.5E+08 2.4E+09 2.43E+11 1.85E+09 4.43E+10 7.89E+10 3.64E+10 3.23E+10 13-Jul -4.5E+08 3.06E+09 -4.5E+08 3.17E+09 2.17E+11 1.79E+09 3.84E+10 7.89E+10 3.71E+10 3.19E+10 American Journal of Business Management, Economics and Banking Volume 20 January, 2024 P a g e | 221 www.americanjournal.org 13-Aug -1.9E+08 2.88E+09 -4E+08 2.7E+09 2.29E+11 1.68E+09 3.84E+10 7.89E+10 3.65E+10 3.27E+10 13-Sep -3.2E+08 2.7E+09 -7.5E+08 2.57E+09 1.74E+11 1.58E+09 3.92E+10 7.89E+10 4.35E+10 3.27E+10 13-Oct -2.6E+08 2.25E+09 -7E+08 3.6E+09 2.18E+11 1.6E+09 3.34E+10 7.75E+10 4.89E+10 3.27E+10 13-Nov -4.5E+08 1.89E+09 -7E+08 3.3E+09 2.22E+11 1.6E+09 3.18E+10 8.1E+10 5.66E+10 3.84E+10 13-Des -6.5E+08 1.62E+09 -5E+08 3.45E+09 2.65E+11 1.58E+09 3.05E+10 7.85E+10 5.94E+10 4.04E+10 AV -8.6E+07 2.58E+09 -5.4E+08 3.34E+09 1.82E+11 1.73E+09 3.72E+10 8.03E+10 4.1E+10 3.24E+10 14-Jan -7.1E+08 1.4E+09 -6.5E+08 2.61E+09 3.05E+11 1.75E+09 3.05E+10 7.31E+10 6.62E+10 3.96E+10 14-Feb -1.1E+09 1.4E+09 -8E+08 3.45E+09 2.57E+11 1.65E+09 2.35E+10 7.89E+10 7.97E+10 3.88E+10 14-Mar -1.2E+09 1.4E+09 -6E+08 3.3E+09 2.7E+11 1.63E+09 2.56E+10 7.82E+10 8.64E+10 4.23E+10 14-Apr -1.1E+09 1.4E+09 -9E+08 3.3E+09 2.65E+11 1.68E+09 2.48E+10 7.6E+10 9.38E+10 4E+10 14-May -1.6E+09 2.34E+09 -3E+08 2.7E+09 2.66E+11 1.68E+09 2.66E+10 7.97E+10 1.07E+11 4.75E+10 14-Jun -1.9E+09 2.25E+09 -7.5E+08 2.7E+09 2.62E+11 1.63E+09 2.22E+10 7.25E+10 1.07E+11 3.77E+10 14-Jul -2.3E+09 1.98E+09 -5E+08 2.4E+09 1.64E+11 1.63E+09 1.94E+10 7.59E+10 9.48E+10 4E+10 14-Aug -2.3E+09 1.98E+09 -6.5E+08 1.8E+09 1.82E+11 1.2E+09 1.99E+10 7.53E+10 9.32E+10 4.04E+10 14-Sep -1.7E+09 1.86E+09 -1.3E+09 2.4E+09 1.78E+11 1.28E+09 2.17E+10 7.82E+10 1.22E+11 3.75E+10 14-Oct -2.1E+09 1.71E+09 -1.3E+09 2.27E+09 1.86E+11 1.28E+09 2.02E+10 7.31E+10 9.71E+10 3.82E+10 14-Nov -1.8E+09 1.58E+09 -1.3E+09 2.4E+09 1.73E+11 1.23E+09 2E+10 7.02E+10 9.72E+10 3.56E+10 14-Des -1E+09 2.25E+09 -1.9E+09 2.03E+09 1.68E+11 1.63E+09 2.84E+10 6.97E+10 1.07E+11 3.79E+10 AV -1.6E+09 1.79E+09 -9E+08 2.61E+09 2.23E+11 1.52E+09 2.36E+10 7.5E+10 9.58E+10 3.96E+10 15-Jan -1.3E+09 1.8E+09 -2E+09 1.9E+09 1.33E+11 1.55E+09 2.06E+10 6.72E+10 1.11E+11 3.49E+10 15-Feb -1.7E+09 1.69E+09 -2.2E+09 2.03E+09 7.98E+10 1.4E+09 1.44E+10 4.96E+10 1.07E+11 3.54E+10 15-Mar -1.6E+09 1.94E+09 -1.9E+09 1.8E+09 9.98E+10 1.48E+09 1.65E+10 6.07E+10 1.05E+11 3.21E+10 15-Apr -1.7E+09 2.06E+09 -1.5E+09 1.91E+09 9.58E+10 1.48E+09 1.66E+10 5.82E+10 1.01E+11 3.08E+10 15-May -1.7E+09 1.89E+09 -1.8E+09 1.83E+09 1.34E+11 1.5E+09 1.55E+10 6.42E+10 1.01E+11 3.11E+10 15-Jun -5.2E+08 1.98E+09 -1.7E+09 1.86E+09 2.95E+11 1.33E+09 1.55E+10 6.28E+10 9.45E+10 2.69E+10 15-Jul -4.5E+08 1.89E+09 -1.4E+09 1.91E+09 2.07E+11 1.2E+09 1.46E+10 6.23E+10 7.16E+10 2.66E+10 15-Aug -7.8E+08 1.71E+09 -1.9E+09 1.83E+09 1.89E+11 1.25E+09 1.4E+10 6.23E+10 6.24E+10 2.58E+10 15-Sep -4.5E+08 1.4E+09 -2.2E+09 1.73E+09 1.78E+11 1.5E+09 1.4E+10 6.23E+10 7.02E+10 2.56E+10 15-Oct -7.1E+08 1.6E+09 -2.1E+09 1.7E+09 1.09E+11 1.45E+09 1.53E+10 5.58E+10 8.15E+10 2.4E+10 15-Nov -1.6E+09 1.8E+09 -1.6E+09 1.8E+09 2.58E+11 1.64E+09 1.83E+10 4.12E+10 7E+10 2.29E+10 15-Des -1.6E+09 1.8E+09 -1.6E+09 1.8E+09 2.58E+11 1.64E+09 1.83E+10 4.12E+10 7E+10 2.29E+10 AV -1.2E+09 1.8E+09 -1.8E+09 1.84E+09 1.7E+11 1.45E+09 1.61E+10 5.73E+10 8.7E+10 2.82E+10 16-Jan -1.7E+09 1.9E+09 -2E+09 1.8E+09 2.27E+11 1.36E+09 1.25E+10 3.95E+10 6.1E+10 2.02E+10 16-Feb -2.2E+09 1.57E+09 -2.1E+09 1.83E+09 2.15E+11 1.53E+09 1E+10 4.22E+10 6.03E+10 2.54E+10 16-Mar -2E+09 1.5E+09 -2.1E+09 1.82E+09 2.06E+11 1.58E+09 7.5E+09 4.21E+10 6E+10 2.46E+10 16-Apr -2.3E+09 1.35E+09 -2.3E+09 1.89E+09 1.58E+11 1.78E+09 8.15E+09 3.8E+10 5.32E+10 2.56E+10 16-May -2.3E+09 1.25E+09 -2.3E+09 1.89E+09 1.36E+11 1.65E+09 7.75E+09 3.2E+10 4.61E+10 2.25E+10 16-Jun -2.5E+09 2.4E+09 -2.3E+09 1.89E+09 1.29E+11 1.7E+09 6.8E+09 3.71E+10 4.48E+10 3.11E+10 16-Jul -2.5E+09 2.21E+09 -2.3E+09 1.83E+09 1.29E+11 1.85E+09 8.25E+09 3.8E+10 4.5E+10 3.11E+10 16-Aug -2.5E+09 1.72E+09 -2.5E+09 1.83E+09 1.29E+11 1.75E+09 8.25E+09 3.92E+10 4.72E+10 3.08E+10 16-Sep -2.5E+09 2.03E+09 -2.5E+09 1.74E+09 1.29E+11 1.78E+09 8.55E+09 3.92E+10 4.72E+10 3.08E+10 16-Oct -2.7E+09 2.1E+09 -2.5E+09 1.74E+09 1.73E+11 2.05E+09 9.5E+09 3.92E+10 6.78E+10 3.08E+10 16-Nov -2.1E+09 3.05E+09 -2.5E+09 1.8E+09 2E+11 2E+09 1.16E+10 5.26E+10 6.65E+10 3.57E+10 16-Des -2.1E+09 3.14E+09 -2.5E+09 1.98E+09 2E+11 2.08E+09 1.34E+10 5.85E+10 6.3E+10 3.46E+10 AV -2.3E+09 2.02E+09 -2.3E+09 1.84E+09 1.69E+11 1.76E+09 9.35E+09 4.15E+10 5.52E+10 2.86E+10 17-Jan -2.1E+09 3.4E+09 -2.5E+09 2.1E+09 3E+11 2.5E+09 1.05E+10 5.85E+10 6.4E+10 3.13E+10 17-Feb -2.1E+09 3.22E+09 -2.5E+09 2.12E+09 2.93E+11 3.48E+09 1.05E+10 4.75E+10 6.2E+10 3.17E+10 17-Mar -2.3E+09 3.2E+09 -2.5E+09 2.12E+09 2.41E+11 3.33E+09 1E+10 4.55E+10 5.6E+10 2.96E+10 17-Apr -2.3E+09 3.2E+09 -2.5E+09 2.12E+09 2.41E+11 3.33E+09 1E+10 4.55E+10 5.6E+10 2.96E+10 17-May -2.5E+09 3E+09 -1.9E+09 2.12E+09 2.75E+11 3.53E+09 9.7E+09 3.54E+10 5E+10 2.58E+10 17-Jun -2.4E+09 1.99E+09 -1.4E+09 2.12E+09 2.66E+11 3.48E+09 9.5E+09 3.8E+10 4.65E+10 2.61E+10 17-Jul -2.1E+09 1.8E+09 -1.4E+09 2.12E+09 2.54E+11 3.35E+09 9.1E+09 3.89E+10 4.6E+10 3.08E+10 17-Aug -2.1E+09 3E+09 -1.7E+09 2.12E+09 2.82E+11 3E+09 1E+10 3.65E+10 6E+10 3.21E+10 17-Sep -2.1E+09 2.3E+09 -2E+09 2.12E+09 2.62E+11 3.05E+09 9E+09 3.51E+10 6.65E+10 2.73E+10 17-Oct -2E+09 4.15E+09 -1.8E+09 2.13E+09 2.71E+11 3.62E+09 1.08E+10 3.51E+10 7.2E+10 2.77E+10 17-Nov -2E+09 3.9E+09 -1.9E+09 2.18E+09 2.75E+11 3.62E+09 1.13E+10 3.22E+10 6.6E+10 2.81E+10 17-Des -2E+09 3.9E+09 -1.5E+09 2.12E+09 2.98E+11 3.55E+09 3.47E+10 3.18E+10 7.3E+10 2.86E+10 AV 1.4E+08 5.59E+08 3.75E+08 10625000 1.55E+10 2.34E+08 3.77E+09 6.16E+09 7.44E+09 1.79E+09 18-Jan -2E+09 4.9E+09 -1.5E+09 2.12E+09 3.99E+11 3.5E+09 2.28E+10 2.98E+10 8.16E+10 2.73E+10 18-Feb -2E+09 5.23E+09 4.65E+09 2.12E+09 5.27E+11 3.53E+09 2.2E+10 3.81E+10 1.16E+11 2.89E+10 18-Mar -2E+09 4.75E+09 6.95E+09 2.12E+09 5.62E+11 3.56E+09 2.45E+10 4.03E+10 1.18E+11 2.88E+10 18-Apr -2E+09 4.8E+09 4.65E+09 2.12E+09 5.32E+11 3.5E+09 2.45E+10 3.48E+10 1.15E+11 2.92E+10 18-May -2E+09 4.3E+09 6.65E+09 2.28E+09 5.52E+11 3.43E+09 1.84E+10 3.22E+10 1.24E+11 3E+10 18-Jun -2E+09 4.45E+09 5E+09 3E+09 5.44E+11 3.35E+09 1.6E+10 3.22E+10 9.4E+10 2.92E+10 18-Jul -1.2E+09 4E+09 4.9E+09 3.15E+09 5.28E+11 3.25E+09 1.65E+10 3.07E+10 9.2E+10 2.83E+10 18-Aug -2E+09 4.45E+09 5E+09 3E+09 5.44E+11 3.35E+09 1.6E+10 3.22E+10 9.4E+10 2.92E+10 18-Sep -2.2E+09 3.27E+09 3.75E+09 3.3E+09 5.02E+11 3.2E+09 1.9E+10 3.23E+10 9.32E+10 2.85E+10 18-Oct -2.4E+09 2.89E+09 3.75E+09 2.63E+09 4.7E+11 3.05E+09 1.68E+10 3.07E+10 9.32E+10 3.08E+10 18-Nov -2.4E+09 2.98E+09 3.75E+09 2.63E+09 4.56E+11 3.13E+09 1.65E+10 3.07E+10 8.72E+10 2.88E+10 18-Des -2.3E+09 2.99E+09 3.75E+09 2.45E+09 4.59E+11 3.49E+09 2E+10 3.22E+10 8.7E+10 2.9E+10 AV -1.9E+09 3.71E+09 3.86E+09 2.32E+09 4.61E+11 3.08E+09 1.81E+10 3.03E+10 9.18E+10 2.66E+10 19-Jan -2.3E+09 3.17E+09 3.75E+09 2.52E+09 4.26E+11 3.65E+09 1.57E+10 3.19E+10 9.8E+10 2.79E+10 19-Feb -2.4E+09 2.85E+09 3.75E+09 2.52E+09 3.1E+11 3.45E+09 1.43E+10 3.51E+10 1.2E+11 2.71E+10 19-Mar -2.3E+09 4.3E+09 4.3E+09 2.4E+09 3.37E+11 3.48E+09 1.52E+10 3.36E+10 1.2E+11 2.81E+10 19-Apr -2.2E+09 4.75E+09 3.5E+09 2.55E+09 3.79E+11 3.56E+09 1.55E+10 3.51E+10 1.17E+11 2.73E+10 19-May -1.8E+09 4.85E+09 3.15E+09 2.4E+09 4.52E+11 3.35E+09 1.58E+10 3.2E+10 1.21E+11 2.92E+10 19-Jun -1.8E+09 4.85E+09 3.15E+09 2.4E+09 4.52E+11 3.35E+09 1.58E+10 3.2E+10 1.21E+11 2.92E+10 19-Jul -1.7E+09 4.6E+09 2.25E+09 2.4E+09 4.22E+11 3.5E+09 1.73E+10 3.22E+10 1.18E+11 3.04E+10 19-Aug -1.5E+09 4.6E+09 3.55E+09 2.33E+09 4.01E+11 3.55E+09 1.7E+10 3.22E+10 1.17E+11 2.84E+10 19-Sep -7.1E+08 4.4E+09 6E+09 2.33E+09 4.19E+11 3.75E+09 1.75E+10 3.22E+10 1.18E+11 2.76E+10 19-Oct -5.2E+08 4.5E+09 6.6E+09 2.33E+09 4.26E+11 3.6E+09 1.7E+10 3.22E+10 1.32E+11 2.81E+10 19-Nov 7.76E+08 5.5E+09 6.75E+09 2.33E+09 4.15E+11 3.8E+09 1.9E+10 3.22E+10 1.38E+11 2.81E+10 19-Des -3.2E+08 5.5E+09 9.15E+09 2.33E+09 4.06E+11 3.93E+09 1.88E+10 3.51E+10 1.48E+11 2.85E+10 AV -1.4E+09 4.49E+09 4.66E+09 2.4E+09 4.04E+11 3.58E+09 1.66E+10 3.3E+10 1.22E+11 2.83E+10 20-Jan 1.68E+09 5.45E+09 1E+10 2.33E+09 3.46E+11 4E+09 1.81E+10 3.58E+10 1.36E+11 2.77E+10 20-Feb 1.62E+09 5.5E+09 9.5E+09 2.34E+09 2.84E+11 4.25E+09 2E+10 3.14E+10 1.42E+11 2.69E+10 20-Mar 1.29E+09 5.35E+09 9E+09 2.36E+09 2.36E+11 4.55E+09 1.8E+10 2.92E+10 1.22E+11 2.71E+10 20-Apr 2.59E+08 5.35E+09 9E+09 2.36E+09 1.79E+11 4.06E+09 1.59E+10 2.61E+10 1.12E+11 2.56E+10 20-May 1.75E+09 5.3E+09 8.5E+09 2.23E+09 2.11E+11 4.3E+09 1.7E+10 2.85E+10 1.23E+11 2.54E+10 20-Jun 1.75E+09 4.9E+09 8.5E+09 2.23E+09 2.7E+11 4.05E+09 1.65E+10 2.85E+10 1.22E+11 2.5E+10 20-Jul 1.42E+09 5.3E+09 8E+09 2.23E+09 2.93E+11 4.13E+09 1.63E+10 2.7E+10 1.28E+11 2.56E+10 20-Aug 1.23E+09 7.72E+09 8E+09 2.25E+09 3.46E+11 4.2E+09 1.73E+10 2.65E+10 1.42E+11 2.73E+10 20-Sep 9.7E+08 9.25E+09 7.75E+09 2.25E+09 4.24E+11 4.45E+09 1.7E+10 2.41E+10 1.74E+11 2.54E+10 20-Oct 3.88E+08 5.71E+09 8E+09 2.51E+09 4.26E+11 4.18E+09 1.95E+10 2.34E+10 1.68E+11 2.63E+10 20-Nov 2.98E+09 5.65E+09 7.85E+09 2.51E+09 4.47E+11 4.38E+09 1.83E+10 2.34E+10 1.56E+11 2.67E+10 20-Des 2.98E+09 5.65E+09 7.85E+09 2.51E+09 4.47E+11 4.38E+09 1.83E+10 2.34E+10 1.56E+11 2.67E+10 AV 1.39E+09 5.46E+09 7.84E+09 2.13E+09 2.88E+11 3.88E+09 1.61E+10 2.53E+10 1.27E+11 2.41E+10 TOTAL AV. -1.6E+07 2.63E+09 1.9E+09 3.1E+09 2.29E+11 2.39E+09 1.99E+10 5.77E+10 7.73E+10 3.05E+10 STD. 2.87E+09 1.86E+09 3.89E+09 1.75E+09 1.47E+11 1.08E+09 9.25E+09 2.84E+10 3.68E+10 6.85E+09 CV. -182.225 0.706756 2.045274 0.566132 0.64163 0.451654 0.463716 0.492896 0.475583 0.225025 American Journal of Business Management, Economics and Banking Volume 20 January, 2024 P a g e | 222 www.americanjournal.org Table(5) Treynor ratio for the companies in the study sample during the study period DCOI BBOB BNOI BKUL SBPT IITC IBSD AMEF HBAY HMAN 2011-1 0.05558 0.0690995 0.0187703 0.136197 -0.0197153 -1.8308624 0.0265326 -0.0379031 0.01551504 -0.0440633 11-Feb 0.0770706 0.0499927 0.0313732 0.069668 -0.0876765 1.0810235 0.6198973 -0.021743 -0.0350537 -0.3973868 11-Mar 0.0399864 1.7030482 -0.0293496 0.0499974 -0.2146873 12.504 0.2064304 -0.3993745 -0.3993745 -0.1597915 11-Apr 0.083443 0.0938878 0.1036075 0.0704509 -0.1036076 12.504 0.3634722 -0.1772152 -0.1772152 -0.0857384 11-May -0.0391462 0.2106317 0.0764924 0.0231965 0.20286563 0.65405417 0.1642332 -0.0387166 0.43573125 0.11857709 11-Jun 0.0892183 -0.2132435 0.1180458 0.0441133 -0.1180458 12.504 0.1921098 -0.2060917 -0.2060917 -0.0953639 11-Jul 0.048 0.0685714 0.015 0.060256 -0.015 12.504 0.1794444 0 0 -0.0266667 11-Aug -0.054776 0.0803437 0.0562031 0.0636581 -0.0562031 5.89024339 0.1189516 -0.0824062 -0.0176569 -0.0110548 11-Sep 0.0251869 0.0449938 -0.0069952 0.0297789 0.07066313 -2.1616238 0.1750371 0.17132626 -0.0295705 -0.0606266 11-Oct 0.0346654 0.0648946 0.0057824 0.041184 0.03644788 -2.7771736 0.173728 0.10289576 -0.0390645 0.00598645 11-Nov -0.0661435 0.02014207 -0.0089705 -0.0055649 0.17669471 -0.6975691 0.1732314 0.38338942 -0.1585246 0.06936826 11-Des 0.0850071 0.122433 0.2018997 0.084542 -0.0215054 12.504 0.1759096 -0.1572521 0.03058399 0.00630807 AV 0.031507667 0.19289958 0.04848826 0.0556231 -0.0124808 5.22317435 0.21408147 -0.0385909 -0.0483934 -0.0567043 12-Jan 0.2140053 0.0567909 0.0503447 0.1665229 0.03749515 0.12843668 0.0433774 -0.2607278 0.11509929 0.06162174 12-Feb 0.1797231 0.0248341 -0.0289077 0.12755269 -0.0159961 -0.0621718 -0.2406724 -0.0843919 0.14039697 -0.0226351 12-Mar 0.0299186 -0.0196215 -0.694654 0.0587076 0.00602921 0.05192481 -1.3923081 0.01644361 0.11292461 -0.0296308 12-Apr -0.138216 -0.0527597 0.0460619 0.03241607 -0.0391001 -0.2058718 -0.0942146 0.11965791 0.09594784 -0.0162113 12-May -0.2868731 -0.0413293 -0.3562341 -0.0397857 -0.1294463 -7.7352141 -0.0455896 -0.1286198 0.06997549 0.08368143 12-Jun -0.1310681 0.1173915 -0.0190469 0.05556741 -0.0755476 -3.0618879 -0.0184478 0.24807242 0.10447599 -0.0195043 12-Jul 0.3695433 0.0149977 -0.301506 -0.2623513 0.08254118 0.14214227 -0.0677666 0.00478387 0.07954961 -0.0025756 12-Aug -0.2773163 0.0080264 -0.0156984 0.08295455 0.01083164 -0.2160476 -0.022854 -0.0986825 0.13375019 -0.0076312 12-Sep 0.0721005 0.0429799 0.032393 0.07855986 -0.0381992 -0.0970512 -0.0290587 2.98940527 0.12976911 0.02334964 12-Oct 0.000324 0.0067544 0.030538 0.08178796 -0.0082222 -0.0127037 0.0003126 -0.0295537 0.12047564 0.01084246 12-Nov 0.164205 0.0088694 -0.0050958 0.08165946 -0.0116669 -0.1450155 -0.002586 -0.032213 0.12136005 0.00266758 12-Des -0.9510497 0.0360752 0.0445207 0.07035328 0.00348397 0.02178197 0.0102698 -0.1098956 0.11548597 0.02136776 AV -0.06289195 0.01691742 -0.1014404 0.0444954 -0.0148164 -0.9326398 -0.1549615 0.21952323 0.11160089 0.00877853 13-Jan -0.107374377 0.55302232 -0.2665158 -0.0963937 -0.0016707 -0.5818707 -0.0252778 -0.1364179 -0.0473282 -0.060877 13-Feb -0.142351384 -0.350771 0.32196243 -0.0665479 0.11293923 -0.2298921 0.04298294 -0.0652409 0.17685217 -0.1269591 13-Mar -0.004794242 -0.0519474 -2.5955207 0.06059397 -0.0055822 0.0856127 -0.0480989 -0.0270264 -0.0169319 -0.0182844 13-Apr -0.089809454 0.07839526 -0.0308878 0.02038473 0.046346 0.00481785 0.05527173 -0.0186713 0.02341569 -0.0516648 13-May -0.213161454 -0.0644273 0.41526112 0.06240937 0.03170964 0.06693833 0.0416568 0.16867598 1.47355977 -0.1418744 13-Jun -0.13378207 0.12614522 -0.0110821 -0.0014048 -0.0593594 -0.0520734 0.0352342 0.00114514 0.19696854 -0.123114 13-Jul -0.069010449 -0.012777 -0.0266415 -0.1100271 -0.0963729 -0.2512998 0.0310024 0.00662105 -0.1796209 -0.0521683 13-Aug -0.050427411 -0.131636 0.07853584 -0.0496707 0.49376015 -0.1386197 -0.0899894 -0.0511614 -0.0461475 -0.1055081 13-Sep 0.04337047 -0.0530479 -0.0197839 0.00253677 0.06500629 -0.0337595 0.06122629 0.09346323 0.04701446 -0.0896537 13-Oct -0.124727488 -0.0158662 -0.0765439 -0.0718897 0.1167257 -0.1033084 0.04113881 -0.0161637 0.01620495 -0.1191076 13-Nov -0.105751577 0.00524476 -0.0490137 0.049372 0.06633648 -0.0798947 0.07652701 -0.0014057 0.03491102 -0.1040043 13-Des -0.12989569 -0.0864966 -0.6301707 -0.2161388 4.04070717 -0.032478 -0.0669812 -0.1486012 -0.8864083 -0.1947108 AV -0.093976261 -0.0003468 -0.2408667 -0.0347313 0.40087879 -0.1121523 0.01289108 -0.0162319 0.06604082 -0.0989939 14-Jan -0.479290004 0.00736419 0.09041556 0.04900126 -0.0495969 0.22550625 -0.1633279 -0.0714731 0.17330311 -0.0847596 14-Feb 0.048723164 -0.2536931 0.00435766 -0.3998064 0.09094025 0.06720222 -0.2106663 -0.0127482 0.11394162 0.1027944 14-Mar -0.173528009 0.00057546 0.03375189 0.04824735 0.79087807 0.0136101 -0.1067398 0.16021952 0.40323346 -0.7308296 14-Apr -0.339909213 0.01142303 0.00771679 -0.0861211 -0.2435845 0.04313597 -0.3332501 0.15550008 0.37768762 -0.2674042 14-May -2.45242342 0.07459176 -0.1581895 0.07625351 -0.0298439 0.24121664 0.09110013 -0.06252 0.16594422 0.18078511 14-Jun -0.100220872 -0.1774325 -0.0050295 -0.0365782 0.43232528 -0.0881588 -0.1570461 0.32576898 -0.183846 -0.1628988 14-Jul 3.30786797 0.08498832 -0.3135847 -0.2743259 6.79625009 -0.4525544 0.10330508 1.30000135 -0.0397059 0.39867003 14-Aug -0.552349742 -0.3518822 0.45255436 -0.306992 -0.0816708 -0.0261743 1.68149462 -0.7094701 0.40533753 2.84441355 14-Sep 0.043449118 -0.0230772 -0.0014469 0.05323179 0.06629076 -0.521017 0.26364935 0.08503209 0.08083868 0.14334636 14-Oct 0.867939762 -0.1980931 0.62057928 0.21749854 -3.1671192 -0.6401642 0.51991643 -0.8292798 0.18194306 -4.5023731 14-Nov 2.514119065 -0.1344609 0.48479187 0.96708127 0.08829937 -0.0448579 -0.6362633 -0.6362633 0.4668095 -0.705431 14-Des 0.359500706 -0.0914968 0.25462197 0.07320568 -0.4223914 -0.032478 0.00378854 0.09981605 0.27147749 -0.2060439 AV 0.253656544 -0.0875994 0.1225449 0.03172465 0.3558981 -0.1012278 0.08799672 -0.0162847 0.2014137 -0.2491442 15-Jan -0.0184488 0.02607545 -0.0793087 -0.2767446 0.22288525 0.0993083 0.065572 -0.0470595 0.08621073 0.01200716 15-Feb -0.0075223 0.04291324 -0.019044 -0.0114512 -0.0814488 -0.0109656 -0.053697 0.01213717 -0.0513978 0.02307985 15-Mar 0.00273397 0.04203267 -0.014647 0.03799935 0.1031746 -0.026908 -0.059754 0.00673742 0.08180401 0.02395148 15-Apr 0.010445701 0.05300367 0.00791602 -0.019755 -0.0473022 0.10036307 -0.074172 -0.0101763 0.00744735 0.03422825 15-May -0.0348931 0.01392743 -0.2889953 -0.3673796 -0.0567293 -0.6436634 -0.085956 0.20094885 -1.1098234 -0.0617312 15-Jun 0.062652757 0.11900294 -0.0701611 0.01753269 -0.0444485 -0.0103946 -0.0549993 0.05851821 -0.0171498 0.00556407 15-Jul -0.04104136 0.03064167 0.40615751 -0.0152319 -0.0837229 -0.0448135 -0.012359 0.12057163 -0.0132172 -0.0579001 15-Aug -0.2267902 0.27106177 -0.0603151 -0.122021 0.54682255 0.43362128 -0.082229 -0.3800391 -0.0884766 0.0189578 15-Sep -0.0029925 0.04277038 -0.003167 -0.0701012 -0.024508 0.00626481 -0.063477 -0.0153081 0.00473903 0.01477976 15-Oct -0.0125243 0.03635797 -0.0175366 -0.0243086 -0.1020067 -0.0733304 -0.0551873 -0.4029709 -0.0090216 -0.0412417 15-Nov -0.0095026 0.03534851 -0.022471 0.08540042 -0.6016053 0.07252317 -0.200385 0.05844906 -0.0772158 0.01565382 15-Des -0.0539115 0.02447084 -0.0289044 -0.0573044 0.56735677 -0.4764589 -0.1655265 -3.9272076 -0.0304279 0.01665916 AV -0.027649519 0.06146721 -0.0158731 -0.0686138 0.03320562 -0.0478711 -0.0701808 -0.3604499 -0.1013774 0.00033402 16-Jan 0 0 0 0 -0.1026737 -0.0064616 -0.0743789 -0.8056654 -0.1700739 -0.0093607 16-Feb -0.0043675 0.00291609 -0.1664387 -0.0144196 0.01000696 0.01998996 -0.1400067 0.00492256 -0.0800104 -0.0900046 16-Mar 0.020014805 0.03000916 -0.1100054 0.04000645 0.00398441 0.14596418 -0.1347834 -0.0440725 -0.0721401 -0.0831891 16-Apr 0.026051827 0.03065026 -0.0843553 0.03717564 -0.0406422 0.06940281 -3.347611 0.128885 -0.2085533 -4.241026 16-May -0.018138 0.0241085 -0.1348422 -0.0543415 -0.0806526 0.00790412 -0.1254664 -0.1763052 -0.0985237 -0.106065 16-Jun 0.029614672 0.01714886 -0.1017588 0.03205318 0.04573011 -1.2250096 -0.1751722 0.81570392 -0.1565205 -0.1072046 16-Jul -0.0512104 -0.0190289 -0.1468501 -0.0410703 0.04635488 0.11402671 -0.1452678 -0.1348383 -0.026242 -0.0497816 16-Aug -0.0834107 0.09357013 -0.1150903 0.11436915 0.01648247 0.03508801 -0.1467414 0 -0.0817915 -0.0979598 16-Sep -0.1949774 0.03707243 -0.11858 0.05155678 -0.5956001 -0.6613002 -0.0967428 -0.1231598 -0.0865826 -0.0966549 16-Oct 0.239269017 -0.0788405 -0.0340121 -0.1114 -0.4224522 -0.0211872 -0.169678 0 -0.1319367 -0.1361659 16-Nov -1.5034752 -0.0169903 -0.1340865 0.17272701 0.54545354 0.15518876 -0.1635928 1.07590707 -0.1672424 -0.1494948 16-Des -2.3895409 0.20848451 -0.126951 -0.0758817 -0.0057452 -0.7212367 -0.1929454 -0.0868346 -0.136542 -0.1194681 AV -0.327514148 0.02742502 -0.1060809 0.01256459 -0.0483128 -0.1739692 -0.4093656 0.05454523 -0.1180133 -0.4405313 17-Jan -0.0101453 -0.0220919 0.00645837 0.57742733 -0.0615524 0.00067931 0.09597384 2.27970931 1.24942588 0.04009084 17-Feb -0.034221797 0.02407307 0.02382564 0.00682024 -0.054502 0.04902035 -0.0008982 0.03411211 0.02538808 0.01535861 17-Mar -0.019627204 -0.0232253 -0.0528441 -0.0318585 -0.0735652 0.00437102 0.04398076 -0.3958457 -0.0156787 -0.3958457 17-Apr -0.018975034 -0.0114491 -0.8867869 -0.0082794 -0.0231322 0.02313224 0.14433879 -0.1243388 -0.0471694 0.00385062 17-May -0.014759092 -0.0137087 -0.0965991 -0.1156775 -0.0679009 1.28845572 -0.0531409 -0.5823689 -0.0160634 0.08583972 17-Jun -0.021400802 -0.0066483 0.12220775 -0.0225612 -0.0335033 0.02264129 0.0688127 -0.1295475 5.54E-05 0.16236525 17-Jul -0.120516629 0.04290435 0.03417596 -0.0042634 -0.0173856 0.07212952 -0.0374309 0.19023725 0.07946603 0.02786135 17-Aug 0.032864871 0.02082414 -7.45E+13 -0.0017466 -0.0379085 0.05916996 0.03313838 0.13921311 0.01752307 -0.0353992 17-Sep 0.03443642 0.04051041 0.04121737 0.02838319 -0.055054 0.0433152 -0.0153384 0.23180375 0.02461333 0.02786623 17-Oct -0.131543761 0.19014661 -0.0507719 0.01644466 -0.0345589 0.04244304 0.03857987 0.17616007 0.03668387 -0.0062838 17-Nov -0.014328517 -0.0668157 0.07778023 0.03151771 -0.0587215 0.00765268 0.12737175 0.47224183 0.18932388 0.00193764 17-Des 0.023197954 0.01030721 0.01285111 0.00645243 -0.0501505 0.04782695 0.00651107 0 0.02172385 -0.0657339 AV -0.024584908 0.01540224 -6.207E+12 0.04022158 -0.0473279 0.13840311 0.03765824 0.19094805 0.13044099 -0.0115077 18-Jan 25.002 -0.8030864 -2.3720996 -8.8788889 2.52 4.40596409 0.01694446 -1.2551678 -0.508169 0.75491285 18-Feb -2.591818985 -0.3292793 -0.2400306 5.01 1.23134021 -6.8975517 0.00517159 2.52 -0.1077194 -0.1946956 18-Mar 0.5879375 0.72777778 250.0002 5.01 -0.7267532 -5.9157686 -0.0368313 2.68556291 16.4088889 -1.1176137 18-Apr 25.002 0.7448718 -0.5811487 5.01 2.52 3.97878212 0.01557394 2.68534392 1.13111111 0.37295829 18-May 2.024058824 0.2472973 0.3148036 2.83608696 2.52 2.81590141 -0.58678 2.52 -0.8583784 0.64378004 18-Jun -2.350297593 -1.9195652 0.2649194 0.63682216 -2.48 2.76016778 0.012846 -0.1729982 0.21372694 5.56455556 18-Jul -0.560372188 -0.7274194 1.07059729 -1.0244828 -1.3065306 2.00108008 0.04028155 -1.9442857 1.2444898 5.56455556 18-Aug 0.5879375 -14.383333 0.22777044 1.95189602 1.32952381 4.05305405 0.00380677 2.52 0.72359281 -1.278794 18-Sep 25.002 -1.05 0.26658253 5.01 33.77 8.68444601 -0.0178106 0.42268456 -1.4587798 -3.1363928 18-Oct 0.714435233 0.20786164 0.25992988 5.01 1.32952381 1.5135271 -0.3997368 2.52 2.52 0.65145955 18-Nov -1.066821689 3.39444444 -0.0654422 -0.0747458 0.89662338 -2.2607072 0.11450552 2.52 0.62222672 5.56455556 18-Des -0.547310169 -1.05 0.6153493 0.11869565 -1.3065306 -0.4926921 0.01981984 0.63320755 2.26798387 -1.4411892 AV 5.983645703 -1.2450359 20.8134526 1.71794861 3.35809973 1.22051692 -0.0676841 1.30452894 1.84991446 0.99567434 19-Jan 0.0130382 0.013319 0.0550362 -0.0053163 0.05786627 0.03821775 1.0179767 0.0212602 0.05016037 0.02030316 19-Feb -0.01200807 0.00245005 0.0484603 -0.0439339 0.05992181 -0.008095 0.2631275 0.01745375 0.04581766 -0.0117285 American Journal of Business Management, Economics and Banking Volume 20 January, 2024 P a g e | 223 www.americanjournal.org 19-Mar 0.008217466 -0.0284635 0.0522157 0.0303234 0.07169199 -0.3930123 -0.8580372 0.00423678 0.01625444 0.04230901 19-Apr -0.0473753 0.01645358 0.05142948 0.2245584 0.07746573 -0.2325974 -0.5803116 -0.0424006 0.07321845 0.08340159 19-May 0.04285415 0.03253651 0.09096626 0.004746 0.09654251 0.04068252 -0.3755448 0.09354487 0.33091989 0.03554091 19-Jun 0.12611567 0.00690603 0.01712368 0.00070152 0.03324887 0.04518448 -12.504 -0.0180452 -0.000988 -0.4323356 19-Jul -0.04961792 -0.1194205 0.04544511 0.04950792 0.0631296 0.05315554 1.135281 0.1295447 0.09409726 0.27290727 19-Aug -0.0323915 -0.0257752 0.05799897 -0.0135965 0.07509963 -0.2551806 1.5831525 0.03387573 0.05296 0.07629515 19-Sep 0.03103437 -0.0297213 0.06267859 0.0762951 0.07947074 -0.0068336 -1.4459674 0.05314757 0.06349601 0.07629515 19-Oct -0.0140223 0.01286336 0.06397402 -0.0272946 0.06234563 0.00176611 -3.1477125 0.00135266 0.04498534 -0.0272947 19-Nov 0.30277673 0.05007767 0.073882 0.07015535 0.05906266 -0.0055118 3.6597931 0.05007767 -0.0859503 0.00159029 19-Des 0.32926065 0.05272607 -0.2294553 0.07545213 0.0793503 -0.0243225 4.5538602 0.05272607 0.05636303 0.07545213 AV 0.058156846 -0.0013374 0.03247958 0.03679988 0.06793298 -0.0622122 -0.5581985 0.03306451 0.06177785 0.01772799 20-Jan -0.2369755 0.1266667 -0.0239708 -0.2133425 -0.0411431 -0.091009 0.5049195 0.06913487 0.05509633 -0.1250415 20-Feb 1.1475777 0.0714286 -0.0742376 -0.191084 -0.0542426 0.08576976 -0.077659 -0.2418556 0.16701827 0.38817185 20-Mar -0.2368938 0.06 0.00011365 -0.189128 -0.0201071 -0.0776593 -0.0463444 -0.1991483 -0.0075851 -0.0419699 20-Apr -0.0304778 0.16 -0.0431192 -0.1955061 -0.0424584 0.065359 -0.1472628 -0.0980021 -0.0034491 -0.0161582 20-May -0.0604983 0.1481481 -0.1037296 -0.2062312 -0.1144323 0.05795638 -0.0200053 0.16886458 -0.0189233 -0.134697 20-Jun -0.1407516 0.1290323 -0.0446749 -0.2119678 -0.0134336 -0.0537393 -0.700087 0.04066275 0.03475911 -0.1234438 20-Jul 0.0070986 0.2857143 0 -0.207619 -0.0316118 -0.0090722 0.13793651 -0.0276244 0.03761364 -0.1131962 20-Aug -0.1179368 0.06 -0.0851964 -0.2238045 -0.0769476 -0.1162228 -0.0417563 0.16494812 -0.0130583 -0.1488489 20-Sep 0.025002 0.2377778 -0.0415383 -0.2096 -0.0415973 0.01194497 3.57594175 0.02105008 0.02041542 -0.1179205 20-Oct -0.1049303 0.0540541 0.214933 -0.2009043 -0.0163651 -0.0191369 -0.0054043 -0.0755043 -0.0153125 -0.0994555 20-Nov 0.0154757 0.034359 -0.0420841 -0.2095504 -0.0429987 -0.000834 -0.0072672 0.03775728 0.02392044 -0.1195964 20-Des -0.8134222 0.035 0.3731343 -0.2215774 -0.071838 -0.1454416 -0.1231889 -0.7907815 0.09166794 -0.1402606 AV -0.045561025 0.11684841 0.01080251 -0.2066929 -0.0472646 -0.0243404 0.25415188 -0.0775415 0.03101356 -0.0660347 TOTAL AV. 0.5792854 -0.09194 -6.3E+11 0.165799 0.408084 0.516932 -0.06784 0.130955 0.219895 0.010549 STD. 3.8772618 1.345111 6.58E+12 1.310931 3.114578 2.98784 1.372018 0.839812 1.512447 1.116521 CV. 0.1494058 -0.06835 -0.09511 0.126474 0.131024 0.173012 -0.04944 0.155934 0.14539 0.009448