استخدام المؤشرات الحديثة (السوقية) لقياس قدرة للشركات الجزائرية على خلق القيمة للفترة (2016-2022)

Abstract

This study aims to evaluate the financial performance of Algerian companies listed on the Algiers Stock Exchange for the period 2016–2022 using modern (market-based) methods, including Total Shareholder Return (TSR), Market Value Added (MVA), and Tobin’s Q ratio, which are considered among the most prominent modern indicators for assessing the ability of economic institutions to create value. The findings revealed that Saidal outperformed other companies in performance, as indicated by its high MVA and TSR values, reflecting its superior capacity to create real value for its shareholders. Meanwhile, Alliance Assurances demonstrated the highest Tobin’s Q ratio, signaling a highly positive market valuation and strong expectations for its future performance. For Aurassi, the continuous increase in its Q ratio reflects an improvement in its market valuation. Biopharm, on the other hand, showed significant development in its TSR, highlighting the potential for substantial enhancement in shareholder returns. These results underscore the considerable potential for improving the performance of Algerian companies by adopting modern performance indicators and making informed strategic decisions that enable them to create additional value for their shareholders.