APPENDIX A List of 104 Sampled Companies with Company Codes

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1 APPENDIX A List of 104 Sampled Companies with Company Codes Company Name Company Code Company Name Company Code 3M India Ltd. 3MINDIA Castrol India Ltd. CASTROL A B B Ltd. ABB Century Textiles & Inds. Ltd. CENTURYTEX A C C Ltd. ACC Chambal Fertilisers & Chemicals Ltd. CHAMBLFERT Aban Offshore Ltd. ABAN Cipla CIPLA Aditya Birla Nuvo Ltd. ABIRLANUVO Colgate-Palmolive (India) Ltd. COLPAL Alfa Laval (India) Ltd. ALFALAVAL Crompton Greaves Ltd. CROMPGREAV Ambuja Cements Ltd. AMBUJACEM Cummins India Ltd. CUMMINSIND Anant Raj Inds. Ltd. ANANTRAJ Dabur India Ltd. DABUR Ansal Properties & Infrastructure Ltd. ANSALINFRA Dr. Reddy'S Laboratories Ltd. DRREDDY Apollo Hospitals Enterprise Ltd. APOLLOHOSP E I D-Parry (India) Ltd. E I D-Parry (I) Ltd. Areva T & D India Ltd. Areva T& D India Ltd. E I H Ltd. E I H Ltd. Asahi India Glass Ltd. ASAHIINDIA Exide Industries Ltd. EXIDEIND Ashok Leyland Ltd. ASHOKLEY G H C L Ltd. GHCL Asian Paints Ltd. ASIANPAINT Gammon India Ltd. GAMMONIND Astrazeneca Pharma India Ltd. ASTRAZEN Glaxosmithkline Consumer Healthcare Ltd. GSKCONS Atlas Copco (India) Ltd. Atlas Copco Ind Ltd. Glaxosmithkline Pharmaceuticals Ltd. GLAXO Aventis Pharma Ltd. AVENTIS Godrej Industries Ltd. GODREJIND Bajaj Holdings & Invst. Ltd. BAJAJHLDNG Grasim Industries Ltd. GRASIM Berger Paints India Ltd. BERGEPAINT Gujarat Fluorochemicals Ltd. GUJFLUORO Bharat Forge Ltd. BHARATFORG Gujarat Gas Co. Ltd. GUJRATGAS Birla Corporation Ltd. BIRLAJUTE Gulf Oil Corpn. Ltd. GULFOILCOR Bombay Dyeing & Mfg. Co. Ltd. BOMDYEING H C L Infosystems Ltd. HCL-INSYS Bosch Ltd. BOSCHLTD Hero Honda Motors Ltd. HEROHONDA Britannia Industries Ltd. BRITANNIA Hindalco Industries Ltd. HINDALCO C E S C Ltd. CESC Hindustan Construction Co. Ltd. HCC Contd xix

2 Company Name Company Code Company Name Company Code Hindustan Unilever Ltd. HINDUNILVR P & G Hygiene & Health Care Ltd. PGHH Hindustan Zinc Ltd. HINDZINC Ranbaxy Laboratories Ltd. RANBAXY Hotel Leelaventure Ltd. HOTELEELA Raymond Ltd. RAYMOND I T C Ltd. ITC Reliance Industries Ltd. RELIANCE India Cements Ltd. INDIACEM Reliance Infrastructure Ltd. REL Indian Hotels Co. Ltd. INDHOTEL S K F India Ltd. SKFINDIA Infosys Technologies Ltd. INFOSYSTCH S R F Ltd. SRF Ispat Industries Ltd. ISPATIND Satyam Computer Services Ltd. SATYAMCOMP Jindal Saw Ltd. JINDALSAW Sesa Goa Ltd. SESAGOA Jubilant Organosys Ltd. JUBILANT Simplex Infrastructures Ltd. SIMPLEXINF Kansai Nerolac Paints Ltd. KANSAINER Sintex Industries Ltd. SINTEX Kirloskar Brothers Ltd. KBL Sterling Biotech Ltd. STERLINBIO Kirloskar Oil Engines Ltd. KIRLOSOIL Sterlite Industries (India) Ltd. STER Lakshmi Machine Works Ltd. LAXMIMACH Sun Pharmaceutical Inds. Ltd. SUNPHARMA Larsen & Toubro Ltd. LT Sundaram-Clayton Ltd. SUNDRMCLAY Lupin Ltd. LUPIN Sundram Fasteners Ltd. SUNDRMFAST Madras Cements Ltd. MADRASCEM Tata Chemicals Ltd. TATACHEM Maharashtra Seamless Ltd. MAHSEAMLES Tata Motors Ltd. TATAMOTORS Mahindra & Mahindra Ltd. M&M Tata Power Co. Ltd. TATAPOWER Moser Baer India Ltd. MOSERBAER Tata Steel Ltd. TATASTEEL Motherson Sumi Systems Ltd. MOTHERSUMI Tata Tea Ltd. TATATEA Nagarjuna Construction Co. Ltd. NAGARCONST Titan Industries Ltd. TITAN Nestle India Ltd. Nestle India Ltd. Tube Investments Of India Ltd. TUBEINVEST Nicholas Piramal India Ltd. NICOLASPIR Unitech Ltd. UNITECH Novartis India Ltd. Novartis India Ltd. Vardhman Textiles Ltd. VTL Pfizer Ltd. PFIZER Voltas Ltd. VOLTAS Pidilite Industries Ltd. PIDILITIND Wipro Ltd. WIPRO xx

3 APPENDIX B Regression Results For Each of Univariate and Bivariate (Pair-Wise) Models Referred in Chapter 5 The first four models (Table 1 to Table 4) present the results of the univariate association of each independent variable with the dependent variable- MVA. In the next six models (Table 6 to Table 10), independent variables are specified in pair-wise combinations. Table 1: Results of the Univariate Association of Economic Value Added (EVA) with Market Value Added C EVA Cross-section random Period fixed (dummy variables) S.D. Rho Idiosyncratic random R-squared Adjusted R-squared F-statistic Table 2: Results of the Univariate Association of Profit after Tax (PAT) with Market Value Added C PAT Cross-section random Period fixed (dummy variables) S.D. Rho Idiosyncratic random R-squared Adjusted R-squared F-statistic xxi

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5 Table 3: Results of the Univariate Association of Return on Capital Employed (ROCE) with Market Value Added C ROCE Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared Adjusted R-squared F-statistic Table 4: Results of the Univariate Association of Capital Productivity (Cp) with Market Value Added C Cp S.D. Rho Cross-section random Period fixed (dummy variables) Idiosyncratic random R-squared Adjusted R-squared F-statistic xxiii

6 Table 5: Results of the Bivariate Association of EVA and PAT with Market Value Added C EVA PAT S.D. Rho Cross-section fixed (dummy variables) Period random Idiosyncratic random R-squared Adjusted R-squared F-statistic Table 6: Results of the Bivariate Association of PAT and ROCE with Market Value Added C PAT ROCE S.D. Rho Cross-section fixed (dummy variables) Period random Idiosyncratic random R-squared Adjusted R-squared F-statistic xxiv

7 Table 7: Results of the Bivariate Association of EVA and ROCE with Market Value Added C EVA ROCE Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared Adjusted R-squared F-statistic Table 8: Results of the Bivariate Association of PAT and Cp with Market Value Added C PAT Cp S.D. Rho Cross-section random Period fixed (dummy variables) Idiosyncratic random R-squared Adjusted R-squared F-statistic xxv

8 Table 9: Results of the Bivariate Association of ROCE and Cp with Market Value Added C ROCE CP Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared Adjusted R-squared F-statistic Table 10: Results of the Bivariate Association of EVA and Cp with Market Value Added C EVA CP S.D. Rho Cross-section random Period fixed (dummy variables) Idiosyncratic random R-squared Adjusted R-squared F-statistic xxvi

9 xxvii Bibliography

10 APPENDIX C List of 493 Companies in the Sample for Examining EVA Disclosure Practices 3I Infotech Ltd. Anant Raj Inds. Ltd. Aztecsoft Ltd. Birla Corporation Ltd. 3M India Ltd. Ansal Housing & Construction B A S F India Ltd. Blue Dart Express Ltd. A B B Ltd. Ansal Properties & Infra. B F Utilities Ltd. Blue Star Ltd. A B G Shipyard Ltd. Apar Industries Ltd. B L Kashyap & Sons Ltd. Bombay Burmah Trdg. Corpn. A C C Ltd. Apollo Hospitals Enterprise B O C India Ltd. Bombay Dyeing & Mfg. Co. A I A Engineering Ltd. Apollo Tyres Ltd. Bajaj Auto Finance Ltd. Bombay Rayon Fashions Ltd. Aarti Industries Ltd. Aptech Ltd. Bajaj Hindusthan Ltd. Bosch Chassis Systems India L Aban Offshore Ltd. Areva T & D India Ltd. Bajaj Holdings & Invst. Ltd. Bosch Ltd. Abbott India Ltd. Arvind Ltd. Balaji Telefilms Ltd. Britannia Industries Ltd. Abhishek Industries Ltd. Asahi India Glass Ltd. Balkrishna Industries Ltd. C C L Products (India) Ltd. Adani Enterprises Ltd. Ashapura Minechem Ltd. Ballarpur Industries Ltd. C E S C Ltd. Aditya Birla Nuvo Ltd. Ashok Leyland Ltd. Balrampur Chini Mills Ltd. C M C Ltd. Adlabs Films Ltd. Asian Electronics Ltd. Bank Of Rajasthan Ltd. Cadila Healthcare Ltd. Ador Welding Ltd. Asian Hotels Ltd. Bannari Amman Sugars Ltd. Cambridge Solutions Ltd. Aftek Ltd. Asian Paints Ltd. Bayer Cropscience Ltd. Carborundum Universal Ltd. Ahmednagar Forgings Ltd. Assam Co. Ltd. Berger Paints India Ltd. Castrol India Ltd. Ajmera Realty & Infra India Astra Microwave Products Ltd. Bhansali Engineering Polymers Ceat Ltd. Alembic Ltd. Astrazeneca Pharma India Ltd. Bharat Bijlee Ltd. Centurion Bank Of Punjab Ltd. Alfa Laval (India) Ltd. Atlas Copco (India) Ltd. Bharat Forge Ltd. Century Textiles & Inds. Ltd. Alok Industries Ltd. Atul Ltd. Bharati Shipyard Ltd. Chambal Fertilisers & Chem. Alstom Projects India Ltd. Aurobindo Pharma Ltd. Bharti Airtel Ltd. Chemplast Sanmar Ltd. Ambuja Cement Eastern [M] Automotive Axles Ltd. Bhushan Steel Ltd. Chettinad Cement Corpn. Ltd. Ambuja Cements Ltd. Avaya Globalconnect Ltd. Bilcare Ltd. Cholamandalam D B S Finance Amtek Auto Ltd. Aventis Pharma Ltd. Binani Industries Ltd. Ciba India Ltd. Amtek India Ltd. Axis Bank Ltd. Biocon Ltd. Cipla Ltd. Contd xxviii

11 Clariant Chemicals (India) Ltd. Elder Pharmaceuticals Ltd. Fresenius Kabi Oncology Ltd. Gruh Finance Ltd. Colgate-Palmolive (India) Ltd. Elecon Engineering Co. Ltd. G H C L Ltd. Gujarat Fluorochemicals Ltd. Coromandel Fertilisers Ltd. Electrosteel Castings Ltd. G M R Industries Ltd. Gujarat Gas Co. Ltd. Cranes Software Intl. Ltd. Emami Ltd. G T L Ltd. Gujarat N R E Coke Ltd. Crisil Ltd. Emco Ltd. G V K Power & Infrastructure Gulf Oil Corpn. Ltd. Crompton Greaves Ltd. Entertainment Network (India) Gammon India Ltd. H B L Power Systems Ltd. Cummins India Ltd. Era Infra Engg. Ltd. Gateway Distriparks Ltd. H C L Infosystems Ltd. D C M Shriram Consolidated Esab India Ltd. Gati Ltd. H C L Technologies Ltd. D S Kulkarni Developers Ltd. Escorts Ltd. Geodesic Ltd. H D F C Bank Ltd. Dabur India Ltd. Essar Oil Ltd. Geometric Ltd. H E G Ltd. Dalmia Cement (Bharat) Ltd. Essar Shipping Ports & Logistics Gillette India Ltd. H F C L Infotel Ltd. Deccan Chronicle Holdings Essar Steel Ltd. Gitanjali Gems Ltd. H S I L Ltd. Deepak Fertilisers & Petrochemicals Corpn. Ltd. Essel Propack Ltd. Glaxosmithkline Consumer Healthcare Ltd. H T Media Ltd. Dewan Housing Finance Corpn. Eveready Industries (India) Ltd. Glaxosmithkline Pharma Ltd. Havells India Ltd. Dhampur Sugar Mills Ltd. Everest Kanto Cylinder Ltd. Glenmark Pharmaceuticals Ltd. Hero Honda Motors Ltd. Dishman Pharmaceuticals & Chemicals Ltd. Exide Industries Ltd. Godfrey Phillips India Ltd. Hexaware Technologies Ltd. Divi'S Laboratories Ltd. F A G Bearings India Ltd. Godrej Consumer Products Ltd. Hikal Ltd. Donear Industries Ltd. F D C Ltd. Godrej Industries Ltd. Himachal Futuristic Communications Ltd. Dr. Reddy'S Laboratories Ltd. Federal Bank Ltd. Gokaldas Exports Ltd. Himadri Chemicals & Inds. Dynamatic Technologies Ltd. Federal-Mogul Goetze (India) Goldiam International Ltd. Himatsingka Seide Ltd. E I D-Parry (India) Ltd. Financial Technologies (India) Graphite India Ltd. Hindalco Industries Ltd. E I H Ltd. Finolex Cables Ltd. Grasim Industries Ltd. Hinduja Ventures Ltd. Eastern Silk Inds. Ltd. Finolex Industries Ltd. Great Eastern Shipping Co. Hindustan Construction Co. Educomp Solutions Ltd. Forbes & Co. Ltd. Greaves Cotton Ltd. Hindustan Dorr-Oliver Ltd. Eicher Motors Ltd. Force Motors Ltd. Grindwell Norton Ltd. Hindustan Motors Ltd. Contd xxix

12 Hindustan Oil Exploration Co. Indusind Bank Ltd. Jet Airways (India) Ltd. Lakshmi Machine Works Ltd. Hindustan Unilever Ltd. Infosys Technologies Ltd. Jindal Poly Films Ltd. Larsen & Toubro Ltd. Hindustan Zinc Ltd. Infotech Enterprises Ltd. Jindal Saw Ltd. Lloyd Electric & Engineering Honeywell Automation India Ingersoll-Rand (India) Ltd. Jindal Steel & Power Ltd. Lok Housing & Constructions Hotel Leelaventure Ltd. Inox Leisure Ltd. Jubilant Organosys Ltd. Lupin Ltd. Housing Development Finance Corpn. Ltd. Ipca Laboratories Ltd. Jyoti Structures Ltd. M R F Ltd. I C I C I Bank Ltd. Ispat Industries Ltd. K P I T Cummins Infosystems Macmillan India Ltd. J B Chemicals & Pharmaceuticals Ltd. K R B L Ltd. Madhucon Projects Ltd. I C I India Ltd. I C S A (India) Ltd. J B F Industries Ltd. K S B Pumps Ltd. Madras Aluminium Co. Ltd. I L & F S Investsmart Ltd. J C T Ltd. K S L & Industries Ltd. Madras Cements Ltd. I N G Vysya Bank Ltd. J K Cement Ltd. Kajaria Ceramics Ltd. Maharashtra Scooters Ltd. I S M T Ltd. J K Lakshmi Cement Ltd. Kalpataru Power Transmission Maharashtra Seamless Ltd. I T C Ltd. J K Paper Ltd. Kalyani Steels Ltd. Mahindra & Mahindra Financial Services Ltd. I T D Cementation India Ltd. J K Tyre & Inds. Ltd. Kansai Nerolac Paints Ltd. Mahindra & Mahindra Ltd. I V R C L Infrastructures & Projects Ltd. J M Financial Ltd. Karnataka Bank Ltd. Mahindra Lifespace Developers Ltd. Igate Global Solutions Ltd. J S L Ltd. Karur Vysya Bank Ltd. Mahindra Ugine Steel Co. Ltd. Indage Vintners Ltd. J S W Steel Ltd. Kei Industries Ltd. Man Industries (India) Ltd. India Cements Ltd. Jagatjit Industries Ltd. Kennametal India Ltd. Mangalam Cement Ltd. India Glycols Ltd. Jagran Prakashan Ltd. Kesoram Industries Ltd. Manugraph India Ltd. India Infoline Ltd. Jain Irrigation Systems Ltd. Kirloskar Brothers Ltd. Marico Ltd. Indiabulls Financial Services Jaiprakash Associates Ltd. Kirloskar Oil Engines Ltd. Marksans Pharma Ltd. Indian Hotels Co. Ltd. Jaiprakash Hydro Power Ltd. Kirloskar Pneumatic Co. Ltd. Maruti Suzuki India Ltd. Indian Petrochemicals Corp [M] Jammu & Kashmir Bank Ltd. Kotak Mahindra Bank Ltd. Mastek Ltd. Indo Rama Synthetics (India) Jaybharat Textiles & Real Ltd. Estate Ltd. Kothari Products Ltd. Matrix Laboratories Ltd. Indoco Remedies Ltd. Jaypee Hotels Ltd. Lakshmi Energy & Foods Ltd. Mawana Sugars Ltd. Contd xxx

13 Max India Ltd. Nitco Ltd. Plethico Pharmaceuticals Ltd. Rico Auto Inds. Ltd. Mcleod Russel India Ltd. Nocil Ltd. Polaris Software Lab Ltd. Rolta India Ltd. Megasoft Ltd. Noida Toll Bridge Co. Ltd. Praj Industries Ltd. Royal Orchid Hotels Ltd. Mercator Lines Ltd. Novartis India Ltd. Prajay Engineers Syndicate Ruchi Infrastructure Ltd. Merck Ltd. Nucleus Software Exports Ltd. Prakash Industries Ltd. Ruchi Soya Inds. Ltd. Micro Inks Ltd. O C L India Ltd. Pricol Ltd. S K F India Ltd. Monnet Ispat & Energy Ltd. Opto Circuits (India) Ltd. Prism Cement Ltd. S Kumars Nationwide Ltd. Monsanto India Ltd. Oracle Financial Services Software Ltd. Prithvi Information Solutions Ltd. S R E I Infrastructure Finance Ltd. Moser Baer India Ltd. Orchid Chemicals & Pharmaceuticals Ltd. Procter & Gamble Hygiene & Health Care Ltd. S R F Ltd. Motherson Sumi Systems Ltd. Orient Paper & Inds. Ltd. Provogue (India) Ltd. Sadbhav Engineering Ltd. Sahara One Media & Mphasis Ltd. Oriental Hotels Ltd. Punj Lloyd Ltd. Entertainment Ltd. Mukand Ltd. P S L Ltd. Radico Khaitan Ltd. Saint-Gobain Sekurit India Ltd. Mysore Cements Ltd. P V P Ventures Ltd. Rain Calcining Ltd. [Merged] Sakthi Sugars Ltd. N I I T Ltd. P V R Ltd. Rajesh Exports Ltd. Sanghi Industries Ltd. N I I T Technologies Ltd. Panacea Biotec Ltd. Rallis India Ltd. Sanghvi Movers Ltd. Sasken Communication Technologies Ltd. N R B Bearings Ltd. Pantaloon Retail (India) Ltd. Ramco Industries Ltd. Nagarjuna Construction Co. Paper Products Ltd. Ranbaxy Laboratories Ltd. Satyam Computer Services Ltd. Nagarjuna Fertilizers & Chemicals Parry Agro Inds. Ltd. Raymond Ltd. Savita Chemicals Ltd. Nahar Industrial Enterprises Patel Engineering Ltd. Rei Agro Ltd. Seamec Ltd. Nahar Spinning Mills Ltd. Patni Computer Systems Ltd. Reliance Capital Ltd. Sesa Goa Ltd. Nava Bharat Ventures Ltd. Peninsula Land Ltd. Reliance Communications Ltd. Shanthi Gears Ltd. Navneet Publications (India) Pfizer Ltd. Reliance Industrial Infrastructure Shasun Chemicals & Drugs Nestle India Ltd. Phoenix Mills Ltd. Reliance Industries Ltd. Shaw Wallace & Co. Ltd. [M] Shiv-Vani Oil & Gas Exploration Services Ltd. New Delhi Television Ltd. Pidilite Industries Ltd. Reliance Infrastructure Ltd. Nirma Ltd. Piramal Healthcare Ltd. Reliance Natural Resources Ltd Shopper'S Stop Ltd. Contd xxxi

14 Shree Cement Ltd. Sun T V Network Ltd. Texmaco Ltd. Uttam Sugar Mills Ltd. Shree Digvijay Cement Co. Ltd Sundaram-Clayton Ltd. Thermax Ltd. V S T Industries Ltd. Shree Ram Urban Infrastructure Ltd. Sundram Fasteners Ltd. Thiru Arooran Sugars Ltd. Vaibhav Gems Ltd. Shree Renuka Sugars Ltd. Supreme Industries Ltd. Thomas Cook (India) Ltd. Vardhman Textiles Ltd. Shreyas Shipping & Logistics Suzlon Energy Ltd. Timken India Ltd. Varun Shipping Co. Ltd. Shriram City Union Finance Syngenta India Ltd. Titan Industries Ltd. Vertex Spinning Ltd. Shriram Transport Finance Co. T V S Motor Co. Ltd. Torrent Pharmaceuticals Ltd. Vesuvius India Ltd. Sical Logistics Ltd. T V Today Network Ltd. Torrent Power A E C Ltd. [M] Videocon Industries Ltd. [M] Siemens Ltd. Taj G V K Hotels & Resorts Torrent Power S E C Ltd. [M] Vimta Labs Ltd. Simplex Infrastructures Ltd. Taneja Aerospace & Aviation Transport Corporation Of India Visa Steel Ltd. Sintex Industries Ltd. Tata Chemicals Ltd. Trent Ltd. Voltas Ltd. Sona Koyo Steering Systems Tata Coffee Ltd. Triveni Engineering & Inds. Wartsila India Ltd. South Indian Bank Ltd. Tata Communications Ltd. Tube Investments Of India Ltd. Welspun India Ltd. Southern Iron & Steel Co. [M] Tata Consultancy Services Ltd. Tulip Telecom Ltd. Welspun-Gujarat Stahl Rohren Spentex Industries Ltd. Tata Elxsi Ltd. U T V Software Communications Ltd. West Coast Paper Mills Ltd. Spicejet Ltd. Tata Investment Corpn. Ltd. Uflex Ltd. Whirlpool Of India Ltd. Sterling Biotech Ltd. Tata Metaliks Ltd. Ultratech Cement Ltd. Wipro Ltd. Sterling International Enterprises Ltd. Tata Motors Ltd. Unichem Laboratories Ltd. Wockhardt Ltd. Sterlite Industries (India) Ltd. Tata Power Co. Ltd. Unitech Ltd. Wyeth Ltd. Sterlite Technologies Ltd. Tata Steel Ltd. United Breweries (Holdings) Yes Bank Ltd. Strides Arcolab Ltd. Tata Tea Ltd. United Phosphorus Ltd. Zee Entertainment Enterprises Subex Ltd. Tata Teleservices Maharashtra United Spirits Ltd. Zensar Technologies Ltd. Subhash Projects & Mktg. Ltd. Television Eighteen India Ltd. Usha Martin Ltd. Zuari Industries Ltd. Sun Pharmaceutical Inds. Ltd. xxxii