The Value Relevance of the Deference between Nonfinancial AND ‎Financial Measures; With an Emphasis on Enterprise Life Cycle

Stakeholders use different types of information to evaluate companies. Companies are required by various institutions, including stock market regulatory and standard developers, to report information. Previous studies examine value relevance of non-financial and financial performance measures separately.This study examines this relationshipsimultaneously. For this purpose, the companies listed on the Tehran Stock Exchange between 1390 to 1394 are used. The results indicate that the difference between measures is a good indicator to assess the company's future performance. Especially in cases where a large difference is detected. This means that the higher the difference, the weaker the future performance of the companies. The distinction between start-ups and mature companies showed that this index can indicate a company's future performance, while for startups this indicator does not show a strong performance. Given that the effect of the difference evaluated on the Company's future performance may be abnormal returns for shareholders. Results indicate that market participants, use the criteria for evaluating the performance and the value of companies. It is associated with market efficiency.