International Journal of Recent Technology and Engineering (IJRTE) ISSN: 2277-3878,Volume-8, Issue- 1C2, May 2019 610 Published By: Blue Eyes Intelligence Engineering & Sciences Publication Retrieval Number: A11000581C219/19©BEIESP ABSTRACT---The purpose of this research is to test the support of value-based measurements about its superiority as a measure of a company's financial performance compared with accounting measurements. This study uses a sample of 25 mining companies in ASEAN-5 during the period 2007-2017. The sample selection by purposive sampling technique is top 5 mining companies based on total assets owned and registered in the exchanges of each ASEAN-5 nation. This study uses panel data and applying ordinary least squares (OLS) regression to test the relative information content and incremental information of value-based measurements (EVA, MVA) and accounting measurements (ROA, ROE, EPS) in explaining stock returns. The finding is ROA and ROE outperformed EVA and MVA in explaining stock return for mining companies in ASEAN-5, Thailand, and Vietnam. Meanwhile, in Malaysia, Indonesia, and Philippines value-based outperformed accounting-based measures. The incremental information content test for mining companies in ASEAN-5, Malaysia, and Indonesia show that value-based measures make a marginal contribution to information content beyond accounting measures in association with stock return. On the contrary, value-based measures did not have incremental content information in Thailand, Philippines, and Vietnam. Index Terms: ASEAN, Value-based Measurements, Economic Value Added, Accounting-based Measures, Economic Value Added. I. INTRODUCTION The ultimate goal of a company is to maximise shareholder wealth, so it is crucial for the company to achieve higher profits (Yahaya & Mahmood, 2011). Shareholder’s wealth is measured based on the return they receive on their investment (Sharma & Kumar, 2010). In predicting the return obtained by investors, a guide was needed (Syed & Bajwa, 2018), so the question arises of how stock return can be explained and measured accurately (Hall, 2016). The answer to the best measurements that explain stock return is more needed today because of the global competitiveness (Dobbs et al., 2015). Accounting-based measures give limited information because it is based on a historical number (Sharma & Kumar, 2010). Also, accounting-based measures add financial and accounting Revised Manuscript Received on May15, 2019. Arif Widodo Nugroho, Student Programe Magister Management, State University of Jakarta, Indonesia. (arif.widodo.n@gmail.com) Ari Warokka, Lecturer, State University of Jakarta,Indonesia. (ari.warokka@gmail.com) Helen Purwatiningsih, Phd Student at Educational Technology Department, State University of Jakarta, Indonesia. (helenpnurdin80@gmail.com) Zainudin Hassan, Assoc Professor, Department of Educational Foundation and Social Sciences, Universiti Teknologi Malaysia, Johor, (Malaysia.p-zainudin@utm.my) distortions (Shil, 2009), which is refers to deviation and divergence between information reported by financial statements and the reality of the business (Gandevani, 2009). So, accounting-based measures have now been challenged and complemented by value-based measures (Hall, 2016). Value-based measures can eliminate financial and accounting distortions and have a concept of value creation which is the company's primary goal (Stewart, 1994). Furtheremore, Stewart (1994) claims Economic Value added (EVA) was superior to accounting-based measures in explaining stock return. Stewart's claims supported by several studies in explaining the company's performance (Athanassakos, 2007; Chen & Dodd, 1997; Chmelíkova, 2008; Feltham et al., 2004; Irala, 2007; Ismail, 2011; Lee & Kim, 2009; Reddy et al., 2011; Worthington & West, 2004). Meanwhile in its development there are several studies that reject Stewart’s claims (Altaf, 2016; Biddle et al., 1997; Biddle et al., 1999; Chen & Dodd, 1997, 2001; Ismail, 2006; Khan et al., 2016; Kim, 2006; Nakhaei, 2016; Sikarwar & Gupta, 2016). The existence of differences in the results of several studies is a debate between two measurements, whether measurement based on value-added or measurement based on accounting that best explains stock returns? Information related to EVA is available and promoted in a developed market, in contrast in the emerging market there is a minimal amount of research published(Sharma & Kumar 2010), especially developing countries in the ASEAN region. Kim (2006) states that most studies on EVA are related to the manufacturing industry. Value added is a parameter of the success of a company that can be applied in various other industries (Kim, 2006). Previous studies of EVA have been conducted in several industries such as hospitality and tourism (Kim, 2006; Lee & Kim, 2009), agribusiness (Geyser & Liebenberg, 2003), and the food processing (Chmelíkova, 2008). Based on a report from Flesher et al. (2018) last year, for the next few years, it is estimated that the mining sector is desirable for investors to get a satisfactory return. ASEAN remains the primary objective of FDI flows among developing countries, and one sector destination of FDI was the mining industry (Hwee & Mirza, 2017). Is value-based more associated with stock return than accounting-based measures? the asean-5 evidence Arif Widodo Nugroho, Ari Warokka, Helen Purwatiningsih, Zainudin Hassan