This study assessed the accounting-based variables and value-based management (VBM) variables that jointly affect firm value and performance. The study applied the causality test and variance decomposition to determine the variability of the variables, and further empirically employed fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) techniques to justify the results. Data covering 356 industries were purposively sampled to arrive at 61 companies spanning 2011–2020. Overall, the causality test found no relationship between economic value added and market value added but only found unidirectional causality from shareholder returns to MVA, EVA to shareholder returns, ROA to MVA, ROE to MVA, EVA to MVA, MVA to EVA, ROE to ROA, EVA to ROA, and EVA to ROE. A very strong bidirectional causality relationship was found between return on asset and shareholder return as a measure of company performance. Further results from the forecast error of the variance decomposition showed that shareholder returns are explained only by its own shock, contributing 45.38 percent in the long run, while the remaining variables, namely market value added, return on asset, return on equity, and economic value added, contribute about 35.96%, 14.06%, 4.08%, and 0.51%, respectively, to predicting the future values of shareholder return. This confirms the relationships between the variables from the short run to the long run. Additionally, results from the FMOL and DOL revealed that all accounting variables and VBM are good approaches for evaluating company performance as the empirical result from ROA, ROE, and EVA revealed positive and significant relationships. This confirms that a combination of both variables would produce a better evaluation as the accounting variables and VBM variables jointly relate to shareholder returns. This study serves as a guide to companies’ management and boards of directors in having better ways to evaluate company performance. Consequently, it is recommended that managers select combinations of accounting and VBM variables that suit their operations and jointly apply them in the performance evaluation of the company. This will be useful in providing both the relative and incremental performance information needed for diverse decision-making.

This scholarly book aims to provide empirical and conceptual insights into contemporary accounting theories, practices, education and approaches adopted to advance human capital formation in the discipline. Although new accounting practices have emerged in the current epoch, conceptual and empirical research that provides a holistic and comprehensive understanding of these trajectories toward human capital approaches used to promote capability formation in accounting remains scarce. Contemporary research often focuses on developing frameworks for integrating accounting practices, while coverage of human capital development remains limited. Consequently, scholarship on accountancy and human capital continues to evolve in parallel, without a comprehensive empirical and conceptual framework that integrates the two. Advancing insights into both domains is essential for building a holistic understanding and promoting an interdisciplinary approach. This book responds to these gaps by presenting conceptual and empirical studies that advocate for education that supports and develops highly skilled generations of accounting practitioners, equipped with the financial and analytical capabilities required to thrive in the contemporary global economy. It contributes to the literature by foregrounding human capital formation within the accounting and finance disciplines and offering an interdisciplinary perspective on the intersection of accounting practice and the development of requisite professional knowledge. Accounting theories, practices, education and human capital formation trends: Empirical and conceptual insights is intended for scholars and researchers in accounting, finance and human capital development, as well as those in education and related social sciences, who seek an interdisciplinary perspective on how professional accounting and finance capabilities are cultivated within the contemporary global economy.