INTRODUCTION 

Due to the amount of change in the corporate world over the last decade,
managers and investors are looking for an economic framework that better reflects the
value and profitability of their company. Accounting tools currently in use are
insufficient and unlikely to meet the challenge posed by efficient capital markets.
Financial performance measurement is an important part of any organization's growth
and development because it allows them to communicate about their financial health.
Investors, customers, suppliers, the government, institutional investors, and
employees are all interested in the financial health of the organization because they
invest their time, money, and trust in it. In the economic framework, there are several
value-based measurements, such as Economic Value Added (EVA), Return on
Investment (ROI), and Residual Income (RI). 
The company must exercise extreme caution when selecting measurement
tools, as this will have a significant impact on management resources and every
department within the company. In contrast to financial measurement, there is also
non-financial measurement provided for services organizations and non-profit
organizations and over the past year it is also become important to profit
organizations. Performance management seeks to align performance with the
organization's strategic objectives, and performance management systems serve
multiple functions. Measurement systems can be used to communicate the
organization's results to a variety of external and internal audiences, and they can
sometimes help the organization, such as in supporting budget requests to governing
bodies or grant applications to funding agencies. Thus, in order to meet the
expectations of investors, companies must exercise extreme caution when selecting
performance measurement techniques, as this will allow them to accurately evaluate
performance and plan for future improvements and expansion activities. 
 
 
 
 
 
1.
Article 1 – A case study of HDFC bank measuring financial performance using
EVA and ROI 
2.
Article of a case study of HSBC bank,2017 are shows how the HDFC Bank in
India measure their financial performance using the return on investment (ROI).
Based on the article, any organization's growth and development depend heavily on
measuring its financial performance because it is a means of conveying information
about the organization's financial stability. Stakeholders like investors, customers,
suppliers, the government, institutional investors, and employees are all concerned
with the financial health of the company because they have invested their time,
money, and trust in it. It shows that how important role of the financial measurement
for the stakeholder to make sure the company get trust from them. It is crucial to
measure financial performance properly but there are several methods for evaluating
financial performance, including ratio analysis, comparative statements, common size
statements, cash flow statements, return on investment (ROI), return on net worth
(RONW), return on capital employed (ROCE), and earnings per share (EPS) Value
additions in the economy, markets, etc. and Economic Value Added (EVA).  Out of
all of these strategies  
 Article of a case study of HSBC bank,2017 are shows how the HDFC Bank in
India measure their financial performance using the return on investment (ROI).
Based on the article, any organization's growth and development depend heavily on
measuring its financial performance because it is a means of conveying information
about the organization's financial stability. Stakeholders like investors, customers,
suppliers, the government, institutional investors, and employees are all concerned
with the financial health of the company because they have invested their time,
money, and trust in it. It shows that how important role of the financial measurement
for the stakeholder to make sure the company get trust from them. It is crucial to
measure financial performance properly but there are several methods for evaluating
financial performance, including ratio analysis, comparative statements, common size
statements, cash flow statements, return on investment (ROI), return on net worth
(RONW), return on capital employed (ROCE), and earnings per share (EPS) Value
additions in the economy, markets, etc. and Economic Value Added (EVA). Out of all
of these strategies
The most popular technique is return on investment, though economic value
added has recently gained ground because it employs a residual income approach to
evaluate how well an organization is doing financially. The Indian banking sector is
expanding quickly, making it an appealing place for investors to park their money and
earn higher returns. Since the banking sector is now heavily dependent on institutional
investments and stock market investments for its financial needs, it is working hard to
meet its shareholders' wealth maximization objective in order to inspire confidence in
their investors about their performance and growth and raise more capital. To meet
the expectations of investors and remain competitive, banks must exercise extreme
caution when selecting performance measurement techniques. This will allow them to
accurately evaluate performance and plan for future improvements and expansion
activities. 

The article is mentioned about the conceptual framework of economic value added
(EVA) are EVA, as a measurement tool, employs the residual income approach,
which shows the income left over after meeting the total cost (Debt +Equity) to
evaluate the firm's financial performance. Stern Stewart and Co. developed the EVA®
concept in the 1990s in the United States. Since then, many businesses have used this
technique to assess their financial performance. The article also includes the Bennet
Stewart phrase which is "EVA is the fuel that ignites a premium in stock market
value.". Besides, Economic value added (EVA) is marketed as a management tool that
adds value to a company (Tulley, 1998). To calculate the EVA, the equation is equal
to Net Operating Profit After Tax (NOPAT) minus with Invested Capital that multiply
first with Weighted Average Cost of Capital (WACC). The NOPAT, the amount of
capital invested, and the WACC are the three main variables that contribute to a
company's EVA, according to the EVA equation. Despite usually being listed in a
public company's financials, NOPAT can be calculated manually. The sum of money
used to finance a business, or a particular project is known as the capital invested. The
weights are calculated as a percentage of each financial source in a company's capital
structure, and WACC is the average rate of return a company expects to pay its
investors. WACC is typically provided but can also be calculated.  
 
In this article also shows the differences between Return on Investment (ROI)
and Economic Value Added (EVA). Based on the article, it said that EVA allows all
business units to have the same profit goal for comparable investments, whereas ROI
provides different incentives for comparable investments. For an example, a business
unit that currently earns a ROI of 30% would be hesitant to expand unless it could
earn a ROI of 30% or higher on additional assets: a lower return would reduce its
overall ROI below 30%. As a result, this business unit may pass up an investment
opportunity whose ROI is greater than the cost of capital but less than 30%. Besides
that, EVA has a strong positive relationship with changes in a company's market
value when compared to ROI. These differences can be strengthened by the statement
from O'Byrne et al. (1996) discovered that by combining the book value of equity
capital, the perpetual value of current EVA, and the present value of the perpetual
value of incremental EVAs generated by future invested capitals under the
assumption of constant required return and constant return on invested capital, EVA
better predicted the expected market value of equity.  
 
It shows that EVA not only more accurately measures a company's
performance but also predicts its market value by combining the book value of equity
with the present value of expected EVAs under the assumption of constant required
return and constant return on equity.  
In addition, EVA is a monetary value such as in ringgit or dollar whereas ROI is a
ratio. It shows that EVA manage to give a result that in monetary value, so it is easy
to determine the residual income that the company manage to get for every
investment the investor made. Meanwhile the ROI just shows a percentage of the
return on investment which it just determines of every RM1 of investment. For an
example, if the company use the EVA formula, the result will turn to monetary value
like rm9000 of residual income after deducting all expense and cost, but if using ROI,
the result will be in 8% and the company must have to calculate it to turn it into
monetary value. Last but not least, EVA employs the residual income approach,
which encourages managers to make profitable investments that might otherwise be
rejected based on ROI. The residual income method encourages managers to accepted
investment that are profitable for the entire company but would have been rejected if
ROI is used as a performance measure.   
 
Furthermore, the article also mentions about the conceptual framework of
return on investment (ROI), Return on investment (ROI) is the income earned on
capital invested by an organization; it shows the proportion of income earned over the
investment made. ROI is a ratio in which the numerator is income, and the
denominator is assets. ROI enables the organization to communicate to stakeholders
the amount of income earned over the investment made. It is used to make investment
decisions for upcoming projects and measures the efficiency with which total capital
invested is used. To calculate ROI, the company needs to follow the ROI formula
which sales revenue divide by the invested capital. The findings from case study of
HDFC bank for a period of two years shows that return on investment for HDFC bank
has increased while economic value added for both the years is negative. There is
contrast result from the two-method used of performance measure between return on
investment and economic value added because return on investment does not consider
the total cost whereas economic value added uses residual income approach and
considers the total cost of capital and gives a true picture of the performance of the
bank. Both approaches assess an organization's profitability and value, which is
critical in making decisions about management incentives, compensation strategies,
and capital investment. Therefore, it depends on the company to use which techniques
 to measure their performance, managers also can use either of the two techniques to
know how their firms are doing and plan how to optimize operations. 
Banking sector is very important for growth of any country and so it is important to
keep track of financial performance of this sector. It’s important for the company to
decide method to be used since return on investment and economic value-added use
different data to calculated, return on investment (ROI) is calculated after deduction
of tax and interest from the profit, economic value-added (EVA) uses profit before
subtraction of tax and interest. From this, it can be said that the best method to use to
measure an organization’s performance is the ROI. This technique can be useful for
comparing the performance of different units and planning and implementing the best
way for each departmental manager to maximize profits based on asset investments.
Also, it is better measure of profitability since it relates net income to investments
made by an organization. 
As a conclusion, this article is focus on the Economic value added (EVA) and return
on investment (ROI) in banking sector like HDFC sector. Economic value added is a
performance measurement tool that provides a more accurate picture of a company's
performance in rupee terms than Return on Investments. Many corporate executives
are hesitant to adopt change and use techniques such as EVA because they are still
reliant on traditional performance measurement techniques. In the case of HDFC
Bank, we can see that ROI indicates that the bank is performing better, but when EVA
is considered, we see that the bank is unable to meet the total cost of capital and thus
has negative residual income. To summarize, the paper focuses on two techniques,
each of which has advantages and disadvantages, so relying solely on one technique
may result in misleading results and incorrect decisions. To make proper strategic
decisions in the long run, every organization must rely on more than one performance
measurement technique. 
 
1.
Article 2 – Global benchmarking of children’s exposure to television advertising
of unhealthy foods and beverages across 22 countries.  
2.
Article from Kelly et al., 2019 is about the effects of exposure to unhealthy food
advertisements on the health of children who watch those advertisements on
television. In this article as well, The International Network for Food and
Obesity/non-communicable diseases Research, Monitoring and Action Support
(INFORMAS) are researchers who are responsible for controlling and using
benchmarking methods to reduce obesity rate that occurs among children. They are
also responsible for helping any advertising sector involved to create healthy food
environment for children. Unhealthy food advertisement has a negative effect on the
audience of young children in terms of their health and knowledge about that food.
When they watch the advertisement, it will increase their desire to enjoy the unhealthy
food. For instances, soft drink and fast food. INFORMAS use benchmarking the food
marketing over time and across places. As mentioned in the title of this article,
INFORMAS benchmarking this issue globally across 22 countries. In this study, there
is an activity that differentiates the rate of each television in every country involved in
broadcasting advertisements related to unhealthy food to children or when children
are watching television (children’s peak viewing time). In this article, it is also stated
that each country has a different policy in the regulation of their respective
advertisement broadcast. Therefore, in these 22 countries, each has a different level of
obesity among children due to the regulations made by the authorities against the
broadcasting of unhealthy food advertisements to its viewers.  
How they benchmark the rate of unhealthy food advertisements served to children is
by collecting television food advertisement data using the INFORMAS standard
protocol that has been contributed by several countries. In addition, these data were
complemented with data from other nations, identified through a collection of studies
assessing the type and scope of food advertising on television. Studies that
documented television programming for consecutive hours on recorded days and
contained information on all food and beverage commercials were included.  
Data were collected by the research team for the most part, even though one data set
was acquired from a market research firm, and another was received for free from the
national television regulator. Datasets were acceptable for inclusion if they contained
accurate resources on the time each food advertisement was shown to enable
calculation of the frequency of advertisements per hour and sufficient detail on the
advertised food and beverage products to permit reclassification using a standard food
classification system. Furthermore, research need at least one weekday and one
weekend day, ideally picked at random. The national research teams verified the
datasets before sending them to the principal author for compilation. 
For the sample description, they contribute data from 22 countries for this study.
Countries from the Asia-Pacific region, Africa, Central and South America, Europe,
and North America were included in the final dataset compilation. The total broadcast
time included was 11,191 hours.  Most countries caught television for the majority of
the day during the recording period is 14 to 18 hours. 
This study gives a global view of children's exposure to food and non - alcoholic
beverage advertising on television, the nature of this advertising in terms of the
products promoted and the techniques used that have an effective persuasive
attractiveness, the main advertising companies, and the relationship between
advertising and government regulation and industry self-regulatory applications.
Three main findings can be drawn from this study. The first is that unhealthy foods
and drinks were advertised four times more than healthy foods and drinks, and the
number of ads for unhealthy foods and drinks was even higher during times when
children have been most likely to be watching TV. The main result is that most food
and drink ads come from a small number of multinational companies. The third result
is that existing regulations in place in most countries are working well. 
Globally, rates of food and beverage advertisements that should not be permitted were
35% higher during children's peak viewing times compared to nonpeak viewing
times, and they were significantly higher during children's peak viewing times in
Chile (85% higher), Malaysia (75% higher), Canada (77%), Guatemala (56%), New
Zealand (60%), Costa Rica (50%), and Australia (49%). At the time of data
collection, only Australia had government-mandated restrictions on the promotion of
harmful foods and drinks to children on television. It was mostly commercials for
unhealthy foods and drinks that featured convincing components that children find
attractive, and these approaches were also used most often during children's peak
watching hours. In Thailand and Malaysia, where nearly no food or beverage
commercials were authorized, 58 and 24 advertisements for unhealthy foods and
drinks were aired for every single advertisement for healthier foods and beverages,
respectively. whereas in most countries, at least some food or beverage ads should be
allowed, for example in New Zealand, around 9 percent of food commercials were for
fresh meat and 11 percent were for healthy oils, however in Malta, just 3 percent of
food advertisements were for fresh fruits and vegetables. 
 Based on the data that has been collected in this research, there are five countries that
have regulations regarding the marketing or advertising of food to children made by
their own governments. The five countries are Australia, Mexico, South Africa,
Thailand and the United Kingdom. From this article, we can know that Australia is
the country that most often broadcasts advertisements about unhealthy food during
children’s peak viewing time. This is because the rules in Australia do not limit the
types of food that can be advertised or not to children. The Australian government
only makes this limitation rule on channels or television programs that are reserved
for school or pre-school students.  
The rule not to broadcast advertisements about unhealthy food does not apply during
children’s peak viewing time. For them, advertisements are for public viewing
regardless of whether the advertisement can have a positive or negative effect on the
audience. Next, in South Africa, there is a rule where advertisements about unhealthy
food are restricted from 6 am to 9 am every day. This regulation is made to prevent
children from watching advertisements that may influence them to want to enjoy junk
food and beverages or unhealthy food. For Mexico, Thailand and the United
Kingdom, information on children’s peak viewing time was not available. There is
good news where many governments are now starting to introduce and establishing
regulations on food marketing for television stations in order to take care of the health
of the people in their country, especially children. Among the countries that started to
introduce such regulations are Chile, Canada and Slovenia.  
 
This study has some limitations and also strengths. One of the limitations is that each
country has their own various definitions of the age of children this will cause
children’s peak viewing times not to be determined accurately. In addition, in this
study it only looks at and evaluates data based on advertisements broadcast by
television only, not from other media such as social media and so on. This causes the
assessment of the potential of children who are exposed to junk food and beverages
advertisements to be limited because the data collected is not made comprehensively. 
The strength of this study is INFORMAS has established a guideline in which the
recoding of country datasets is standardized to allow comparisons to be made between
countries.  
Thus, children are the dominant group to be influenced by any advertisement
broadcast on television, especially advertisements about food. Therefore, the
authorities should establish and subsequently tighten regulations related to food
marketing for all compliant television stations. This is to ensure that the obesity rate
among children can be reduced.  
 
 
 
 
 
 
 
  
 
1.
Article 3 – A Case Study of Challenges and Control in Performance
Management System Implementation. 
2.
Organization must put an effort to maintain performance as the business environment
changes. Performance can be enhanced by using a Performance Management System
(PMS) in conjunction with control mechanisms. Performance Management System
implementation is one of the Government Linked Company Transformation (GLCT)
program's requirements. So, this article review aims to describe the difficulties and
solutions encountered when implementing Performance Management System in an
AA Berhad company, a Government Linked Company (GLC). AA Berhad is just a
fictious name, for reasons of confidentiality, the organization's real names are not
made public. The findings show that obstacles to performance management system
implementation include management commitment, employee readiness, and
performance management system objectives and directions. Belief, boundary,
diagnostic, and interactive control systems are among the suggestions.
In this article review, we can see the challenges in the implementation of performance
management system. It is clear from the literature that several facets of PMS
implementation have been studied in the past. The first challenge a company faces is
employees. Based on this article, it is including lack of training, relying on guidelines,
job descriptions, ignore circular guidelines and also not understanding new PMS
implementation concept. Managers must ensure that job descriptions match corporate
objectives, and the performance will be assessed using the tasks stated in the key
performance index (KPI) for each job. The staff members should be aware that the
new modifications made in connection with the introduction of PMS will take time to
overcome old operating systems. Besides, employees also must adhere to the PMS
implementation as specified in the circular. Under coercive pressure, AA's biggest
challenge is managing the personnel. Employees were required to subscribe to the
new environment due to modifications in the PMS system that were made mandatory
to follow. Next, the challenges encountered based on employee issue. The majority of
difficulties experienced under coercive coercion come from the employees.
Interactive controls, in which accountable parties must interact with people and
provide PMS training, are the best ways to address the issues caused by a lack of
training. The manager should make sure that the staff receives enough training on the
new PMS implementation to improve their comprehension. Diagnostic controls,
where the strategic department is expected to monitor each department to ensure
compliance with the established recommendations, are suitable controls for
overcoming depending on guidelines. 
The second challenges in this article review for PMS is related to the software system.
According to Soetlela et al. (2014), a hurdle in achieving the direction is making sure
PMS software is operational at all times. It is important to regularly check the PMS
software, keep a close eye on the system, and update the adjustments as needed. Due
to AA's response to the uncertainty of new software and measurements, mimetic
pressures were created. AA switched from the CBPMS (Competency Based
Performance Management System) to the OBITS (Outcome Based Indicator Tracking
System) current software. CBPMS is less capable of supporting the new outcome-
based performance of PMS deployment and is more appropriate for BSC
implementation. So, AA decided to use OBITS as new software. Employees had
trouble acclimating to the programme, which made them more likely to follow
procedures than to comprehend how to use it effectively.  
Not only that, because the job descriptions did not match the duties given to the
employees, AA Berhad also had trouble coming up with appropriate and suitable
measures. Employees therefore encounter situations where the perceived best course
of action is unclear, and they may imitate another employee's actions or use an
outdated measurement that is inaccurate. Hence, to overcome this challenge, the use
of diagnostic control is thought to be suitable for tackling the target determination and
timeline challenges. This is due to the fact that the target will be decided upon and
used to encourage, track, and reward achievement of specific goals. Consequently,
diagnostic control was found to be a more effective control for overcoming targets'
challenges. 
Lastly, the challenge of implementation of Performance Management System in AA
Berhad is inadequate management commitment. By attending workshops and
seminars on performance management system, challenges within a particular
profession can be encountered. Due to the priority of other work, management may
occasionally be required to send subordinates (employees reporting to the immediate
manager) to the workshop. This action could result in management failing to
comprehend the new performance management system implementation concept and
being unable to give employees clear instructions. The solution to the problem of
management commitment that results from normative pressures was found to be
interactive control. Since the highest level of management should inform employees
of all information, including policies and reporting performance status, interactive
controls are thought to be appropriate. The management is thought to need to pay
close attention on a regular basis in order to overcome the difficulties. As a result,
interactive control systems are utilised across the board in the company. 
In order to provide the government with a quarterly performance report on GLCT, AA
Berhad conducted quarterly evaluations on subordinates. However, if employees don't
follow the new system and the assessment procedure as it currently stands, the results
could be inaccurate. This occurred as a result of new implementation focusing on
outcomes rather than activities, while existing performance management system
practices focused on activities and were easily assessed. Overall, the study's findings
indicated that although the AA Berhad has a good performance management system,
its implementation faces challenges as a result of recent changes. 
 
 
CONCLUSION  
The conclusion that can be made from our main topic which Performance
Management System is that every management in any company can be evaluated
either through financial measurement and non-financial measurement. Like the three
cases that have been reviewed above, we can see the variety of measurement types
that are used to measure things not only for company management but for other issues
that occur nowadays. In the first case, ROI and EVA is using by HDFC bank in
evaluating their financial performance and the second case, it uses benchmarking to
evaluate and measure the frequency of advertisement of food marketing among
several countries The last case tells us in order to evaluate performance management
also have their own challenges whether using financial performance or non-financial
performance measure. Based on the cases that have been reviewed above, we can see
that all types of companies and businesses use various methods to evaluate their
performance level. performance for every company and business is very important for
them to attract customers and shareholders out there.