Investor returns measures or market measures are forward looking and focus on market performance. They are less susceptible to different accounting procedures and represent the investor’s evaluation of the ability of a firm to generate future economic earnings (McGuire et al., 1988). But the stock-market-based measures of performance also yield obstacles (ibid). According to Ullmann (1985), for example, the use of market measures suggests that an investor’s valuation of firm’s performance is a proper performance measure (McGuire et al.,1988).