“…Market-to-book value is an indicator of business performance; it reflects the market evaluation of a business [12,13,22]. Market value includes more diverse elements: reputation, potential business growth rate, market reputation, brand value, quality of human capital, risk, and amount of assets, whereas book value includes visible aspects of a business [30][31][32]. Hence, scholars have contended that market value reflects both the past and future of a business, while profitability in financial statements concentrates on past shortterm performance [14,15,22].…”