What is a measure of company performance that combines dividends with the share price?

The correct choice is Shareholder value, which is a comprehensive measure of a company's performance that reflects the total value provided to shareholders through both dividends received and the appreciation of the company’s share price. This concept encompasses the idea that shareholders are primarily interested in maximizing their returns, which come from the dividends they receive and any increase in the market value of their shares.

When a company performs well and its share price rises, shareholders are benefitting not only from potential capital gains but also from the dividends if they are being distributed. Therefore, shareholder value serves as an important indicator for assessing how well a company is doing in generating profits and delivering returns to its investors.

In contrast, market capitalisation refers to the total market value of a company's outstanding shares and does not account for dividends. Asset value focuses on the total value of assets owned by the company, which isn’t a direct measure of shareholder returns. Equity value represents the value of shareholders' equity but does not incorporate dividends either. Thus, Shareholder value is uniquely positioned to reflect the overall benefit to investors, combining both elements of dividends and share price performance.