Economic Value Added (EVA) and Market Value Added (MVA) Implications on Stock Returns
Abstract
This study aims to examine the influence of Economic Value Added (EVA) and Market Value added (MVA) on stock returns in construction sector companies incorporated in index Lq45 period 2015-2019. The population of this study is 45 companies incorporated in the Lq45 index on the Indonesia Stock Exchange (IDX). Based on the sample selection criteria, it was obtained 3 companies entered the criteria using the purposive sampling method. The analytical techniques used in this study were multiple linear regression analyses using SPSS version 22. The results of the study showed that the Test result F indicates that the independent variables of Economic Value added (EVA) and Market Value added (MVA) simultaneously have a significant effect on the return of shares. T-test result indicates that the Market value added (MVA) variable has a significant effect on the return of the stock, while the Economic Value added (EVA) variable has no significant effect on stock returns.
References
Aliyah, M. (2018). Analisis Pengaruh Ecinimic Value Added (EVA) Dan Market Value Added (MVA) Tehadap Return Saham (Studi Pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia (BEI) Periode Tahun 2012-2016). Lampung.
Ansori. (2015). Pengaruh Economic Value Added dan Market Value Added Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Yogyakarta.
Baridwan, Z., & Legowo, A. (2002). Asosiasi Antara EVA (Economic Value Added), MVA (Market Value Added) dan Rasio Profitabilitas Terhadap Harga Saham. TEMA, 3, 41–57.
Brigham, E. F., & Houston, J. F. (2010). Dasar-dasar Manajemen Keuangan. Jakarta: Salemba Empat.
Ferinda, F. (2019). Pengaruh Economic Value Added dan Market Value Added Terhadap Return Saham Pada Perusahaan Yang Terdaftar di Jakarta Islamic Indeks Periode 2015-2017. Lampung.
Hartono, J. (2013). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE.
Kartini, & Hermawan, G. (2008). Economic Value Added Dan Market Value Added Terhadap Return Saham. Jurnal Keungan Dan Perbankan, 12(3), 355–368. https://doi.org/https://doi.org/10.26905/jkdp.v12i3.899
Kusuma, R. A., & Topowijono, T. (2018). Analisis Pengaruh Economic Value Added (EVA) Dan Market Value Added (MVA) Tehadap Return Saham (Studi pada Perusahaan yang Terdaftar dalam Indeks LQ45 di Bursa Efek Indonesia Periode 2012-2016). Jurnal Administrasi Bisnis, 61(3).
Lehn, K., & Makhija, A. K. (1996). EVA & MVA as Performance Measures and Signals for Strategic Change. Strategy & Leadership, 24(3), 34–38. https://doi.org/10.1108/eb054556
Mohamad, S. (2015). Pasar Modal dan Manajemen Portofolio (Edisi 2). Jakarta: Erlangga.
Nugroho, M. (2018). The Effect of Economic Value Added (EVA), Market Value Added (MVA), Refined Economic Value Added (REVA) on Stock Prices and Returns Stock at Manufacturing Industries Who Listed on Indonesia Stock Exchange (BEI). Archives of Business Research, 6(12). https://doi.org/10.14738/abr.612.5843
Rudianto. (2013). Akuntansi Manajemen Informasi untuk Pengambilan Keputusan Strategis. Jakarta: Erlangga.
Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Widiati, P. K. (2014). Pengaruh Economic Value Added (EVA) dan Market Value Added (MVA) terhadap Return Saham Perusahaan Otomotif di Indonesia Tahun 2007–2010. El Dinar, 1(02). https://doi.org/10.18860/ed.v1i02.2521
Yoshua S., R. J. E., & Muhammad, R. N. (2021). Pengaruh Economic Value Added (EVA) dan Market Value Added (Mva) terhadap Return Saham. Indonesian Accounting Literacy Journal, 01(03), 567–574. https://doi.org/https://doi.org/10.35313/ialj.v1i3.3319
Laporan Keuangan Dan Tahunan Tahun 2015-2019. Diakes dari website https://www.idx.co.id/perusahaan-tercatat/laporan-keuangan-dan-tahunan/Diunduh 6 Juni 2020.
Ringkasan Performa Perusahaan Lq45 Tahun 2015-2019. Diakses dari website https://www.idx.co.id/media/7599/lq45-company-profiles-august-2019.pdfDiunduh 6 Juni 2020.
Copyright (c) 2022 Jurnal Ekonomi & Bisnis JAGADITHA
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Abstract viewed = 929 times
PDF downloaded = 2525 times
