Detail Inovasi Perguruan Tinggi


Tema: Manajemen Keuangan
Judul: ANALISIS ECONOMIC VALUE ADDED (EVA) DAN MARKET VALUE ADDED (MVA) SEBAGAI TOLOK UKUR SHAREHOLDER VALUE TERHADAP RETURN SAHAM
Perguruan Tinggi: Sekolah Tinggi Ilmu Ekonomi Kesatuan
Jenis/sdm: dosen/0430127101

Tahun: 2012

Creation of Value (Value Creation) is a prosperity that was created for shareholders by increased stock price and dividends paid. EVA (Economic Value Added) measures the value added in a given period. The added value is created when companies earn profit more than the company's cost of capital. MVA (Market Value Added) is also an indicator that can measure how big the company has created wealth for the investor or the MVA express how much wealth has been achieved. The increasing EVA and MVA is expected to increase stock returns for shareholders in the form of Capital Gains.
The purpose of this research is to find out How EVA (Economic Value Added) which contained in the companies; to find out how MVA (Market Value Added) which contained in the companies; to know how to return the shares in these companies. To know How to return the shares in the company; to determine whether there is any significant effect of EVA (Economic Value Added) to stock returns; to determine whether there is a significant influence MVA (Market Value Added) to stock returns; to determine whether there is any significant effect of EVA (Economic Value Added) and MVA (Market Value Added) simultaneously on stock returns; To find out whether the EVA (Economic Value Added) and MVA (Market Value Added) can be used as a measure of Shareholder Value.
These results indicate that the four companies studied had positive EVA but in the PT. ANTAM (Persero) Tbk. there is negative EVA results in 2008 and 2009. MVA of the fifth companies to generate positive MVA each year. Meanwhile the stock return of these companies experienced a similar movement. EVA has a weak correlation and have parallel relation to stock returns partially. MVA has a close relationship and inversely to stock return. Meanwhile simultaneously the two variables that have close correlation to companies stock return and also had a positive influence on stock returns increase. Therefore, EVA and MVA can not be used as a measure of shareholder value.
Evaluation results of this study suggest that for PT. Indofood Sukses Makmur Tbk., PT. Astra Agro Lestari Tbk., PT. Indocement Tunggal Prakarsa Tbk., PT. ANTAM (Persero) Tbk. and PT. Kalbe Farma Tbk. continues to improve the companies NOPAT, select the lowest cost of capital and manage invested capital effectively in order to improve the EVA of the company. These five companies should also continue to maintain their financial performance for companies increased MVA. So with increasing EVA and MVA can improve the return generated for shareholders.
Key words: Economic Value Added, Market Value Added, Stock Return