ANALISIS ECONOMIV VALUE ADDED (EVA) DAN MARKET VALUE ADDED (MVA) TERHADAP HARGA SAHAM PADA PERUSAHAAN SEKTOR RITEL DI BURSA EFEK INDONESIA (BEI) 2014 - 2017
DOI:
https://doi.org/10.61769/jabs.v3i2.318Abstract
The stock price is an indicator of the success of the company's management. The company is said to have succeeded in creating added value for the owners of capital, if EVA and MVA are positive, because the company is able to generate returns that exceed the cost of capital followed by rising stock prices. However, if EVA and MVA are negative, this indicates a declining corporate value followed by a decline in stock prices, as the rate of return is lower than the cost of capital. The decline in the number of sales growth of retail issuers is a phenomenon for researchers to conduct research. With research entitled the effect of Economic Value added and Market Value added to stock price at retail company listed in Indonesia Stock Exchange period 2014-2017. The purpose of this research is to know the influence of EVA and MVA to share price at retail company listed in Stock Exchange Indonesia period 2014 - 2017. Data collection methods used in this study is the method of non-participant observation through financial statements and Indonesian Capital Market Directory (ICMD) which has been published through the official website of the Indonesia Stock Exchange. Analyzer used is multiple regression analysis, hypothesis testing with T test, hypothesis testing simultaneously with F test and determination analysis (R2) to know contribution percentage influence independent variable simultaneously to dependent variable. The sampling criteria are companies that have complete financial statements for the period 2014-2017 and those with non-negative capital. The result of the research proves from the two independent variables, there is only one variable that affect the stock price that is Market Value added, while for Economic Value Added does not affect the stock price
Keywords: Economic Value Added (EVA), Market Value Added (MVA), Stock Price.
Harga saham adalah indikator keberhasilan pengelolaan perusahaan. Perusahaan dikatakan berhasil menciptakan nilai tambah bagi pemilik modal, jika EVA dan MVA bernilai positif, karena perusahaan mampu menghasilkan tingkat pengembalian yang melebihi tingkat biaya modal (cost of capital) diikuti dengan meningkatnya harga saham. Namun, jika EVA dan MVA bernilai negatif, hal ini menunjukkan nilai perusahaan menurun yang diikuti dengan penurunan harga saham, karena tingkat pengembalian lebih rendah dari biaya modal. Penurunan jumlah pertumbuhan penjualan emiten ritel ini menjadi fenomena bagi peneliti untuk melakukan penelitian. Dengan penelitian yang berjudul pengaruh Economic Value added dan Market Value added terhadap harga saham pada perusahaan ritel yang terdaftar dalam Bursa Efek Indonesia periode 2014-2017. Tujuan penelitian ini adalah untuk mengetahui pengaruh EVA dan MVA terhadap harga saham pada perusahaan ritel yang terdaftar di Bursa Efek Indonesia periode 2014 – 2017. Metode pengumpulan data yang digunakan dalam penelitian ini adalah metode observasi non partisipan melalui laporan keuangan serta Indonesian Capital Market Directory (ICMD) yang telah dipublikasikan melalui situs resmi Bursa Efek Indonesia. Alat analisa yang digunakan adalah analisis regresi berganda, pengujian hipotesis dengan Uji T, pengujian hipotesis secara simultan dengan Uji F dan analisis determinasi (R2) untuk mengetahui persentase sumbangan pengaruh variabel independen secara serentak terhadap variabel dependen. Adapun kriteria pengambilan sampel adalah perusahaan yang memiliki laporan keuangan yang lengkap periode 2014-2017 dan yang memiliki modal yang tidak bernilai negatif. Hasil dari penelitian membuktikan dari kedua variabel bebas yang ada, hanya ada satu variabel yang berpengaruh terhadap harga saham yaitu Market Value added, sementara untuk Economic Value Added tidak berpengaruh terhadap harga saham.
Kata Kunci : Economic Value Added (EVA), Market Value Added (MVA), Harga Saham
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