Kusuma, Rizka Ayu (2018) Pengaruh Economic Value Added (EVA) dan Market Value Added (MVA) Terhadap Return Saham (Studi pada Perusahaan yang Terdaftar dalam Indeks LQ45 di Bursa Efek Indonesia Tahun 2012-2016). Sarjana thesis, Universitas Brawijaya.
Abstract
Investor perlu melakukan analisis secara tepat sebelum memutuskan berinvestasi pada saham suatu perusahaan agar mendapatkan tingkat pengembalian (return) sesuai yang diharapkan. Salah satunya dengan analisis terhadap kinerja keuangan perusahaan. Analisis kinerja keuangan perusahaan biasanya dilakukan dengan analisis rasio, namun analisis rasio memiliki kelemahan yaitu mengabaikan biaya modal. Stern dan Stewart, pendiri perusahaan konsultan Stern Stewart & Company di Amerika Serikat memperkenalkan metode baru yaitu Economic Value Added (EVA) dan Market Value Added (MVA) sebagai alat ukur kinerja keuangan untuk mengatasi kelemahan metode sebelumnya (rasio keuangan). Penelitian ini bertujuan untuk menganalisis pengaruh penggunaan metode baru tersebut yaitu Economic Value Added (EVA) dan Market Value Added (MVA) terhadap return saham yang diterima oleh pemegang saham. Penelitian terdahulu yang digunakan untuk acuan dalam penelitian ini adalah hasil penelitian dari Fibriyantini dan Purwohandoko (2013), Harnovinsyah dan Sagala (2015), Nainggolan R. (2016), dan Rahayu (2017). Jenis penelitian yang digunakan yaitu penelitian explanatory research, dengan pendekatan kuantitatif. Penelitian ini mengambil objek perusahaan LQ45 yang terdaftar di BEI periode 2012-2016. Jumlah sampel penelitian setelah diseleksi dengan teknik purposive sampling adalah sebanyak 21 perusahaan. Analisis data yang digunakan adalah analisis regresi linier berganda menggunakan SPSS 16.0. Hasil penelitian ini menunjukkan bahwa nilai koefisien determinasi (Adjusted R Square) sebesar 9,7% yang berarti variabel independen mempengaruhi variabel dependen sebesar 9,7% dan sisanya yaitu 90,3% dipengaruhi oleh variabel lain diluar penelitian ini. Hasil Uji F menunjukkan bahwa variabel independen Economic Value Added (EVA) dan Market Value Added (MVA) secara simultan berpengaruh signifikan terhadap return saham. Hasil Uji t menunjukkan bahwa variabel Market Value Added (MVA) berpengaruh signifikan terhadap return saham, sedangkan variabel Economic Value Added (EVA) tidak berpengaruh signifikan terhadap return saham. Saran bagi calon investor yang hendak menanamkan dananya pada saham perusahaan dapat melihat faktor Market Value Added (MVA) karena berdasarkan hasil dari penelitian ini menunjukkan bahwa pergerakan return saham juga dipengaruhi oleh Market Value Added (MVA).
English Abstract
Investors need to do stock analysis appropriately before deciding to invest in shares of a company in order to get the expected rate of return. It can be fundamental analysis by analyze the financial performance of a company. The analysis that most commonly used to measure the company performance is financial ratio analysis, but financial ratio analysis has the weakness because it was ignoring the cost of capital, it makes difficult to know that a company has been succeeded in creating value or not. Stern and Stewart, founder of consulting firm Stern Stewart & Company in the United States introduced a new method to analyze the financial performance of a company. It was Economic Value Added (EVA) and Market Value Added (MVA) as a solution for the weakness of previous methods (financial ratios). This study aims to analyze the influence of the use of new methods, Economic Value Added (EVA) and Market Value Added (MVA) to stock return received by shareholders Previous research used for reference in this research is Fibriyantini and Purwohandoko (2013), Harnovinsyah and Sagala (2015), Nainggolan R. (2016), and Rahayu (2017). The research employs explanatory research with quantitative approach. This study takes the companies which listed in LQ45 index in Indonesia Stock Exchange Period 2014-2016 as object. The number of samples after selection by purposive sampling technique is 21 companies. The data analysis used is multiple linear regression analysis using SPSS 16.0. The results of this research indicate that the value of coefficient of determination (R2) is 9,7%, which means the independent variables affect the dependent variable about 9,7% and the rest 90,3% influenced by other variables outside this study. F test results show that independent variables Economic Value Added (EVA) and Market Value Added (MVA) simultaneously have a significant effect on stock returns. The t test result shows that Market Value Added (MVA) has significant effect to stock return, while Economic Value Added (EVA) has no significant effect on stock return. Suggestions for investors who want to invest funds in the company's stock can see Market Value Added (MVA) factor because based on the results of this study indicate that the movement of stock return is also influenced by Market Value Added (MVA).
| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FIA/2018/694/051808871 |
| Uncontrolled Keywords: | Economic Value Added, Market Value Added, dan Return Saham-Economic Value Added, Market Value Added, andStock Return |
| Subjects: | 300 Social sciences > 332 Financial economics > 332.6 Investment |
| Divisions: | Fakultas Ilmu Administrasi > Ilmu Administrasi Bisnis / Niaga |
| Depositing User: | soegeng sugeng |
| Date Deposited: | 14 Aug 2019 02:18 |
| Last Modified: | 25 Oct 2021 07:42 |
| URI: | http://repository.ub.ac.id/id/eprint/165847 |
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