Kinerja Keuangan Konvensional, Economic Value Added, dan Return Saham

Bambang Sudiyatno; Toto Suharmanto

doi:10.15294/jdm.v2i2.2479

Kinerja Keuangan Konvensional, Economic Value Added, dan Return Saham

Bambang Sudiyatno⁽¹⁾, Toto Suharmanto⁽²⁾,

DOI: https://doi.org/10.15294/jdm.v2i2.2479

(1) Jl. Kendeng V Bendan Ngisor, Semarang, 50233
(2) Jl. Kendeng V Bendan Ngisor, Semarang, 50233

Abstract

Penelitian ini bertujuan untuk menguji pengaruh kinerja keuangan konvensional; Return on Asset (ROA), Return on Equity (ROE), Residual Income (RI), dan kinerja keuangan yang lebih modern; Economic Value Added (EVA) terhadap return saham pada perusahaan-perusahaan dalam industry makanan dan minuman yang terdaftar di Bursa Efek Indonesia. Pengambilan sampel dalam penelitian ini menggunakan metode sensus, karena semua perusahaan dalam industry makanan dan minuman digunakan sebagai sampel. Namun dalam proses samplingnya mengunakan metode purposive sampling, yaitu menggunakan sampel dengan criteria-kriteria tertentu. Hasil penelitian menunjukkan bahwa Return on Asset (ROA) dan Residual Income (RI) berpengaruh positif dan secara statistik signifikan terhadap return saham pada level signifikansi 1%. Sedangkan Return on Equity (ROE) berpengaruh negative dan secara statistik signifikan terhadap return saham pada level signifikansi 10%, dan Economic Value Added (ERA) berpengaruh positif tetapi tidak signifikan terhadap return saham.

This study aims to test the effect of conventional financial performance i.e. Return on Asset (ROA), Return on Equity (ROE), Residual Income (RI), and the more modern financial performance which is Economic Value Added (EVA) toward stock returns on companies in the food and beverage industry listed in Indonesia Stock Exchange. Sampling technique in this study uses the census method, all companies in the food and beverage industry are used as a sample. The process of sampling using purposive sampling method. The result shows that Return On Asset (ROA) and Residual Income (RI) are positive and statistic significant impact on the stock returns at significance level 1%. While the Return on Equity (ROE) is negative and statistic significant impact on the stock returns at significance level 10%, Economic Value Added (EVA) is positive and statistic not significant impact on the stock returns.

Keywords

Return On Asset (ROA); Return On Equity (ROE); Residual Income (RI); Economic value added (EVA); Stock return

Full Text:

PDF

References

Harjito, D. A & Aryayoga, R. 2009. Analisis Pengaruh Kinerja Keuangan dan Return Saham di Bursa Efek Jakarta. Fenomena. Vol. 7, No. 1, pp: 13-21.

Irala, L. R & Reddy, R. 2006. Performance Evaluation, Economic Value Added and Managerial Behaviour. PES Business Review. Vol. 1, No. 1.

Ismail, A. 2006. Is Economic Value Added More Associated With Stock Return Than Accounting Earnings? The UK Evidence. International Journal of Managerial Finance. Vol. 2, No. 4, pp: 343-353.

Lee, S & Kim, W. G. 2009. EVA, Refined EVA, MVA, or Traditional Performance Measures for the Hospitality Industry ?. International Journal of Hospitality Management. Vol. 28, No. 3, pp: 439-445.

Martani, D., Mulyono & Khairurizka, R. 2009. The Effect of Financial Ratios. Firm Size. and Cash Flow From Operating Activitiesin the Interim Report to the Stock Return. Chinese Business Review. Vol. 8, No. 6, pp: 44-55.

Palliam, R. 2006. Further Evidence on the Information Content of Economic Value Added. Review of Accounting and Finance. Vol. 5, No. 3, pp: 204-215.

Richard, P., Devinney, T., Yip, G & Johnson, G. 2009. Measuring Organizational Performance: Towards Methodological Best Practice. Journal of Management. Vol. 35, No. 3, pp: 718-804.

Sharma, A. K & Satish, K. 2009. Economic Value Added (EVA)-Literature Review and Relevant Issues. International Journal of Economics and Finance. Vol. 2, No. 2.

Shubita, M. F. 2009. The Relationship Between EVA and Stock Returns. International Research Journal of Finance and Economics. Vol. 59, pp: 35-41.

Taufik. 2007. Pengaruh Pendekatan Traditional Accounting dan Economic Value Added Terhadap Stock Return Perusahaan Sektor Perbankan di PT. Bursa Efek Jakarta. Jurnal Manajemen & Bisnis Sriwijaya. Vol. 5, No. 10, pp: 1-14.