Hubungan antara economic value added dengan market value added dan identifikasi variabel-variabel yang mempengaruhi economic value added: studi kasus perusahaan-perusahaan di PT.Bursa Efek Jakarta.

Master Theses from JBPTITBPP / 2007-03-14 18:12:33
Oleh : Muhammad Hendry, S2-Industrial Management
Dibuat : 1999-00, dengan file

Keyword : Stock exchange; share value; Company condition

Stock Exchange trader, observers and academicians are nowadays wondering firstly, what factors have actually affected capitalized by the market in the formation of value of a share in the stock Exchange. Secondly, what research method can accurately and comprehensively give appropriate judgement on the condition of a company? In the late 1980s Stren Stewart & Co. found new concept called Economic Value Added (EVA). This concept is an approach in evaluating company performance by fairly focus on producing EVA which is gained through the reduction of capital expenditure resulted from the given investment. Unlike the traditional performance measurement, EVA is independent meaning that it does not require comparative analysis with other similar companies or produce tendency or trend analysis. IF EVA 0, there is an economic value added to the company and if EVA 0, there is no economic value added or there has been an elimination of shareholders wealth, since the current profit can not meet their expectations. This research is trying to apply EVA and MVA concept in order to firstly measure company's performance, secondly it is aimed to know whether the company's performance improvement (EVA) will increase the price of its share in the market(MVA).
Finally, it is intended to identify variable (cash flow variables such as AKO, AKI, AKP and financial ratio variables such as ROI, ROE, LDE, LDTC, TDE, TDTA and TATO) that significantly
influence the creation of company's image (EVA) of those listed in the Jakarta Stock Exchange.
These companies are categorized into index group of LQ-45 having the highest market and liquidity
value from 1994 to 1996. It is found out that EVA has a significant influence to MVA, yet its
influence is still weak meaning that MVA has not fully reflected EVA information. There are only 7
significant variables out of 10 which influence the creation of company's image, i.e. AKI, AKP,
LDE, TDE, AKO, ROE and LDTC.