Pengaruh Economic Value Added Terhadap Stock Return dan Market Value Added

Wisnu Dibyo Purnomo (Pemb : Dr. Eduardus Tandelilin, MBA), Dr. Eduardus Tandelilin, MBA

2003 | Tesis | S2 Management

Penelitian ini menguji pengaruh economic value added terhadap stock return dan market value added, dalam suatu kerangka yang terintegrasi menggunakan persamaan simultan. Variabel independen utamanya adalah economic value added yang dihipotesiskan memiliki koefisien positif terhadap stock return dan market value added. Permasalahan penelitian ini bersumber dari keunggulan economic value added sebagai pengukur kinerja perusahaan dari sisi keuangan dan perbedaan hasil penelitian antara di USA dengan di Indonesia.

Hasil penelitian menunjukkan bahwa hipotesis pertama tidak didukung dan mendukung hasil beberapa penelitian di Indonesia yang menemukan economic value added tidak berpengaruh secara signifikan dengan stock return. Namun pada sisi lain, hipotesis kedua menunjukkan adanya pengaruh yang signifikan antara economic value added terhadap market value added. Adanya perbedaan hasil penelitian disebabkan belum digunakannya economic value added oleh investor sebagai pengukur kinerja perusahaan khususnya di Indonesia dan perbedaan dalam menghitung cost of capital.

This research aims is to examine the effect of Economic Value Added to Stock Return and to Market Value Added, an integrated framework used simultaneous equations. The primary independent variable is Economic Value Added that hypothesized has positive coefficient to Stock Return and Market Value Added. The subject of this research have come from the advantage of Economic Value Added as performance measurement of companies from side of finance and the difference of research result between USA and Indonesia.

The result has showed that the first hypothesis not supported but has supported some result of research in Indonesia that found Economic Value Added has not influenced significantly to Stock Return. On the other hand, the second hypothesis has showed an influence significantly between Economic Value Added to Market Value Added The difference existence of result research because of Economic Value Added has not used as performance measurement of companies by investors especially in Indonesia yet and the difference in account of cost of capital.

Kata Kunci : Economic value added - stock return - market value added - cost of capital.