Analisis Pengaruh Economic Value Added, Tingkat Pengembalian Aset, Leverage dan Tingkat Pengembalian Modal Terhadap Tingkat Pengembalian Saham pada Industri Pertambangan di Bursa Efek Jakarta Periode 1999-2003

SUADI, Winnar, Supriyadi, Dr.,MSc

2005 | Tesis | Magister Manajemen

Studi ini bertujuan untuk menemukan bukti empiris mengenai hubungan antara Economic Value Added (EVA) terhadap stock return. Sebagai variabel pembanding penulis juga meneliti hubungan antara Return on Asset (ROA), Debt to Equity (DER), dan Price Earning Ratio (PER) terhadap stock return. Penulis meneliti perusahaan-perusahaan industri pertambangan yang listing di Bursa Efek Jakarta karena belum banyak penelitian terhadap stock return dan EVA dalam industri ini. Hasil dari analisis regresi berganda menunjukkan bahwa hanya Return on Asset yang memiliki hubungan yang significant terhadap stock return. Hasil uji t terhadap ROA menunjukkan signifikansi hubungan antara variabel dependent (ROA) dan independent (stock return) dan variabel dependent lainnya tidak significant atau tidak mempunyai hubungan dengan ROA. Semua variabel diuji dengan menggunakan derajat nyata 5%.

This paper planned to examine and find the empirical evidence due to the correlation between Economic Value Added (EVA) to the Stock of Return. I use the Return on Asset (ROA), Debt to Equity Ratio (DER), and Price Earning Ratio (PER) as the comparative variables. I examine the company in mining industry since there were not studying in this industry field regarding the stock return and EVA. The multiple regression analysis found that the variable has the significant correlation is ROA. Using the t-test analysis to the ROA found the significant correlation between dependent variable (ROA) and independent variable (Stock Return) as while as the other dependent variables do not have the significant correlation. In the other word, the other independent variables do not have the correlation to the Stock Return. All of the variables are tested with the coefficient 5%.

Kata Kunci : Pasar Modal, Stock Return, EVA, Economic Value Added, Return on Asset, Debt to Equity Ratio, Price Earning Ratio, and Stock Return.