Pengaruh Economic Value Added (EVA), Earning Per Share (EPS), dan Return on Aset (ROA) terhadap Return Saham pada Perusahaan Manufaktur di BEJ

SETIAWAN, Antonius Didiet, Indra Wijaya Kusuma, Dr.,MBA

2005 | Tesis | Magister Manajemen

Penelitian ini menguji pengaruh metode pengukuran kinerja Economic Value Added (EVA), Earning Per Share(EPS), dan Return On Asset (ROA) terhadap return saham. Ketiganya merupakan alat yang digunakan oleh para investor dalam menilai profitabilitas suatu perusahaan. Secara teoritis EVA lebih mencerminkan shareholder valuecreation dibandingkan EPS dan ROA, karena EVA menghitung laba ekonomi suatu perusahaan (yaitu residual income yang tersisa setelah semua biaya modal dikurangkan), sedangkan EPS dan ROA tidak membebankan biaya modal dalam perhitungannya. Pengaruh EVA, EPS dan ROA terhadap return saham diuji dengan metode regresi berganda. Metode pengukuran kinerja yang memiliki koefisien regresi terbesar dan paling signifikan dianggap memiliki pengaruh yang paling besar terhadap return saham. Penelitian menunjukkan bahwa koefisien regresi EVA = 0,000024 dan signifikan pada a=5%, EPS = 0,000111dan signifikan pada a=1%, dan ROA = 0,002 dan tidak signifikan. Dapat disimpulkan bahwa EPS memiliki pengaruh yang lebih besar daripada EVA, sedangkan ROA tidak memiliki pengaruh terhadap return saham. Dalam hal ini EPS merupakan metode pengukuran yang paling relevan dengan shareholder valuecreation dibandingkan EVA dan ROA.

These researches examine the influence of Economic Value Added, Earning Per Share and Return On Asset as performance measurement toward stock return. Three of them were a tool used by investors to examine profitability of a company. Theoretically EVA reflects shareholder value creation more than EPS and ROA, because EVA calculated economic profit of company (the residual income that remains after the cost of all capital has been deducted), whereas EPS and ROA are not imposing a charge for equity capital in their calculation. The influence of EVA, EPS and ROA toward stock return examine with multiple regression method. Performance Measurement that has the highest regression coefficient and the most significant consider has greatest influence toward stock return compare the other two performance measurement. The research shows that regression coefficient for EVA = 0.000024 and significant at a=5%, for EPS = 0.000111 and significant at a=1%, and for ROA = 0.002 and not significant. It is concluded that EPS has greater influence than EVA, whether ROA has no influence toward stock return. In this case EPS was the most relevant performance measurement with shareholder value-creation compare to EVA and ROA.

Kata Kunci : Return Saham,Perusahaan Manufaktur,EVA, EPS dan ROA, performance measurement, stock return