KINERJA KEUANGAN DAN RETURN SAHAM : KAJIAN EMPIRIS PADA PERUSAHAAN AUTOMOTIF DI BURSA EFEK INDONESIA
Abstract
The ability of the company to achieve maximum profit can be obtained if the company’s performance is getting better, investors or prospective investors will be interested in the expected return for the future relative to the risks the company. The purpose of this study was to examine how the influence of Economic Value Added (EVA), Market Value Added (MVA) and Debt to Equity Ratio (DER) of Stock Return automotive companies in Indonesia Stock Exchange.
The variables used in this study is EVA, MVA, and DER and Stock Return as the dependent variable. Population used in this study are automitive companies listed on Stock Exchange in 2006 until 2008, the number of sample used were 13 companies using purposive sampling. The analysis technique used is multiple regression.
Based on the analysis result that partially Economic Value Added no significant positive effect on Stock Return, Market Value Added has positive and significant impact on Stock Return, and Debt to Equity Ratio significant negative effect on Stock Return in automotive companies in Indonesia Stock Exchange.
References
Bathala, Chenchuramalah T, Kenneth P. Moon, and Ramesh P. Rao, 1994, Managerial Ownership, Debt Policy, and the Impact of Institutional Holdings An Agency Perspective, Journal of the Financial Management Association, Vol. 23 No. 3, Autumn
Biddle, G.C, Bowen, G.S, and Wallace, JS, 1997, Does EVA beat Earning? Evidence on Associations with Stock Return and Firm Values, Journal of Accounting and Economic, 28, I.
Brealey, Richard A, and Stewart C. Myers, 2000, Principle of Corporate Finance, Sixth Edition, Mc Graw-Hill.
Brigham, Eugene F dan Joel F. Houston, 2001, Dasar-Dasar Manajemen Keuangan. Edisi 8, Erlangga, Jakarta.
DeAngelo, Harry, and Ronald W. Masulis, ( 198U), Optimal Capital Structure Under Corporate and Personal Taxation, Journal of Financial Economics 8.
Fischer, Edwin O, Robert Heinkel, and Josef Zechner, 1989, Dynamic Capital Structure Choice: Theory and Tests, Journal of Finance, Vol. 44, No 1, March.
Hampton, John I, 1989, Financial Decision Making Concepts, Problem, Cases, Fourt Edition, Prentice flail International Inc.
Husniawati, 2004, “Analisis Pengaruh Economic Value Added, Market Value Added dan Resiko Sistematik terhadap Return Saham Pada Food and Beverages”, Jurnal Akuntansi-Bisnis dan Manajemen, volume 5, nomor 1.
Jensen, Michael C, 1986, Agency Costs of Free Cash Flow, Corporate Financial, and Takeovers, The American Economic Review, Vol. 76 No 2.
Myers, Stewart C, and Nicholas S. Majluf 1984. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have, Journal of Financial Economics 13.
Suad Husnan, 2000, Manajemen Keuangan, Teori dan Penerapan, Buku 1 dan 2, Edisi Keempat, BPFE, Yogyakarta.
Tandelilin. Eduardus, 2001, Analisis Investasi dan Manajemen Portofolio. Edisi Pertama, Yogyakarta.
Widayanto, Gatot, 1993, EVA/NITAMI: Suatu Terobosan Baru dalam Pengukuran Kinerja Perusahaan, Usahawan, No 12, Desember.
Worthington, Andrew and West, Tracey, 2001, Economic Value Adedd : A Review of the Theoritical and Empirical Literature, Asian Review of Accounting, 9, I .
