Keywords
How to Cite
Abstract
As a potential investor, you should analyze the financial performance of a company. Several methods that can be used are Economic Value Added, Market Value Added, and Cash Value Added. This study aims to analyze the factors that affect stock returns in companies listed on the Jakarta Islamic Index using the panel data model. The independent variables used in this study are EVA, MVA, and CVA. While the dependent variable is stock returns. The results showed that all the variables used in this study, namely EVA, MVA, and CVA, influenced stock returns in companies listed in JII. This is evidenced by the probability value of less than 5% (0.014374 < 0.05). These variables have a percentage in influencing stock returns of 32.91%, while the remaining 67.09% is influenced by other variables outside the model used. Meanwhile, independently, it can be concluded that EVA and CVA have no significant effect and have a negative correlation with stock returns. Meanwhile, MVA has a significant and positive correlation.
References
Amna, L. S. (2020). Pengaruh Economic Value Added (EVA) Dan Market Value Added (MVA) Terhadap Return Saham. JURNAL Akuntansi & Keuangan, 11(1), 59-73. http://dx.doi.org/10.36448/jak.v11i1.1395
Badaruddin, Sadeli, Y. A., Fauzi, A., & Bugis, J. N. (2017). Analisis Economic Value Added (EVA) Dan Market Value Added (MVA) Terhadap Return Saham (Studi pada Perusahaan Manufaktur yang Terdaftar pada Bursa Efek Indonesia). Jurnal llmiah Bongaya (Manajemen & Akuntansi), N0. XXI, 1-8.
Endaryani, F., Marsiwi, D., & Zulfa W, H. (2019). Analisis Pengaruh Economic Value Added, Earning, Market Value Added Dan Arus Kas Terhadap Return Saham (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2015). ISOQUANT: Jurnal Ekonomi, Manajemen & Akuntansi, 3(1), 66-80. http://dx.doi.org/10.24269/iso.v3i1.241.g232
Hanafi, A. & Putri, L. (2013). Penggunaan Economic Value Added (EVA) untuk mengukur Kinerja dan Penentuan Struktur Modal Optimal pada Perusahaan Telekomunikasi/Go Publik (Studi Kasus: PT. Telekomunikasi Indonesia, Tbk dan PT. Indosat, Tbk). Jurnal Manajemen dan Bisnis Sriwijaya, 11(2), 82–89. https://doi.org/10.29259/jmbs.v11i2.3203
Hartono, J. (2017). Teori Portofolio dan Analisis Investasi: Edisi Kesebelas. Yogyakarta: BPFE.
Hermuningsih, S. (2017) Pengaruh Economic Value Added Terhadap Tobin Q dengan Market Value Added Sebagai Variabel Intervening. Jurnal Ekonomi dan Bisnis, 19(1), 80 – 88. http://dx.doi.org/10.30659/ekobis.19.1.80-88
Husnan, S & Pudjiastuti, E. (2015). Dasar-dasar Manajemen Keuangan. Yogyakarta: UPP STIM YKPN.
Kusumawati, N. & Hamidah, N. (2017). Economic Value Added (EVA) Sebagai Alat Ukur Kinerja Keuangan Perusahaan, Jurnal Akademika, 15(1), 7–13. http://dx.doi.org/10.51881/jam.v15i1.68
Marsiwi. D. (2013). Pengaruh Cash Value Added (CVA) dan Earning Share Ratio terhadap Return Saham. Jurnal Ekuilibrium, 11(2), 48-61.
Miszudin & Budiarti, L. (2016). Pengaruh Economic Value Added (EVA) Dan Market Value Added (MVA) Terhadap Return Saham Pada Perusahaan Yang Diperdagangkan Di Bursa Efek Indonesia. Jurnal Manajemen Motivasi, 12(3), 741-746. http://dx.doi.org/10.29406/jmm.v12i3.452
Najma, H., Dewi, R. R., & Fajri, R. N. (2021). Pengaruh Economic Value Added (EVA) dan Profitabilitas terhadap Return Saham. Jurnal AKUNTABEL, 18(1), 18-24. http://dx.doi.org/10.29264/jakt.v18i1.9200
Pandaya, P., Julianti, P. D., & Suprapta, I. (2020). Pengaruh Faktor Fundamental Terhadap Return Saham. JURNAL AKUNTANSI. 9(2), 233-243. https://doi.org/10.37932/ja.v9i2.156
Pinangkaan, G. (2012). Pengaruh Return On Investment (ROI) Dan Economic Value Added (EVA) Terhadap Return Saham Perusahaan. Jurnal Ilmiah STIE MDP, 1(2), 99-111.
Raharjo, A. & Hidayat, R. (2021). Pengaruh Eva Dan Mva Terhadap Return Saham Pada Perusahaan Tergabung IDX30 di BEI. Jurnal Ilmiah Manajemen Ubhara, 3(1), 169-178. http://dx.doi.org/10.31599/jmu.v3i1.860
Rahayu & Dana, I. M. (2016). Pengaruh EVA, MVA dan Likuiditas Terhadap Harga Saham Pada Peusahaan Food And Beverages. E-Jurnal Manajemen Unud. 5(1), 443-469.
Urbanczyk, E., Midoduchowska-Jaroszewicz, E., & Dzczesna-Urbaniak, A. (2005). Economic Value Added Versus Cash Value Added: The Case Of Companies In Transitional Economy, Poland. International Journal of Banking and Finance, 3(3): 107-117.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.