ANALISIS PENGARUH ECONOMIC VALUE ADDED (EVA), MARKET VALUE ADDED (MVA), DAN ARUS KAS TERHADAP RETURN SAHAM PADA PERUSAHAAN INDUSTRI KONSUMSI YANG TERDAFTAR DI BURSA EFEK INDONESIA

Kartini

Fakultas Ekonomi Universitas Islam Indonesia

Abstract

Recently, many companies use performance measurement which more emphasizes on the value based management (VBM). The concept of VBM encourages management increasing the motivation and focusing on the creation of expected cash flow for the investor. VBM which is applied continuously in the efficient market condition will reflect a good performance of stock return. This study aims to analyse the effect of economic value added, market value added and operational cash flow on the stock return receiving by investor on the public companies listed on the Indonesian Stock Exchange. Simple linier regression is employed to determine partial contribution on the effect of independent variables on the stock return. Samples of this research are 31 consumption industry companies on the Indonesia Stock Return, especially the data of stock return and annual report for the year 2005-2009. Statistical test demonstrates that all hypothesis are rejected, means that economic value added, market value added and operational cash flow, do not have an effect on the stock return.

Key Words: Economic value added, Market value added, Operational cash flow, Stock return.