Investigation the Impact of Financial performance indicators on Dividend Policy

AbstractThis paper aims to study the effect of Financial performance indicators on the dividend policy among companies listed on the Tehran Stock Exchange. The statistical sample includes 91 companies between 2008 and 2012. Dividend policy was considered a dependent variable, independent variables were economic value added, market value added, return on assets, and market to book value ratio, and control variables included company size and systematic risk. In the theoretical principles part, data were gathered through library method, and in the part of hypothesis tests, data were collected from financial statements and the Tehran Stock Exchange Website. Data were then examined in a multiple regression analysis and a correlation test. Results showed that Financial performance indicators indicators are direct and significant effects on dividend policy.Keywords: Dividend Policy, Financial performance indicators, Economic Value Added, Market Value Added, Return on Assets

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Analisis Kinerja Keuangan Dengan Metode Economic Value Added (EVA), Market Value Added (MVA), dan Financial Value Added (FVA)

Kajian Akuntansi ◽

10.29313/ka.v20i2.4852 ◽

2019 ◽

Vol 20 (2) ◽

pp. 200-210 ◽

Cited By ~ 1

Author(s):

Rahmah Arafati Masyiyan

Keyword(s):

Financial Performance ◽

Stock Exchange ◽

Economic Value ◽

Value Added ◽

Market Value ◽

Sampling Technique ◽

Economic Value Added ◽

Analysis Techniques ◽

Operating Profit ◽

Market Value Added

EVA, MVA, and FVA analysis techniques are used to see better and more efficient financial performance of the company. This study aims to determine financial performance based on EVA (Economic Value Added) method, Market Value Added, and Financial Value Added in coal mining sub-sector companies listed on the Indonesia Stock Exchange. This study uses a descriptive quantitative method, with a purposive sampling technique in the coal subsector mining companies listed on the Stock Exchange and posting operating profit for the period 2014-2018.EVA results in this study are 6 companies with stock codes BYAN, DOID, ITMG, PTBA, SMMT, and TOBA which have positive EVA values over a period of 5 years. Then from this study there are MVA results that tend to be negative. There are 3 companies with stock codes DOID, ITMG, and PTRO that have negative MVA values each year for a period of 5 years. Then for the FVA value generated in this study, there are 3 companies that have negative FVA values each year during the study period, those companies are companies with stock codes DOID, KKGI, and PTRO.

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PENGARUH KEBIJAKAN DIVIDEN SEBAGAI VARIABEL PEMODERASI DARI HUBUNGAN KINERJA KEUANGAN DAN KINERJA PASAR TERHADAP NILAI PERUSAHAANPADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA(2011 - 2015)

Jurnal Magister Akuntansi Trisakti ◽

10.25105/jmat.v3i2.4982 ◽

2016 ◽

Vol 3 (2) ◽

pp. 195

Author(s):

Vedy Vedy ◽

Susi Dwimulyani ◽

Bayu Dewangkoro

Keyword(s):

Firm Value ◽

Dividend Policy ◽

Stock Exchange ◽

Economic Value ◽

Value Added ◽

Market Value ◽

Economic Value Added ◽

Dividend Yield ◽

Dividend Payout ◽

Market Value Added

The purpose of this research is to investigate and analyze the effect of financial and market performance (net profit margin, debt to equity ratio, current ratio, price earning ratio, economic value added, and market value added) to firm value in manufacturing companies listed on the Stock Exchange Indonesia, as well as to indentify and analyze whether the dividend policy (dividend payout ratio and dividend yield) as a moderating variable affect correlation variable of net profit margin, return on equity, debt to equity ratio, current ratio, price earning ratio, economic value added, dan market value added to firm value. Population of this research amount to 143 companies which were manufacturing company listed on the Indonesia Stock Exchange the year 2011-2015. Sample selected by using method of purposive sampling amount to 26 companies. Data was processed using the method of data panel regression statistical test by using Eviews version 8.0 software. The result of this research shows that (1) profitability ratio and dividend payout ratio affect negatively to firm value. Leverage, liquidity ratio, market ratio,economic value added, market value added and dividend yield affect positively to firm value. (2) Dividend policy which measured with dividend payout ratio is able to moderate the effect of profitability ratio, leverage ratio, liquidity ratio and market ratio to firm value. Dividend policy which measured with dividend payout ratio is not able to moderate the effect ofeconomic value added and market value added to firm value. (3) Dividend policy which measured with dividend yield is able to moderate the effect of profitability ratio, market ratio, economic value added and market value added to firm value. Dividend policy which measured with dividend yield is not able to moderate the effect of leverage ratio and liquidity ratio to firm value

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Analysis of Economic Value Added and Market Value Added to Measure Financial Performance in Pulp and Paper Companies

IJEBD (International Journal Of Entrepreneurship And Business Development) ◽

10.29138/ijebd.v3i1.952 ◽

2019 ◽

Vol 3 (1) ◽

pp. 77-85

Author(s):

Wahab Edi Saputra ◽

Agus Sukoco ◽

Joko Suyono ◽

Damasari Ratnasahara Elisabeth

Keyword(s):

Financial Performance ◽

Stock Exchange ◽

Paper Industry ◽

Economic Value ◽

Value Added ◽

Market Value ◽

Pulp And Paper ◽

Economic Value Added ◽

Market Value Added ◽

Practical Implications

Purpose: The purpose of this study was to determine the company's financial performance in the pulp and paper industry which was measured using the concept of Economic Value Added (EVA) and Market Value Added (MVA) during the period 2017 and 2018. Design/methodology/approach: Research data is obtained through related websites and literature review. Findings: The results of the measurement of EVA and MVA for the period 2017 and 2018 show only PT.Alkindo Naratama, Tbk. which adds to the economic value of the company and market value added (> 0). Research limitations/implications: The population in this study consisted of all pulp and paper companies that had go public and be listed on the Indonesia Stock Exchange (IDX), which is as many as nine companies, then do the purposive sampling selection which obtained a sample of four companies. Practical implications: While three companies, namely PT. Kedawung Setia Industrial, Tbk. PT.Suparma, Tbk. and PT. Kertas Basuki Rachmat, Tbk. experience instability in EVA and MVA. Originality/value:

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ANALISIS ECONOMIC VALUE ADDED (EVA) DAN MARKET VALUE ADDED (MVA) SEBAGAI ALAT UKUR KINERJA KEUANGAN PT GARUDA INDONESIA TBK TAHUN 2017 -2019

Jurnal Pajak dan Keuangan Negara (PKN) ◽

10.31092/jpkn.v2i1.999 ◽

2020 ◽

Vol 2 (1) ◽

pp. 31-45

Author(s):

Ferry Irawan ◽

Nico Yudha Manurung

Keyword(s):

Financial Performance ◽

Stock Price ◽

Economic Value ◽

Value Added ◽

Market Value ◽

The State ◽

Economic Value Added ◽

Public Company ◽

Market Value Added

PT Garuda Indonesia Tbk was one of the state-owned corporation that have go public on Bursa Efek Indonesia (BEI). As a public company, PT Garuda Indonesia should create a good financial performance to attract financier (investor or creditor). The purpose of this study were to measure the financial performance by Economic Value Added (EVA) and Market Value Added (MVA). The result of this study is the company get a negative EVA in 2017 until 2019 which mean the company was not able to create value added for financier. In 2017 and 2018, MVA get a negative value which mean the company was not able to create value added for investor. In 2019, MVA get a positive value because the company’s stock price increased 73% from previous year.PT Garuda Indonesia Tbk merupakan salah satu Badan Usaha Milik Negara (BUMN) yang telah go public di Bursa Efek Indonesia (BEI). Sebagai perusahaan terbuka, PT Garuda Indonesia Tbk harus menciptakan kinerja keuangan yang baik untuk menarik pemodal (investor atau kreditur). Tujuan dari penelitian ini adalah untuk mengukur kinerja keuangan dengan Economic Value Added (EVA) dan Market Value Added (MVA). Hasil penelitian ini adalah perusahaan memperoleh nilai EVA yang negatif pada 2017-2019 yang berarti perusahaan tidak berhasil menciptakan nilai tambah bagi para pemodal. Pada 2017 dan 2018, MVA memperoleh nilai yang negatif yang berarti perusahaan gagal menciptakan nilai tambah pagi para investor. Pada 2019, MVA memperoleh nilai yang positif karena harga saham perusahaan yang meningkat sebesar 73% dari tahun sebelumnya.

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PENGARUH ECONOMIC VALUE ADDED (EVA) DAN MARKET VALUE ADDED (MVA) TERHADAP RETURN SAHAM PERUSAHAAN OTOMOTIF DI INDONESIA TAHUN 2007–2010

El Dinar ◽

10.18860/ed.v1i02.2521 ◽

2014 ◽

Vol 1 (02) ◽

Author(s):

Putri Kurnia Widiati

Keyword(s):

Stock Return ◽

Stock Exchange ◽

Economic Value ◽

Value Added ◽

Market Value ◽

Stock Exchanges ◽

Good Prediction ◽

Economic Value Added ◽

Market Value Added ◽

Important Position

This study analyzed the effect of Economic Value Added (EVA), Market Value Added (MVA) of otomotif companies Stock return listed on stock exchanges Indonesia, because otomotif companies have an important position on Indonesian Economics.Population of this research are otomotif company that listed on the Stock Exchange of Indonesia from 2007–2010 with sensus sampling method and multiple regresion analysis to analyzed. For the parsial side Market Value Added (MVA) has an influence to stock return of Otomotif Company that listed on the Stock Exchange. To get the trust from investor, otomotif company should have good performance with a good value of Market Value Added, because Market Value Added has significant effect to stock return; and have a good prediction about another factor that influence the stock return wich used histories data for the indicator.

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(Setahun) Bali United IPO: Analisis Economic Value Added (EVA) dan Market Value Added (MVA)

MBIA ◽

10.33557/mbia.v19i3.1138 ◽

2020 ◽

Vol 19 (3) ◽

pp. 309-319

Author(s):

Yeni Widyanti ◽

Ryan Al Rachmat ◽

Eka Sevtia Mesta

Keyword(s):

Stock Exchange ◽

Economic Value ◽

Value Added ◽

Market Value ◽

Added Value ◽

Economic Value Added ◽

Financial Reports ◽

Football Club ◽

First Semester ◽

Market Value Added

This study aims to analyze the financial performance of the Bali United Football Club, which is the first football club in Indonesia to be listed on the Indonesia Stock Exchange (IDX) in 2019. The sample used in this study is PT Bali Bintang Sejahtera Tbk which is a company that manages Bali United football club. The type of data used is quantitative data obtained from the IDX website and the club consisting of financial reports 2019. The analysis technique is carried out with a quantitative descriptive method using the Economic Value Added (EVA) and Market Value Added (MVA) methods. The results of the analysis show that 2018 - 2019 has not been able to create added economic value for the company. This is indicated by the negative EVA value for two consecutive years. Whereas in 2020, which can be seen from the semester report per June 2020, the company's EVA value shows positive results, this is a good step for the company considering that the financial statements in the first semester of the company were able to produce a fairly high NOPAT, this also had an influence on the EVA value which positive which means the company has been able to create added value for the company. Abstrak Penelitian ini bertujuan untuk menganalisis kinerja keuangan Klub Sepak Bola Bali United yang merupakan klub sepak bola pertama di Indonesia yang listing di Bursa Efek Indonesia (BEI) pada tahun 2019. Sampel yang digunakan dalam penelitian ini adalah PT Bali Bintang Sejahtera Tbk yang merupakan induk perusahaan yang mengelola klub Bali United. Jenis data yang digunakan adalah data kuantitatif yang diperolah dari situs BEI dan klub yaitu laporan keungan tahun 2019. Tekknik analisis dilakukan dengan metode deskriptif kuantitatif yakni menggunakan metode Evonomic Value Added (EVA) dan Market Value Added (MVA). Hasil analisis menunjukkan tahun 2018 – 2019 belum bisa menciptakan nilai tambah ekonomi bagi perusahaan. Hal ini ditunjukkan dengan nilai EVA yang negatif selamat dua tahun berturut-turut. Sedangkan pada tahun 2020 yang bisa dilihat dari laporan semester per Juni 2020 nilai EVA perusahaan menunjukkan hasil yang positif hal ini merupakan langkah yang baik bagi perusahaan mengingat laporan keuangan pada semester pertama perusahaan mampu menghasilkan NOPAT yang cukup tinggi hal ini juga membawa pengaruh terhadap nilai EVA yang positif yang berarti perusahaan telah mampu menciptakan nilai tambah bagi perusahaan. Kata kunci: Kinerja Keuangan, EVA, MVA

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Evaluasi Economic Value Added (EVA), Financial Value Added (FVA) dan Market Value Added (MVA) dengan Time Series Approach Sebagai Alat Penilaian Kinerja Keuangan. ( Pada PT. Garuda Indonesia Tbk Periode 2015-2019)

MANAJERIAL ◽

10.30587/manajerial.v8i03.2717 ◽

2021 ◽

Vol 8 (03) ◽

pp. 294

Author(s):

Diyanti Rifal Agustin ◽

Ni Nyoman Putu Martini ◽

Tatit Diansari Riskiputri

Keyword(s):

Time Series ◽

Financial Performance ◽

Economic Value ◽

Value Added ◽

Market Value ◽

Added Value ◽

Economic Value Added ◽

Literature Study ◽

Time Series Approach ◽

Market Value Added

Background – Financial performance is a company's work performance that has been achieved in a certain period and can be seen in the financial statements of the company concerned. Financial statement analysis using conventional methods is often used by companies to measure their financial performance, namely financial ratio analysis. PT Garuda Indonesia Tbk, must have the option to create value added or large profits and create or add value to the capital that has been donated to meet the assumptions for financial backers (financial backers or investors). Purpose – Measure financial performance with Economic Value Added (EVA), Financial Value Added (FVA) and Market Value Added (MVA). Design/ Methodology/ Approach – This is a descriptive research with a quantitative approach. Sources of data in this study using external secondary data sources obtained through literature study which is arranged in the form of documents in the form of financial reports. The analysis technique in this study uses Time Series Analysis. Results and Discussion - EVA measurement with a time series approach from 2015-2019 the average EVA is -25,291,800.85, this indicates that the company has not been able to provide added value to shareholders because EVA is negative (EVA<0) so it is said to perform Not Good. Measurement of FVA with a time series approach from 2015-2019 the average FVA is 21,359,193.35, this indicates that the company is able to provide added financial value for companies and investors because the FVA value is Positive (FVA> 0) so it is said to be performing well . MVA measurement with a time series approach from 2015-2019 the average MVA is 9,019.927,024,116, this indicates that the company is able to provide added value because the MVA value is Positive (MVA> 0) so it is said to be performing well. Conclusion – EVA, FVA, and MVA values in 2015 were positive, in 2016 EVA and FVA were negative while MVA was positive, in 2017 EVA was negative while FVA and MVA were positive, in 2018 EVA was negative, FVA and MVA were positive, in 2018 2019 EVA, FVA, and MVA are positive. Research Implications - The research results in this study can be considered by the management of PT Garuda Indonesia in assessing and evaluating the company's financial performance.

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Pengaruh Rasio Keuangan, Economic Value Added, Dan Market Value Added Terhadap Harga Saham Perusahaan Terindeks Pefindo 25

Kajian Bisnis STIE Widya Wiwaha ◽

10.32477/jkb.v26i1.263 ◽

2018 ◽

Vol 26 (1) ◽

pp. 29-47

Author(s):

Dheni Indra Kusuma

Keyword(s):

Stock Prices ◽

Stock Exchange ◽

Small And Medium Enterprises ◽

Economic Value ◽

Market Price ◽

Value Added ◽

Market Value ◽

Financial Ratios ◽

Economic Value Added ◽

Market Value Added

The capital market has been progressing very rapidly. The annual financial statements of companies listed on the Indonesia Stock Exchange have become one of the investor analysis tools to take a business action. The decision of the investor will affect the value of the company reflected through the stock market price of the company. Financial ratios are still trusted by investors as the basis for analysis in decision making. Methods of Economic Value Added, and Market Value Added emerged as an alternative complement information for investors to analyze and make decisions.This study aims to examine the influence of financial ratios, Economic Value Added, and Market Value Added on stock prices. The sample to be observed are companies that are included in the index PEFINDO 25. The growing of beginner investors and Small and Medium Enterprises that entered the Indonesia Stock Exchange became the basis of interest researchers to conduct this research. Hypothesis testing was performed by using crosssectional regression for each year observation from 2010-2015 and all pooled regression years. This study uses observational company data selected by purposive sampling year 2010-2015 from all companies listed in Indonesia Stock Exchange included in index PEFINDO 25. The results shows that variables of DER, PER, EVA, and MVA affects in the companies. Keywords: Financial Ratios, Economic Value Added, Market Value Added

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Economic Value Added and Profitability on Created Shareholders Value in Manufacturing Sectors

SHS Web of Conferences ◽

10.1051/shsconf/20207601051 ◽

2020 ◽

Vol 76 ◽

pp. 01051

Author(s):

Sautma Ronni Basana ◽

Ricky Julio ◽

Christina Soehono

Keyword(s):

Stock Exchange ◽

Economic Value ◽

Value Added ◽

Market Value ◽

Economic Value Added ◽

Manufacturing Companies ◽

Panel Data Regression ◽

Value Added Model ◽

Market Value Added ◽

Year 2013

This study aimed to investigate the effect of economic value added and profitability on created shareholders value Fernandez model and market value added model in manufacturing companies listed on the Indonesia Stock Exchange period year 2013 to 2018. The samples are fifty Manufacturing companies enterprises listed on the IDX period year 2013 to 2018. Methods of data analysis were performed using panel data regression with pooled OLS model. The results of this analysis showed profitability has a significant effect on created shareholders value Fernandez model and market value-added model in manufacturing companies listed on the IDX period 2013 to 2018.

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Pengaruh return on equity, earnings per share, economic value added, dan market value added terhadap return saham perusahaan sektor pertanian yang terdaftar di bursa efek indonesia periode 2010-2016

Jurnal Ekonomi ◽

10.24912/je.v23i1.334 ◽

2018 ◽

Vol 23 (1) ◽

Author(s):

Nastasya Cindy Hidajat

Keyword(s):

Stock Return ◽

Stock Exchange ◽

Economic Value ◽

Value Added ◽

Market Value ◽

Economic Value Added ◽

Return On Equity ◽

Panel Data Regression ◽

Data Regression ◽

Market Value Added

The purpose of this research was to test the effect of return on equity, earning per share, economic value added, and market value added to stock return of agriculture firm that listed at Indonesian Stock Exchange in the period of 2010-2016 either partially or simultaneously. This research used 77 samples. The method used is panel data regression analysis using EViews 6. The results showed that return on equity, earning per share economic value added, and market value added partially has positive significant influence on the stock return, and return on equity, earning per share, economic value added, and market value added simultaneously affect the stock return.

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