scholarly journals ANALISIS VALUASI SAHAM BUMN MENGGUNAKAN METODE DIVIDEND DISCOUNTED MODEL DAN ECONOMIC VALUE ADDED

2021 ◽  
Vol 17 (2) ◽  
pp. 115-128
Author(s):  
Irvan Liunardi Senjaya
Keyword(s):  
Intrinsic Value ◽  
Economic Value ◽  
Value Added ◽  
Secondary Data ◽  
Financial Statements ◽  
Financial Statement ◽  
Economic Value Added ◽  
Financial Statement Analysis ◽  
Book Value ◽  
Value Added Model

This research is aimed at analyzing the valuation of BUMN shares with the dividend discounted model and economic value added model. This study is also aimed to teach early or novice investors about financial statement analysis, which contains information about companies' finances and companies' actions in the following years. Financial statement analysis is not limited to the Price-to-Earnings Ratio (P/E Ratio) and Price-to-Book Value (PBV). There are various analyses that can be used, such as the dividend discounted model aiming to find the company's intrinsic value and economic value added aiming to find economic value that will benefit investors. For this research, the researchers need 12 state-owned-enterprises (SOEs) to be used as samples and secondary data. The data used for this research are financial statements (2015-2019 period) and dividends per share (2015-2019 period). The data used were obtained before the event of CoVID-19. The results show that from the dividend discounted model and economic value added, 7 out of 12 SOEs are undervalued and have economic value for investors.             

scholarly journals Implementation of Economic Value Added and Market Value Added Analysis as Valuation Tools of Invest Feasibility

2017 ◽  
Vol 7 (2) ◽  
Author(s):  
Achmad Daengs GS ◽  
Moch Rizaldy Rahmansyah
Keyword(s):  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Financial Statements ◽  
Financial Statement ◽  
Financial Ratios ◽  
Economic Value Added ◽  
Financial Statement Analysis ◽  
Market Value Added ◽  
Valuation Tools

For the investors, financial statement is a benchmark of investors in assessing the company's performance. In fact, investors are not always receiving the accurate company's financial statements information and its levels of fairness are in doubt. The financial statement analysis with using financial ratios is not enough. The investors may need to use alternatives financial statement analyses techniques that reflect the actual company's performance. Therefore, both of the investors and the prospective can use Economic Value Added (EVA) and Market Value Added (MVA) analysis. With these technical analyses, the investors may know the company's performance where they are invested or to be used as a place to invest whether it has value added or not. With the results of these analyses, it is the expected for the investors to be more confident in making decision whether to buy, sell or hold the ownership in the company.

scholarly journals ANALISIS PERBANDINGAN KINERJA KEUANGAN ANTARA BANK CENTRAL ASIA DAN BANK NEGARA INDONESIA BERDASARKAN METODE ECONOMIC VALUE ADDED (EVA) DAN MARKET VALUEADDED (MVA) PADA TAHUN 2011-2015

2019 ◽  
Author(s):  
Jack Tri Saputra ◽  
Aminar Sutra Dewi
Keyword(s):  
Data Analysis ◽  
Financial Performance ◽  
Central Asia ◽  
Economic Value ◽  
Value Added ◽  
Secondary Data ◽  
Financial Statements ◽  
Descriptive Study ◽  
Economic Value Added ◽  
Analysis Method

This study aims to determine the performance of Bank BCA and Bank BNI using EVA and MVA during the years 2011 to 2015. The study was categorized as a comparative descriptive study. The author chose a sample of a population’s financial statements, issued by PT Bank Central Asia Tbk and PT Bank Negara Indonesia Tbk. The data used are secondary data with engineering documentation. Data analysis method used is Independent Sample T-test. The results showed that there is no difference in financial performance by using thr method EVA and MVA at the Bank BCA with the Bank BNI. From result of the data processing found value t tabel > t hitung that is 2,306 > 1,549 for variables EVA and 2,306 > -2,024 for variables MVA.

scholarly journals Economic value added model upon conditions of banking company

2008 ◽  
Vol 56 (3) ◽  
pp. 85-98
Author(s):  
Vlasta Kašparovská
Keyword(s):  
Standard Model ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Basic Principles ◽  
Banking Activity ◽  
Value Added Model ◽  
The Standard Model ◽  
Banking Business

The content of this article is the application of the economic value added model (EVA) upon the conditions of a banking company. Due to the character of banking business, which is in a different structure of financial sheet, it is not possible to use the standard model EVA for this banking company. The base of this article is the outlined of basic principles of the EVA mode in a non-banking company. Basic specified banking activity dissimilarities are analysed and a directed methodology adjustment of a model such as this, so that it is possible to use it for a banking company.

scholarly journals Financial Ratios, Economic Value Added and Market Reaction: A Quantitative Study on Indonesia Stock Exchange

2020 ◽  
Vol 7 (2) ◽  
pp. 82-91
Author(s):  
Indrawan Azis ◽  
Dara Ayu Nianty ◽  
Andi Marlinah
Keyword(s):  
Market Reaction ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Secondary Data ◽  
Partial Least Square ◽  
Least Square ◽  
Economic Value Added ◽  
Manufacturing Companies ◽  
Market Reactions

Reflecting on the phenomenon of stock market movements on the Indonesia Stock Exchange, this study was appointed to examine the effect of the effect of liquidity, solvency, and Economic Value Added (EVA) on market reactions in manufacturing companies listed on the IDX. The research method uses a quantitative approach, and types are categorized in explanatory research. The population in this study is manufacturing companies listed on the Indonesia Stock Exchange in the period 2017-2019. Determination of the sample to be tested in this study using a purposive sampling method and obtained 36 companies. Secondary data were obtained from the Capital Market Information Center (PIPM) the Indonesia Stock Exchange (IDX). The analytical method is Partial Least Square (PLS) with the assistant of SmartPLS 3.0 software. The results of the study showed that all exogenous variables positively and significantly influenced endogenous variable (EVA and Market Reaction). Research findings enrich previous studies on understanding market reactions and their impact on the development of corporate financial strategies in Indonesia.

scholarly journals The Influence of Economic Value Added and Return on Assets on Created Shareholders Value: A Comparative Study in Jordanian Public Industrial Firms

2017 ◽  
Vol 9 (4) ◽  
pp. 63 ◽  
Author(s):  
Sliman S. Alsoboa
Keyword(s):  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Return On Assets ◽  
Industrial Firms ◽  
Value Added Model ◽  
Market Value Added ◽  
And Performance ◽  
The Relationship ◽  
Financial Measure

This study has two main objectives. The first one is to address the relationship between Economic Value Added (EVA) and Created Shareholders Value (CSV) in Jordanian public industrial firms (JPIF), comparing to the Return on Assets (ROA) over the period 2011-2015. The second objective is to address the possible superiority of EVA to ROA by explaining the changes in CSV for JPIF. In this study, CSV is measured using two models; Fernandez model and market value added model. Multiple and simple regressions were used in the study. These analyses have shown, generally, that the superiority of EVA in predicting and evaluating the CSV could be put into a conclusive and positive light compared to ROA. However, the results suggested that one financial measure cannot be enough to measure neither CSV nor firms’ performance. Therefore, this study highly recommends that JPIF use a combination of different measure in assessing and evaluating their value and performance, especially modern indicators.

scholarly journals PENGARUH SOLVABILITAS, ECONOMIC VALUE ADDED, PROFITABILITAS, PRICE TO BOOK VALUE DAN LIKUIDITAS TERHADAP RETURN SAHAM PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2017-2019

2021 ◽  
Vol 6 (1) ◽  
pp. 1-9
Author(s):  
Rizkie Claudhea ◽  
Christina Milania G ◽  
Ariston Arivandi D ◽  
Mesrawati Mesrawati
Keyword(s):  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Book Value

Riset ini diteliti agar bisa mengenali pengaruh Riset ini diteliti agar bisa mengenali pengaruh variabel X terhadap variabel Y industri manufaktur yang tercatat di BEI periode 2017- 2019. Bersumber pada variabel independennya ialah solvabilitas, EVA, profitabilitas, PBV serta likuiditas. Dan return saham merupakan variabel dependen. Dimana ada 163 total industri manufaktur yang tercatat di BEI. Tetapi ilustrasi yang dipilih hanya 81 industri yang cocok dengan kriteria yang di idamkan. Tata cara pada riset ini ialah analisis regresi linier berganda oleh dorongan program SPSS 20. Analisis yang dihasilkan meyakinkan pada periode 2017- 2019 industri Manufaktur yang pada uji T menciptakan kalau Solvabilitas dengan Return aham secara parsial tidak mempunyai pengaruh, EVA secara parsial tidak adanya pengaruh signifikan dengan variabel Return Saham, Profitabilitas secara parsial tidak mempunyai pengaruh signifikan dengan Return Saham, Price to Book Value secara parsial tidak mempunyai pengaruh signifikan terhadap Return saham, dan Likuiditas secara parsial tidak ada pengaruh yang signifikan dengan variabel Return Saham. Tetapi begitu pula pada uji F Solvabilitas, Economic Value Added, Profitabilitas, PBV, dan Likuiditas tidak ada pengaruh signifikan dengan variabel Return Saham secara simultan. Hasil R Square 0,033 ( 3,3%) yang maksudnya 3,3% dari variabel Return Saham dipengaruhi oleh Solvabilitas, Economic Value Added, Profitabilitas, serta Likuiditas. Sebaliknya 96,7% ( 100%- 3,3%) dari variabel tidak bisa dipaparkan.

scholarly journals ANALISIS PERBANDINGAN ANTARA RASIO KEUANGAN DAN METODE ECONOMIC VALUE ADDED SEBAGAI PENGUKUR KINERJA KEUANGAN PERUSAHAAN (STUDI KASUS PADA PERUSAHAAN ROKOK YANG TERDAFTAR DI BEI PERIODE TAHUN 2012 -2014

2016 ◽  
Vol 1 (01) ◽  
Author(s):  
Any Arisanti ◽  
IBK Bayangkara
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Secondary Data ◽  
Financial Ratios ◽  
Economic Value Added ◽  
New Approach ◽  
Financial Situation ◽  
The Past

This study aimed to describe and compare the company's financial performance as measured by the method of Economic Value Added (EVA) is a new approach which assesses the company's financial performance by taking into account the expectations of donors, particularly shareholders and creditors. Financial Ratios and analysis to assess the company's financial situation in the past, present and future. The research object is a cigarette company listed on the Stock Exchange in the period 2012 - 2014, that are PT. Gudang Garam Tbk, PT. HM Sampoerna Tbk, PT. Bentoel Internasional Investama Tbk, and PT. Wismilak Inti Makmur, Tbk. This type of research is comparative descriptive, while the data used is secondary data obtained from the Indonesia Stock Exchange. The Results of financial ratios calculation fluctuated every company each year. In the EVA calculation are the average of 2012 - 2014, PT. HM Sampoerna Tbk has the highest EVA value, then PT. Gudang Garam Tbk, hereinafter PT. Bentoel Internasional Investama Tbk and last PT. Wismilak Inti Makmur, Tbk. EVA is always positive (EVA> 0) in 2012-2014 means that the management company is able to create economic value for shareholders, and of course the company's financial performance is also good.Keywords: financial performance, financial ratios, EVA

scholarly journals THE IMPACT OF FINANCIAL STATEMENT ANALYSIS ON THE PROFITABILITY ASSESSMENT (APPLIED STUDY OF KIRKUK COMPANY FOR PRODUCING CONSTRUCTIONAL MATERIALS)

2018 ◽  
Author(s):  
Amanj Mohamed Ahmed
Keyword(s):  
Secondary Data ◽  
Financial Statements ◽  
Financial Statement ◽  
Financial Statement Analysis ◽  
Balance Sheets ◽  
The Past ◽  
Applied Study ◽  
Research Goal ◽  
The Impact ◽  
Profitability Assessment

The present study entitled “financial statement analysis and assessing the profitability of the Kirkuk’s Company for producing constructional materials”. The main goal of the accounting department in the firms is to prepare the reliable financial statements in order to make their valid balance sheets, income statements and cash flow statement. This paper determines the confirming effects of the financial statement analysis to assess the profitability of the Kirkuk Company. The data in this study is based on the secondary data and it collected from the past and present performance of Kirkuk’s Company for producing constructional materials. To achieve the research goal, four categories of the financial ratios were utilized for testing the study’s hypothesis. This group of ratios was applied to assess the financial situation of the company in the years between “2005 to 2011” by using different techniques of financial statement analysis. The results clearly show that, there are insignificant relationships between profitability with asset regulated and assets utilization. At the same times, there is a weak relationship between profitability and liquidity.

scholarly journals ECONOMIC VALUE ADDED (EVA) SEBAGAI PENGUKURAN KINERJA KEUANGAN PADA INDUSTRI TELEKOMUNIKASI SUATU ANALISIS EMPIRIK

2018 ◽  
Vol 1 (1) ◽  
pp. 101-119
Author(s):  
Trinik Susmonowati
Keyword(s):  
Financial Performance ◽  
Stock Price ◽  
Cost Of Capital ◽  
Economic Value ◽  
Value Added ◽  
Financial Statements ◽  
Capital Cost ◽  
Economic Value Added ◽  
The Impact ◽  
A Company

The company's performance has always been measured based on financial ratios for a certain period. Measurement based on financial ratios is very dependent on the accounting treatment used in the preparation of corporate financial statements. The purpose of a company that is only oriented to the achievement of profits as big as when it is no longer relevant today. Therefore the responsibility of the company not only to the shareholders, but to all stakeholders. Performance appraisal of a company is very important that the assessment process must be in line with the effectiveness and efficiency in achieving competitive advantage in the business world. Since the last ten years has developed a new approach in assessing the financial performance of companies known as Economic Value Added (EVA). EVA model comes from the concept of capital cost (cost of capital), which is the risk faced by the company in making investments. The concept of Economic Value Added (EVA) as an alternative to performance measurement based on the value (EVA) is an approach in assessing the performance of the company by paying fair attention to the expectations of funders or investors. EVA is the profit left behind after deducting the capital cost (cost of capital) invested to generate the profit. Positive EVA values can be interpreted that the company's management has created value (creating value). Conversely, if the value of negative EVA means that there is no economic value added into the company. The goal to be achieved by the authors in this study is To determine the financial performance of Telecommunications Company in review of Economic Value Edded (EVA). And To know Which Telecommunication Company that provides better economic value.This research used qualitative analysis. The qualitative analysis method is used to interpret and analyze the result of EVA calculation, that is to measure the added value of the company by calculating all capital cost, either the capital contribution from the shareholder or from the loan, or the risk faced by the company in making the investment. To measure the company's performance required financial report data in the form of income statement and balance sheet, JCI, stock price and SBI rate data. Data Collection Procedure is the data of financial statements of companies from the telecommunications industry listed on the Indonesia Stock Exchange in the period 2005-2009, obtained from www.idx.co.id. Monthly monthly stock price index (IHSG) monthly from 2005-2009, interest rate of 12 month time deposit from 2005-2009 and stock price data used since 2005.The results show that only PT Telekomunikasi Indonesia Tbk alone can generate positive EVA, while PT Indosat Tbk and PT Bakrie Telecom Tbk generate negative EVA. Negative EVA values are caused by several factors, among others: because of the significant increase in fuel prices, followed by inflation and rising interest rates affecting people's purchasing power, rising capital costs and operational costs of both companies, the impact of the 2008 global financial crisis that affected on declining stock value and the impact of tariff war between telecommunication companies where telephone tariffs are lower and the decline in long distance call rates affects the telecommunication company's operating revenues.

scholarly journals Analisis pengaruh economic value added (EVA), capital structure, total assets turnover dan current ratio terhadap kinerja keuangan pada perusahaan sektor industri dasar dan kimia yang terdaftar di BEI pada Tahun 2017-2019

2021 ◽  
Vol 16 (3) ◽  
pp. 517-526
Author(s):  
Joey Rizky Lombogia Lombogia ◽  
Yois Nelsari Malau ◽  
Faradiva Rosadi ◽  
Angel Grace Monica N
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Economic Value ◽  
Value Added ◽  
Financial Statements ◽  
Considerable Effect ◽  
Economic Value Added ◽  
Manufacturing Companies ◽  
Current Ratio ◽  
Substantial Impact

This presentation intends to analyze and assess the effect of economic value-added, capital structure, total assets turnover, and current ratio on financial performance. The sample is 39, multiplied by three years, so that the number of observations is 117. The techniques and data used are a purposive sampling of the IDX financial statements from the 2017-2019 period. Partially the economic value-added, capital structure, current ratio are not significant. There is no significant effect while TATO has a substantial impact on financial performance in manufacturing companies in 2017-2019. It can be concluded that EVA and DER CR have no considerable effect while TATO was a significant influence in 2017-2019.  

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