scholarly journals Analisis Perbandingan Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Akuisisi (Studi Kasus Pada Perusahaan Go Public Non Bank Yang Terdaftar Di BEI Tahun 2012)

1970 ◽  
Vol 12 (2) ◽  
pp. 51-72
Author(s):  
Jean Natawigena ◽  
Fitra Oliyan
Keyword(s):  
Financial Performance ◽  
Quantitative Research ◽  
Economic Value ◽  
Value Added ◽  
Secondary Data ◽  
Public Companies ◽  
Return On Equity ◽  
Final Project ◽  
Before And After ◽  
Market Value Added

This final project aims to analyze the comparison of financial performance of non-bank go public companies listed on the IDX in 2012 before and after the acquisition. This research is quantitative research. The study was conducted using financial ratios, namely: ROE (Return On Equity), DER (Debt to Equity Ratio), EPS (Earning Per Share), TATO (Total Asset Turn Over), CR (Current Ratio), EVA (Economic Value Added), and MVA (Market Value Added). Measurement of financial performance in each company uses secondary data. The population in this study were all companies listed on the IDX that had made acquisitions, and the company announced its acquisition activity in 2012. The method in taking this study using purposive sampling, so that there were eight companies included in the criteria of this study, then the period of observation is 2011-2014. The test tool used is the SPSS version 20. The results of the study using one sample paired t test showed that the companies that acquired did not have differences in ROE, DER, EPS, TATO, CR, EVA and MVA before and after the acquisition.

Analisis Kinerja Keuangan Perusahaan dengan Menggunakan Pendekatan Economic Value Added (EVA) dan Market Value Added (MVA) (Studi Kasus pada PT Astra International, Tbk. Periode Tahun 20082012)

2017 ◽  
Vol 1 (1) ◽  
Author(s):  
Abdul Hamid
Keyword(s):  
Financial Performance ◽  
Financial Services ◽  
Stock Price ◽  
Economic Value ◽  
Composite Index ◽  
Value Added ◽  
Secondary Data ◽  
Study Approach ◽  
Market Value Added ◽  
The Interest Rate

This study is a qualitative study using a case study approach to the PT. Astra International, Tbk. The object of this research is PT. Astra International, Tbk. PT. Astra International, Tbk is a company engaged in six business sectors, namely: automotive,financial services, heavy equipment, mining and energy, agribusiness, information technology, infrastructure and logistics. Researchers chose PT. Astra International, Tbk as research objects due in the year 2012, PT. Astra International, Tbk managed to rank first in the list of 100 Best Companies to Go Public by the 2011 financial performance of Fortune magazines Indonesia. The data used in this research is secondary data, the financial statements. Astra International, Tbk 20082012. Other secondary data used is the interest rate of Bank Indonesia Certificates (SBI), the Jakarta Composite Index (JCI), and thecompanys stock price began the year 20082012. This study aims to determine the companys financial performance by the use of EVA and MVA approach, therefore the data analysis technique used is the EVA and MVA. Based on the value EVA of the year 2008 2012, PT. Astra International, Tbk has good financial performance that managed to meet the expectations of the company and the investors. Based on the value of MVA during the years 20082012, PT. Astra International, Tbk managed to create wealth and prosperity for companies and investors. It concluded that financial performance. AstraInternational, Tbk for five years was satisfactory.

scholarly journals The impact of the deferred tax adjustment on the EVA measure for JSE-listed food producers and retailers in South Africa

2015 ◽  
Author(s):  
◽  
Melissa Naicker
Keyword(s):  
Quantitative Research ◽  
Economic Value ◽  
Value Added ◽  
Secondary Data ◽  
Deferred Taxes ◽  
Economic Values ◽  
After Effects ◽  
Before And After ◽  
Deferred Tax ◽  
The Impact

Economic Value Added (EVA) is a value based accounting measure used by companies to measure the amount of value created for shareholders. Accounting values derived from company annual financial statements (AFS), are used to calculate EVA. EVA requires the conversion of accounting values to economic values. This conversion process is known as the EVA adjustment. If accounting values are not converted to economic values, the value of the EVA can be distorted. Previous studies have shown that companies are experiencing difficulties in implementing EVA adjustments. To reduce these difficulties, companies have decided to limit their EVA adjustments to ten or even fewer. The problem is that if the appropriate adjustments are not made, an inaccurate EVA measure will be calculated. The aim of the research was to measure the impact of deferred taxes on the EVA measure. The study was conducted within a quantitative research paradigm. Secondary data analysis was carried out on JSE-listed Food producers and Retailers over a seven-year period, from 2004 to 2010. The unadjusted EVA was compared to the adjusted EVA measure to determine the before and after effects of deferred taxes on EVA. The findings of the study revealed that deferred taxes either understated or overstated the value of the EVA during 2004 to 2010. In addition, the results from the regression analysis revealed an overall significance for all deferred tax predictors. The regression results showed that deferred taxes significantly impacted the value of EVA. The study recommends that companies implement the deferred tax adjustment on the EVA measure.

scholarly journals The Impact of Privatization in Economic Performance: A Study in Brazilian Companies Large

2013 ◽  
Vol 12 (3) ◽  
pp. 183-211
Author(s):  
Vanessa Ingrid da Costa Cardoso ◽  
Anna Beatriz Grangeiro Ribeiro Maia ◽  
Sandra Maria dos Santos ◽  
Francisco De Assis Soares
Keyword(s):  
Economic Performance ◽  
Performance Indicators ◽  
Economic Value ◽  
Value Added ◽  
Return On Assets ◽  
Return On Equity ◽  
Descriptive Research ◽  
Before And After ◽  
Market Value Added ◽  
The Impact

Privatizations have an important role in the Brazilian media, representing opportunities and challenges on the financial market and the target of many investors and other stakeholders. This study includes the privatization’s concept from the neoclassical current, that the primary goals of companies is get and improve benefits and returns to their owners. Therefore, this study aims to analyze the behavior of the economic performance of Brazilian companies before and after the privatization. Then, was done a documentary and bibliographical research, beyondan exploratory and descriptive research, with quantitative analysis. The sample consisted of eight Brazilian companies privatized in the period from 1990 to 2005, outside the financial sector. Four performance indicators were analyzed two years before and two years after the privatization of companies: Economic Value Added (EVA), Market Value Added (MVA), Return On Assets (ROA) and Return On Equity (ROE). From the results it was found that the companies had higher economic performance after the privatization. This results corroborated with other studies.

scholarly journals JURNAL ANALISIS KINERJA KEUANGAN SEBELUM DAN SESUDAH PENERAPAN PPK-BLUD PADA RSUD KARDINAH

2017 ◽  
Vol 1 (1) ◽  
Author(s):  
Debby Firoeza Indiany ◽  
Dien Noviany Rahmatika ◽  
Jaka Waskito
Keyword(s):  
Financial Performance ◽  
Financial Management ◽  
Secondary Data ◽  
Profit Margin ◽  
Wilcoxon Test ◽  
Return On Equity ◽  
Financial Ratio ◽  
Fixed Assets ◽  
Before And After ◽  
Turn Over

RSUD Kardinah Kota Tegal in December, 2008 has been designated as Badan Layanan Umum Daerah (BLUD), then since January 2009 has done changes management finances, with the financial management apply system that is called “Pola Pengelolaan Keuangan Badan Layanan Umum Daerah” (PPK – BLUD). This study aimed to analyze the diffrerences in financial performance RSUD Kardinah based on (1) the ratio of the vulnerability, the aspects of return of assets, return on equity, gross profit margin and net profit margin. (2) liquidity ratios include aspects of current ratio, quick ratio and cash ratio (3) solvency ratios include aspects of debt ratios, debt to equity ratio and times interest earned ratio, and (4) the ratio of activity includes aspects of accounts receivable turn over, inventory turn over, fixed assets and total assets turn over before and after implementing PPK-BLUD. This study classified quantative descriptive research the type of data used is secondary data obtained from the annual financial statements of RSUD Kardinah, the period before implementing ppk – blud (2002 – 2008) and after implementing ppk – blud (2009 – 2015). The analytical method used is a diferrent test to test the hypothesis using wilcoxon test with an error rate (alpha) of 5%. The result of this study conclude, there are no significant differences in financial performance based suspectible ratio, liquidity ratio and activity ratio on RSUD Kardinah before and after implementing of PPK-BLUD. There are significant differences in the aspect ratio of the activity inventory turn over snd fixed assets turn over before and after implementing of PPK – BLUD. The implementation of the PPK – BLUD in hospitals Kardinah not give any significant changes to be seen from the ratio financial ratio, but there is an increase in the trend sharp against the income operations hospital after the implementation of PPK – BLUD. Keywords : PPK-BLU, financial ratio analysis, financial performance, Wilcoxon Siged Ranks Test

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

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.

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 PENGARUH PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP KINERJA KEUANGAN YANG DIMODERASI OLEH STRUKTUR KEPEMILIKAN

2018 ◽  
Vol 3 (1) ◽  
pp. 58-70
Author(s):  
Barbara Gunawan ◽  
Riska Yuanita
Keyword(s):  
Regression Analysis ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Financial Performance ◽  
Economic Value ◽  
Value Added ◽  
Foreign Ownership ◽  
Return On Equity ◽  
Net Profit ◽  
Corporate Social

The research aimed at analyzing the influence of corporate social responsibility towards the financial performance moderated by foreign ownership in mining companies registered in Indonesian Stock Exchange in 2012- 2015. The subjects of the research were mining companies with 8 samples of 32 companies selected by using purposive sampling method. The analysis tool used was Moderator Regression Analysis (MRA).  The research used double regression analysis to test whether or not corporate social responsibility had positive influence towards return on equity, economic value added, and net profit margin. The research also used simple regression analysis to test whether or not foreign ownership moderates the relationship between corporate social responsibility and financial performance. The result of the research showed that corporate social responsibility had a significant influence towards return on equity, economic value added, and net profit margin. However, foreign ownership did not moderate the relationship between corporate social responsibility and financial performance.

scholarly journals Human Capital Efficiency and Financial Performance: Empirical Evidence of Malaysian Public Companies.

2018 ◽  
pp. 878-884
Author(s):  
Azlina Rahim ◽  
Amrizah Kamaluddin ◽  
Ruhaya Atan
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Value Added ◽  
Annual Reports ◽  
Public Companies ◽  
Accounting Data ◽  
Return On Equity ◽  
Capital Efficiency ◽  
Financial Performance Measures ◽  
The Relationship

The purpose of this study is to investigate empirically the relationship between human capital efficiency and financial performance of Malaysian public companies. Using accounting data, this study reviewed the annual reports of Malaysian companies for a period of thirteen years from 2000 to 2012. The study applied Value Added Intellectual Coefficient (VAICTM) methodology developed by Ante Pulic to determine the human capital efficiency of a company. The regression models was construct to examine the relationship between human capital efficiency and financial performance measures including return on assets (ROA) and return on equity (ROE).The results revealed that human capital efficiency has significant and positive relationships with financial performance. The human capital efficiency is seen as a value driver for a company’s competitiveness. Hence, the findings of this study should help companies’ managers to make better decision pertaining to investment of their strategic asset that is human capital.

scholarly journals Analisis Perbandingan Kinerja Keuangan Sebelum Dan Sesudah Merger Dengan Menggunakan Metode Economic Value Added (Eva) Dan Market Value Added (Mva) Pada Pt Unilever Indonesia Tbk

2010 ◽  
Vol 1 (2) ◽  
pp. 137
Author(s):  
Rakhmi Ayu Zulvina ◽  
Musdholifah Musdholifah
Keyword(s):  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Share Price ◽  
Statistical Tool ◽  
Paired Samples ◽  
Normality Test ◽  
Before And After ◽  
Kolmogorov Smirnov ◽  
Market Value Added

AbstractMerger is a decision to combine or merge two or more companies into one new company. One of the merged company in Indonesia is PT Unilever Indonesia Tbk with PT Knorr Indonesia in 2004. To identify and analyze it, EVA and MVA method is used, then the results of the calculations tested using normality test statistical tool kolmogorov smirnov, and carried out by means of differential test paired samples T-test.The increase of  EVA before and after the merger worth 125.30%. While the increase in MVA before and after the merger worth 227.33%. Increasing the value of MVA was more due to the company's market value, which is reflected in the share price and listed share, although not free from invested capital in the company

scholarly journals CSR EFFECT ON MARKET AND FINANCIAL PERFORMANCE

El Dinar ◽  
2014 ◽  
Vol 1 (02) ◽  
Author(s):  
Dian Masita Dewi
Keyword(s):  
Financial Performance ◽  
Direct Effect ◽  
Research Result ◽  
Value Added ◽  
Market Value ◽  
Return On Assets ◽  
Return On Equity ◽  
Market Value Added ◽  
Positive Effect ◽  
Significant Direct Effect

<p>This study aims to predict causality model [33] effect of Corporate Social Responsibility on financial performance. This study also examines motivation of CSR implementation based on financial performance and market performance in non-financial public companies and banks that disclose CSR activities and listed at Indonesia Stock Exchange during 2007–2009. Numbers of samples were 46 companies. Data was analyzed by GSCA. Research result showed that there was a significant direct effect between CSR on Return on Assets (ROA), Return on Equity (ROE). In contrast, there was no significant direct effect between CSR on Market Value Added (MVA). In addition, there was a significant direct effect between Return on Assets (ROA) on CSR, Return on Equity (ROE) on CSR and there was no significant direct effect between Market Value Added (MVA) on CSR. There were three empirical findings novelties of this study. First, return on assets (ROA) has positive effect on CSR and otherwise CSR has positive effect on ROA. Second, ROE has positive effect on CSR and otherwise CSR has positive effect on ROE. Last, MVA affect on CSR and otherwise CSR affect on MVA.</p> <p> </p>

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