scholarly journals Evaluasi Kinerja Keuangan Sebelum dan Sesudah Akuisisi Menggunakan Profitabilitas

2019 ◽  
Vol 10 (1) ◽  
pp. 8
Author(s):  
Muhammad Hamdan Sayadi
Keyword(s):  
Financial Performance ◽  
Economic Value ◽  
Value Added ◽  
Profit Margin ◽  
Ratio Analysis ◽  
Economic Value Added ◽  
Financial Ratio ◽  
Financial Report ◽  
Study Approach ◽  
Before And After

<p align="center"><strong>A</strong><strong>BSTRACT</strong></p><p><em>The objective of this research aims to evaluate of financial performance the acquirer company before and after acquisition and company condition after acquisition that being evaluated with Economic Value Added (EVA) method. This study was classified as a descriptive study with case study approach. Data collection was collected by documentation method in the form of annual financial report of PT Elang Mahkota Teknologi Tbk. in the period of three years before acquisition and four years after acquisition (2009-2015). </em><em>R</em><em>atio analysis were used as evaluation tools on this research. Ratio analysis used the profitability ratio.</em><em> </em><em>Ratio analysis results showed that profitability ratios have increased after the acquisition.  </em><em>Profit margin ratio before acquisition have increased from 0,06 in 2009 to 0,15 in 2010. Profit margin ratio PT Elang Mahkota Teknologi Tbk also have increased after acquisition from 0,15 in 2010 to 0,29 in 2015. Before acquisition, ROA PT Elang Mahkota Teknologi Tbk have increased from 0,04 in 2009 to 0,12 in 2010. And then, ROA have decreased to 0,11 after acquisition. ROE PT Elang Mahkota Teknologi Tbk have increased before acquisition from 0,06 in 2009 to 0,16 in 2010. But ROE have decreased to 0,12 after acquisition. </em><em>Based on the research results, financial performance of PT Elang Mahkota Teknologi Tbk. after acquisition is better than before the acquisition period</em><em>.</em></p><p><strong><em>Keywords :</em></strong><em> Financial performance, Economic Value Added, Financial ratio</em></p><p align="center"><strong>ABSTRAK</strong></p><p><em>Penelitian ini bertujuan untuk mengevaluasi kinerja keuangan perusahaan pengakuisisi sebelum dan setelah akuisisi dan kondisi perusahaan pengakuisisi setelah akuisisi yang dievaluasi dengan menggunakan metode nilai tambah. Studi ini tergolong sebagai penelitian deskriptif dengan pendekatan studi kasus. Pengumpulan data dilakukan dengan metode dokumentasi berupa laporan keuangan tahunan PT Elang Mahkota Teknologi Tbk. periode tiga tahun sebelum dan empat tahun setelah akuisisi (2009-2015). Alat evaluasi yang digunakan ialah analisis rasi. Analisis rasio yang digunakan dalam penelitian ini ialah rasio profitabilitas</em><em>. </em><em>Pada rasio profit margin periode sebelum akuisisi mengalami peningkatan dari 0,06 pada tahun 2009 menjadi 0,15 pada tahun 2010. Profit margin PT Elang Mahkota Teknologi Tbk terus mengalami peningkatan pada periode setelah akuisisi hingga mencapai 0,29 pada tahun 2015.</em><em> </em><em>Pada periode sebelum akuisisi nilai ROA mengalami peningkatan dari 0,04 pada tahun 2009 menjadi 0,12 pada tahun 2010. ROA meningkat karena meningkatnya laba bersih sehingga kemampuan pengembalian aktivanya juga menjadi semakin kuat. Akan tetapi pada periode setelah akuisisi ROA perusahaan mengalami penurunan menjadi sebesar 0,11 pada tahun 2015. Penurunan tersebut menunjukkan bahwa efisiensi dan efektivitas pengelolaan aset tidak lebih baik daripada periode sebelum akuisisi.</em><strong><em> </em></strong><em>Pada periode sebelum akuisisi nilai ROE mengalami peningkatan dari 0,06 pada tahun 2009 menjadi 0,16 pada tahun 2010. Akan tetapi pada periode setelah akuisisi ROE perusahaan mengalami penurunan menjadi sebesar 0,12 pada tahun 2015. Peningkatan dan penurunan ROE dikarenakan mengikuti kenaikan dan penurunan laba bersih perusahaan.</em><strong><em> </em></strong><em>Berdasarkan hasil penelitian, kinerja keuangan PT Elang Mahkota Teknologi Tbk setelah akuisisi lebih baik dibandingkan periode sebelum akuisisi.</em></p><strong><em>Kata kunci</em></strong><em>: Kinerja keuangan, Economic Value Added, rasio keuangan.</em>

scholarly journals ANALISIS KINERJA KEUANGAN PT. BANK MUAMALAT INDONESIA, Tbk. PERIODE 2009-2011 (PERBANDINGAN RASIO-RASIO KEUANGAN DAN ECONOMIC VALUE ADDED)

2016 ◽  
Vol 1 (1) ◽  
Author(s):  
Nalim Nalim ◽  
Fitriyah Fitriyah
Keyword(s):  
Financial Performance ◽  
Financial Analysis ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Financial Ratio ◽  
The Real ◽  
Ratio Approach ◽  
Performance Results ◽  
Banking Development

The performance of Bank Muamalat Indonesia (BMI) in 2011 increases its value continually for the stakeholders and contributes in national syariah banking development. Therefore, it is very important to analyze the financial performance in order to get the real description of the company. General financial analysis can be conducted by analyzing the financial ratio and Economic Value Added (EVA) approach. The result of the research shows that the best performance of BMI was in 2010 based on CAR and NPM values. According to ROA, ROE, and BOPO indicators, the best performance was in 2011. The EVA analysis shows that EVA value in the period of 2009-2011 was less than zero, which means that the best performance was not in the year. After getting the result of the financial ratio and EVA analysis, there is comparison between the interpretations of those financial performance results. The result of the comparison is significant. By using financial ratio approach, it shows that the bank has good remunerativeness. However, based on EVA analysis, the EVA value is less than zero, which means that BMI performance is not good. It can be concluded that the good performance based on financial ratio may become not good performance if we analyze it using EVA analysis.

scholarly journals ANALISIS RASIO DAN ECONOMIC VALUE ADDED (EVA) UNTUK MENILAI KINERJA KEUANGAN PT. HM. SAMPOERNATbk. TAHUN 2014 - 2016

2019 ◽  
Vol 3 (1) ◽  
pp. 41-52
Author(s):  
Wakhid Yuliyanto ◽  
Firgian Rafingki
Keyword(s):  
Financial Performance ◽  
Activity Ratio ◽  
Economic Value ◽  
Good Condition ◽  
Value Added ◽  
Economic Value Added ◽  
Return On Equity ◽  
Financial Report ◽  
Quantitative Descriptive ◽  
Turn Over

This purpose of this research is to identify the  financial performance based on the result of calculation Analisys Ratio and Economic Value Added ( EVA ) in the financial report of PT. HM. Sampoerna Tbk period 2014 – 2016 because of in every annual report there was un explaining how condition of financial performance of this company .This research it is a quantitative descriptive research. The method used was Analysis Ratio and Economic Value Added (EVA). Analysis Ratio used was Liquidity Ratio (Current Ratio,Quick Ratio,Cash Ratio), Solvability Ratio (Debt to Assests Ratio, Debt to Equity Ratio), Activity Ratio (Inventory Turn Over Ratio, Total Assets Turn Over) and Profitability Ratio (Return On Assest, Return On Equity). For the result of the calculation Analysis Ratio the company in condition good condition of the financial performance if  assess from Liquidity Ratio, Solvability Ratio, Activity Ratio and Profitability Ratio because of the result was over average of a kind industry. Meanwhile the result which is used was EVA in period 2014 – 2016 the result all of them positive value which mean there is value added which is  indication PT. HM. Sampoerna Tbk in good condition of the financial performance. Based on result of the analysis overall financial performance of PT. HM. Sampoerna Tbk. in 2014 – 2016 is good with revenue increase every year. However the company has not maximized fund resources to making a profit.

scholarly journals Pengaruh Kinerja Keuangan Terhadap Rate of Return (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar di BEI Tahun 2014-2018 )

2020 ◽  
Vol 25 (2) ◽  
pp. 101-117
Author(s):  
Sefka Anggraini Putri ◽  
Reni Oktavia ◽  
Widya Rizki Eka Putri
Keyword(s):  
Financial Performance ◽  
Cash Flow ◽  
Return On Investment ◽  
Economic Value ◽  
Value Added ◽  
Profit Margin ◽  
Rate Of Return ◽  
Economic Value Added ◽  
Net Profit ◽  
Operating Cash Flow

The purpose of this study was to examine the effect of financial performance on the rate of return. The indicators used to measure financial performance are return on investment, net profit margin, earnings per share, operating cash flow, economic value added. This study uses secondary data with a population of companies listed on the Indonesia Stock Exchange (BEI) 2014-2018. The method used to determine the sample using purposive sampling. Consists of 19 industrial mining companies with 56 samples. The analysis method used is multiple regression analysis. The results of hypothesis testing show that the Return on Investment (ROI) has no significant effect on the Rate of Return (ROR), Net Profit Margin (NPM) has significant effect on the Rate of Return (ROR), Earning Per Share (EPS) has no significant effect on the Rate of Return (ROR), Operating Cash Flow(OCF) has no significant effect on the Rate of Return (ROR), Economic Value Added (EVA) has no significant effect on the Rate of Return (ROR)

scholarly journals Analysis of Financial Performance Based on Financial Ratio and Economic Value Added

2019 ◽  
Vol 2 (2) ◽  
pp. 115-122
Author(s):  
Evi Wardah Saniyah Maulidya ◽  
Agus Sukoco ◽  
Joko Suyono ◽  
Damarsari Ratnasahara Elisabeth
Keyword(s):  
Financial Performance ◽  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Financial Ratio

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.

KOMPARASI KINERJA KEUANGAN MELALUI PENDEKATAN ECONOMIC VALUE ADDED (EVA) PADA PERUSAHAAN TRANSPORTASI DI JAKARTA

2018 ◽  
Vol 3 ◽  
pp. 223-232
Author(s):  
Dwi Urip Wardoyo
Keyword(s):  
Financial Performance ◽  
Service Industry ◽  
Economic Value ◽  
Value Added ◽  
Added Value ◽  
Economic Value Added ◽  
Test Analysis ◽  
Transportation Service ◽  
Income Statement

This study aims to compare financial performance through profitability generated by two market participants in the witness transportation service industry in Jakarta, namely PT. BB compared to PT. ETU, this assessment is measured not limited to the profit generated but more than that by measuring financial added value through the concept of Eonomic Value Added produced by the two companies. The population in this study were all taxi transportation service companies in Jakarta. The sampling method selected two taxi companies that have the largest market share in DKI Jakarta, namely BB Taxi and ETU Taxi. The test analysis used in this study is ratio analysis through profit calculation and economic added value from the annual income statement. This study shows that there are (a) determination of the ratio of profit levels, (b) Determination of the comparison of economic value added of the two companies. Keywords :  Financial performance, Economic Value Added (EVA)

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 Liquidity – Profitability Relationship Analysed Once Again. The Case Of Poland

2016 ◽  
Vol 12 (7) ◽  
pp. 33
Author(s):  
Rafal Wolski ◽  
Monika Bolek
Keyword(s):  
Economic Value ◽  
Value Added ◽  
Economic Value Added ◽  
Financial Ratio ◽  
Cash Conversion Cycle ◽  
Statistical Measures ◽  
Dynamic Measures

In this article, a study on relationship between liquidity and profitability of an enterprise are presented. Besides traditional measures of liquidity and profitability, the analysis takes account also of dynamic measures, i.e. the cash conversion cycle and the economic value added. The authors demonstrated that the lack of cohesion in the theory in the case of statistical measures may result from the certain snapshot effect, whereas the analysis of dynamic measures allows the interpretation of ratios consistent with the theory. This article also presents EVA (Economic Value Added) as a financial ratio for the calculation of which not all accounting corrections proposed so far must be used.

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.

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