Analisis Pengaruh Economic Value Added, Profitabilitas dan Market Value Added Terhadap Harga Saham Perusahaan

The purpose of this study is to find out whether the effect of Market Value Added, Profitability, and Market Value Added on stock price. Sampling in this study is a purposive sampling method. Then the data is tested using multiple regression analysis. The results of the t test showed that the Economic Value Added has a signification value of 0,018 which means smaller than 0,05 and the calculated value of -2.441<t tablel 2.00758 then H1 is accepted. Profitability has a signification value of 0,034 greater than 0,05 and a calculated value of 2.182>t table 2.00758 then H2 is accepted, Market Value Added has significant value of 0,223 greater than 0,05 and the value of t calculated -1.235<t table 2.00758 then H3 is rejected. The results of the F test showed that Economic Value Added, Profitability, Market Value Added have a calculated F value of 2,933 and sig. 0,042. Because the value F calculated 2.933>F table 2.773 and sig. value 0,042<0,05. It can be concluded that partially Economic Value Added has a significant negative effect on stock price, Profitability has a significant effect on stock price, Market Value Added has no significant effect on stock price and simultaneously Economic Value Added, Profitability, Market Value Added has a significant effect on stock price Keywords: Economic Value Added, Profitabilitas, Market Value Added, Stock Price

FINANCIAL POLICY STRATEGY IN INCREASING ECONOMIC VALUE ADDED ON MSMES IN MEDAN CITY

The global Covid-19 pandemic certainly has an impact on various sectors, especially in the economic sector and of course also has a significant impact on tourism, the trade sector, industry including Micro, Small and Medium Enterprises (MSMEs) in Indonesia. Creative products have great potential to be able to deliver the city that has the industry into an advanced and independent creative economy city. The use of information technology for business resource management for creative products is still under-attentioned, which in turn has administrative, financial, process, and access to banking and financial institutions weaknesses. This study aims to formulate a strategy to increase added value for the MSME sector of North Sumatra Province, namely the Economic Value-Added method and implement efforts to cooperate with the Indonesia Stock Exchange through the mechanism of acceleration boards and Initial Public Offering (IPO) to obtain long-term financing facilities and introduce MSME business unit to the wider community into a medium-class public company. This scientific research also aims to provide recommendations for sustainable strategies for the MSME sector, especially in the province of North Sumatra in running a business amidst the Covid-19 pandemic. This type of research is qualitative research using a mix method by conducting interviews with the target population, namely 200 Micro, Small and Medium Enterprises spread in North Sumatra Province and formulating a model for increasing MSME productivity with the introduction of the acceleration board method and collaborating with the Indonesia Stock Exchange in the coaching process. In this study, a focus group discussion will be held by inviting local officials from related offices of North Sumatra province and academics to provide input in completing the strategy development model for increasing MSME productivity by focusing on the Economic value-added method. The outputs of this research are publications of reputable international journals, international proceedings, and reference books for ISBN certified research results with TKT level 3.

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

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.

Value Added from the Perspective of Econophysics

The production, or value added, approach to GDP involves calculating an industry or sector’s output and subtracting its intermediate consumption (the goods and services used to produce the output) to derive its value added. The value added at the macro level depends on business efficiency. It reflects an increase in value that a business creates by undertaking the production process. We assumed that the market creates thousands of vibrating energies, coming from other enterprises, with different frequencies. The purpose of this article is to verify whether the econophysics approach could be successfully used to assess a business from the perspective of the interaction between economic forces. Thus, we propose that the term ‘value added’ be understood as a certain amount of accumulated energy of enterprises that comes from the interaction of basic economic forces and economic vibrating forces of accounting. Using regression models, we show the influence of basic forces, like debt and the stock market, and vibrating ones (i.e., accounts payable, accounts receivable, inventory) on the economic value added by testing US, European, and emerging markets. We confirmed the relevance and appropriateness of the econophysics approach to estimating the economic value added.

ANALISIS KINERJA KEUANGAN PT WIJAYA KARYA Tbk PRA-PASCA BUYBACK SAHAM PADA TAHUN 2020

Penelitian ini bertujuan untuk mengetahui kinerja keuangan PT Wijaya Karya Tbk pra dan pasca melaksanakan buyback saham tanpa RUPS (Rapat Umum Pemegang Saham). Alat yang digunakan untuk mengukur kinerja keuangan tersebut menggunakan metode berbasis value added, yaitu Economic Value Added (EVA) dan Market Value Added (MVA). Nilai EVA diperoleh dari pengurangan NOPAT dengan biaya modal perusahaan, sedangkan nilai MVA diperoleh dari nilai pasar ekuitas dikurangi dengan modal ekuitas yang diinvestasikan investor. Bahan analisis yang digunakan adalah laporan keuangan PT Wijaya Karya Tbk kuartal ke-II 2020 untuk periode pra buyback, dan laporan keuangan tahunan tahun 2020 untuk periode pasca buyback. Hasil dari analisis ini adalah terdapat peningkatan nilai EVA dan MVA untuk periode pasca buyback. Namun nilai EVA yang dihasilkan, baik pra-pasca buyback tetap negatif. Sedangkan nilai MVA pra-buyback bernilai negatif, berhasil mencapai nilai positif pasca buyback.

Analysis of competitiveness and economic profit of the confectionary sector in Kazakhstan and its comparison with Czech Republic data

Measuring competitiveness in post-communist countries in Central Asia is challenging. Many well-known metrics fail to warn bankruptcy risks sufficiently early or at all. This study uses metrics of the Altman z-score, Taffler z-score, IN99, IN01, IN05, and creditworthiness models to assess bankruptcy likelihood and financial performance of local and foreign confectionery companies operating in Kazakhstan during 2007-2018. These companies are Roshen, KDV Yaskino, Konti, Rakhat, and Bayan Sulu. The IN bankruptcy and creditworthiness models are considered in this study because they are found to be more appropriate for post-communist countries. Compared to the well known Altman or Taffler z-score models, they better suit the events and corporate situations peculiar to these countries. The benchmarking INFA system, involving a pyramidal approach developed for Czech companies, provides the economic-value-added (EVA) and component indicators to analyze competitiveness. This study also compares the performance of Kazakhstan companies with Nestlé Czechia and the Czech food industry. The objective is to analyze company competitiveness, bankruptcy probability, and ability to create value. Results show the effectiveness of INFA in analyzing competitiveness and the applicability of IN models to companies from Kazakhstan, Russia, Ukraine, and the Czech Republic.

Remuneração do Chief Executive Officer (CEO) e criação de valor em empresas brasileiras listadas no IBRX 100

Este estudo teve como objetivo analisar a relação entre a remuneração dos CEOs e a criação de valor em empresas brasileiras listadas no IBRX 100. Para tal, contemplou-se o conceito de criação de valor a partir da utilização de medidas que incorporam o custo de oportunidade das empresas, quais sejam: Economic Value Added (EVA) e Market Value Added (MVA). O período em análise foi de 2015 a 2019, com uma amostra de 75 empresas. Para testar as hipóteses, utilizaram-se modelos de regressão linear múltipla, estimados pelo Método dos Momentos Generalizado Sistêmico. Os resultados indicam que o EVA e o MVA impactam na decisão de aumentar ou diminuir a remuneração dos CEOs. Portanto, os achados desta pesquisa podem indicar um alinhamento entre a política de remuneração das empresas analisadas e a criação de valor das organizações, amenizando os conflitos de interesse entre agente e principal.

Assessing the Impact of Country Risk on the Investment Attractiveness of Russian Companies

The ability to attract foreign direct investment (FDI) is a critical success factor for the development of any participant in the local market. One of the indicators that characterize the investment attractiveness is the economic value added (EVA). It reflects the market assessment of the company's profit potential. Some EVA assessment methodologies include the country risk assessment – a factor that is beyond control. This study analyzes the impact of this indicator on the investment attractiveness of an organization. The authors estimated the economic value added for some of the largest Russian companies using methodologies that take into account the country's risk level, as well as those methodologies that do not take it into account. The calculations used adjustments for EVA in line with specific features of Russian accounting. As a result, it was revealed that, regardless of industry affiliation, the investment attractiveness of Russian organizations decreases when the country's risk factor is included in its assessment.The article justifies the relevance of the developed approach to the assessment of investment attractiveness of companies based on country risk level as a factor that impacts the ability of organizations to generate profit, making it possible to detect hidden management problems. According to the authors, the application of this approach not only contributes to the solution of long-term and medium-term tasks of business development (for example, the creation of its infrastructure) but also greatly facilitates the entry of organizations into international markets.One of the authors' conclusions of the study is that using the methodological tools developed by them for analytical purposes requires improving the management of the investment attractiveness of an organization and, consequently, its objective assessment. The structure of economic value added can serve as a basis for making management decisions related to increasing investment attractiveness. According to the authors, the provisions formulated in the article can serve as a methodological guide for organizing business valuation based on the EVA in the Russian context. Results of the study can be of interest to managers, current owners of companies, and potential investors.