ADAKAH PENGARUH "EVA" TERHADAP NILAI PERUSAHAAN DAN KEMAKMURAN PEMEGANG SAHAM PADA PERUSAHAAN PUBLIK?
R. Agus Sartono(1*), Kusdhianto Setiawan(2)
(1) Universitas Gadjah Mada
(2) Asisten Dosen Fak. Ekonomi UGM
(*) Corresponding Author
Abstract
Economic Value Added (EVA) as a performance measure has proven in United States as prominent measure of companies business performance, especially in focusing on business operation that fit with its' core business. However, our research found that EVA has no significant correlation with MVA (Market Value Added) and abnormal return as indicators of stock price movement, but EVA significantly associated with leverage that support Modigliani-Miller theory of capital structure in its' second proposition. These findings rise the question whether or not EVA could be used as effective performance measure in Indonesia and than use it as a mean of management incentive in order to align with shareholders objective to maximize value of the firm.
Keywords
Full Text:
PDFReferences
Bacidore, Jeffrey M., Boquist, John A., Mil-bourn, Todd., & Thakor, Anjan V., (1997), The Search for the Best Financial Performance Measure, Financial Analyst Journal, May-June 1997, 11-20.
Black, Fischer, (1972), Capital Market Equilibrium with Restricted Borrowing,Journal of Business 45, 444-454.
Booth, Rupert, (1997), Economic Value Added as a Management Incentive, Management Accounting, October 1997, 48.
Brigham, Eugene F., & Gapenski, Louis C.,(1994), Financial Management Theory and Practice, 7th edition, The Dryden Press Hartcout Brace College Publisher, Florida.
Brown, Stephen J., & Warner, Jerold B., (1980), Measuring Security Price Performance, Journal of Financial Economics 8,205-256.
Cates, David C, (1997), Performance Measurement: Welcome to The Revolution, Banking Strategies, May/June 1997, 51-56.
Coates. J.B., Davis. E.W., Emmanuel. C. and Stacey. R.J., (1993), Corporate Perfor
mance Evaluation in Multinationals, Research Studies CIMA, United
Kingdom.
Copeland, Tom, Tim Koller, Jack Murrin (1996), Valuation, Measuring and Managing the Value of Companies, 2nd edition, McKinsey & Company, Inc.,New York.
Dodd, James L., (1996), EVA: A New Panacea?, Business & Economics Review, July-Sept. 1996, 26-27.
Grant, James L., (1996), Foundations of EVA™ for Investment Managers, The Journal of Portfolio Management, 1996, 41-48..
Green, J. Peter, Stark, Andrew W., & Thomas, Hardy M., (1996), UK Evidence on The Market Valuation of Research and Development Expenditures, Journal of Business Finance & Accounting, 23(2), March 1996, 0306686X, 191-216.
Higson, Chris, (1996), Discussion of UK Evidence on The Market Valuation of Research and Development Expenditures, Journal of Business Finance & Accounting, 23(2), March 1996, 1316-686X, 217-219.
------, Indonesian Capital Market Directory, 1996
------, Indonesian Capital Market Directory, 1997
Jones, Charles P. (1996), Investment: Analysis and Management, 5th edition, John Wiley & Sons Inc., New York.
------, JSX Statistic 1997
------, JSX Fact Book 1995
-----, JSX Fact Book 1996
Lee, C. M.C., "Measuring Wealth", CA Magazine, April 1996, 32-37
Mayfield, John, (1997), Economic Value Management, The Route to ShareholderValue, Management Accounting, Sept 1997, 32-33.
Mendenhall, William (1989), Statistic for Management and Economics, 6 edition, PWS-KENT Publishing Company, Boston.
Rousana, Mike (1997), Memanfaatkan EVA untuk Menilai Perusahaan di Pasar Modal Indonesia, Manajemen Usahawan Indonesia, No. 4, Th XXVI. Jurnal Ekonomi dan Bisnis Indonesia
Sekaran, Uma, (1992), Research Methods for Business, A Skill Building Approach,
2nd edition, John Wiley and Sons, Inc.
Stephens, Kenneth R., Ronald R. Bartunek (1997), What is Economic Value Added? A Practioner's View (Corporate Performance Measure), Business Credit, v99, n4.
Stewart III, G. Bennet (1991), The EVA™ Management Guide, The Quest for Value, Harper Collins-United States of America.
Teitelbaum, Richard, (1997), America's Greatest Wealth Creators, Fortune, Nov 10, 1997,265-276.
Utama, Sidharta (1997), Economic Value added: Pengukur Penciptaan Nilai Perusahaan, Manajemen Usahawan Indonesia No.4, Th.XXVI
Article Metrics
Abstract views : 4368
| 
views : 3810
Refbacks
- There are currently no refbacks.
Copyright (c) 2018 Journal of Indonesian Economy and Business
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
| Journal of Indonesian Economy and Business |
| The Journal of Indonesian Economy and Business (print ISSN 2085-8272; online ISSN 2338-5847) is published by the Faculty of Economics and Business Universitas Gadjah Mada, Indonesia. The content of this website is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License |
| © 2019 Journal of Indonesian Economy and Business | Visitor Statistics |