Pengaruh arus kas operasi thd EVA pd perusahaan publik LQ 45 yg terdaftardi BEI

Rudi, (2009) Pengaruh arus kas operasi thd EVA pd perusahaan publik LQ 45 yg terdaftardi BEI. S1 thesis, Universitas Mercu Buana.

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Abstract

ABSTRACTION We can use many methods to measure performance of a company. The generally used method is the Du Pont Ratios. These Ratios compile of Return on Investment, Return on Equity, and many other. These ratios are related to the performances regarding company’s profit. The requisite goal of a company according to Anthony and Govindarajan is to maximize shareholders’ value. This value in turn not only is created for the shareholders but also for the other stakeholders such as customers, suppliers, employees, government, management, and creditor. One method to measure this value creating is Economic Value Added (EVA). EVA measures the performances of a company regarding its economic profit (residual profit). In traditional accountancy, Income statement only counts the net profit. It doesn’t include the cost of equity. In EVA, all cost of capital is included in the computation. And it doesn’t stop there. EVA also needs some adjustments to make the yield more reliable. Financial Management has ten axioms, one of which is that Cash (Not Profit) is the king. This axiom elucidates that in general condition cash is what counts. It’s comprehended due to its supreme function in daily operation. This research is aimed to retort questions as whether there is any correlation between EVA and Operating Cash Flow and whether there is any clout from Operating Cash Flow over EVA. The result of this research confirmed what was conveyed by Gary C. Biddle, Robert M. Bowen, and James S. Wallace in their article called Evidence on EVA. Though it’s inspired by the article, it actually has a different point of view. In the article they investigated the influence of EVA over Operating Cash Flow whilst in this article EVA is thought to be the dependent variable. Eventually this research is meant to comprehend the actual computation of EVA and measure the performance of stock issuers listed on LQ45. These stock issuers are thought to be the most liquid ones thus they would also have a larger cost of capital.

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