Analisis Penerapan Konsep Economic Value Added (Eva) Sebagai Alat Ukur Kinerja Keuangan Pada PT. Indosiar Karya Media, tbk

Sembiring, Armianto Efrata (2010) Analisis Penerapan Konsep Economic Value Added (Eva) Sebagai Alat Ukur Kinerja Keuangan Pada PT. Indosiar Karya Media, tbk. S1 thesis, Universitas Mercu Buana.

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Abstract

ABSTRACT Must be realized that company performance measurement using finance analysis ratio has lot weaknesses. One of its weaknesses is it ignores the cost of capital and its values is not independent. In this study, new performance measurement, Economic Value Added (EVA) method is used to analize real performance of the company. The concept of Economic Value Added consider the expectation of share holder without neglecting Weighed Average Cost of Capital (WACC). The sample company in this study is PT.Indosiar Karya Media Tbk. with the consideration that this company is a well known has already gone public. The study used a descriptive quantitative method to collect primary data and secondary data. Variables used in this study are cost obligation before tax (Kd*), cost obligation after tax (Kd), tax fare (T), cost of equity capital (Ke), net operating profit after tax (NOPAT), weighed average cost of capital (WACC), and capital. This study used EVA approach so that the real performance of PT.Indosiar Karya Media Tbk. can be measured. The result of this approach in the following three consecutive years, year 2006, 2007, and 2008 was negative EVA. In those years also reveal that there are no economic added value to the company because the profit is not achieving the share holder expectation. But the year 2009 gives different result that is positive EVA because the company can give economic added value and achieve the share holder expectation.

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