PENGARUH EARNING AFTER TAX (EAT), ECONOMIC VALUE ADDED (EVA) DAN MARKET VALUE ADDED (MVA) TERHADAP RETURN SAHAM PADA PERUSAHAAN INDUSTRI FARMASI ( PERIODE 2006–2009)

MULIAWAN, BAYU TEJA (2010) PENGARUH EARNING AFTER TAX (EAT), ECONOMIC VALUE ADDED (EVA) DAN MARKET VALUE ADDED (MVA) TERHADAP RETURN SAHAM PADA PERUSAHAAN INDUSTRI FARMASI ( PERIODE 2006–2009). S2 thesis, Universitas Mercu Buana Jakarta-Menteng.

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Abstract

The Investor’s expectation will determine stock’s price of the company listed. Decision in investing money by the investors in stock marker must based on objective information. Thus Contemporary Approach can be one of the solution above such as Economic Value Added (EVA) dan Market Value Added (MVA). Many Researches proves that these approach can be alternative to evaluate company’s performance. There are some researches about EVA with good results. One of them is Johnny Ismail Ginting claimed that Earning After Tax (EAT), Return on Asset (ROA) and Economic Value Added (EVA) have significant influenced to stock return. The result is there is medium and possitive relationship among the variables in 27 samples of LQ-45 market in Indonesia during 2000 -2002 periods. The Pharmacy Industry have growth 8 % in 2008 (Rusyanto, Edo. Investor Daily: Kamis Mei 22, 2008). Thus, the aim of ths research is to see the influence of there independent variables consists of EAT, EVA dan MVA with stock return in pharmacy’s companies which is listed in Indonesia Stock Exchange during period 2006 – 2009. The results can justify investors in evaluating companies performance with its stock return. After data analysis using eviews, we obtain results as follow. At 90 % (α = 0,10 ) level confidence there is influence parsially between variables EAT and MVA with stock return while EVA doesn’t have influence to stock return. The other result stated that EAT, EVA dan MVA have influence to stock return at 90 % level of confindence, but only variabel MVA will explain the connection in regression’s model resulted. Keywords : EAT, EVA, MVA, Stock Return and Pharmacy Industries.Ekpektasi investor dapat menentukan besaran harga saham bagi setiap emiten. Pengambilan keputusan berinvestasi oleh Investor di pasar saham harus memiliki dasar yang jelas, maka metode kontemporer penilaian kinerja perusahaan seperti Economic Value Added (EVA) dan Market Value Added (MVA) merupakan salah pilihan dalam menilai kinerja emiten. Serangkaian penelitian tentang EVA, salah satunya oleh Johnny Ismail Ginting menyatakan bahwa EVA, ROA dan EAT memiliki pengaruh yang signifikan terhadap stock return dan mempunyai hubungan yang tergolong sedang dan positif pada 27 Emiten yang tergolong liquid (LQ-45) pada periode 2000- 2002. Mengingat industri farmasi sendiri mencatat 8% pada tahun 2008 (Rusyanto, Edo. Investor Daily: Kamis Mei 22, 2008). Penelitian ini bertujuan melihat pengaruh variabel bebas EAT, EVA dan MVA dengan Return Saham pada perusahaan farmasi yang tercatat di BEI pada periode 2006-2009. Sehingga hasilnya dapat membantu investor dalam menilai kinerja perusahaan dihubungkan dengan return sahamnya. Setelah dilakukan uji statistik terhadap data-data yang ada maka diperoleh bahwa pada tingkat kepercayaan 90% (α = 0,10), secara parsial pengaruh hanya pada variabel bebas EAT dan MVA terhadap return saham sedangkan EVA tidak memiliki pengaruh. Sedangkan secara bersama, variabel bebas EAT, EVA dan MVA memiliki pengaruh terhadap return saham pada tingkat kepercayaan 90%, namun hanya variabel MVA yang akan menjelaskan model regresi yang terbentuk. Kata Kunci : EAT, EVA, MVA, Pengembalian Saham dan Industri Farmasi.

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