PENGARUH ECONOMIC VALUE ADDED (EVA)TERHADAP HARGA SAHAM PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG LISTINGDI BURSA EFEK INDONESIA

SUSANTI, DESY MEY (2008) PENGARUH ECONOMIC VALUE ADDED (EVA)TERHADAP HARGA SAHAM PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG LISTINGDI BURSA EFEK INDONESIA. Other thesis, University of Muhammadiyah Malang.

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Abstract

This research entitles “Effect Economic Value Added (EVA) toward stock price of food and beverage companies of go public in Indonesian Stock Exchange”. The research aims to know how to apply. EVA at go public food and beverage and to know whether EVA effects stock price of go public food and beverage companies in Indonesian Stock Exchange. The research applies to seven go public food and beverage companies in Indonesian Stock Exchange. They are PT. Delta Djakarta, PT. Ultra Jaya, PT. Siantar Top, PT. Sari Husada, PT. Multi Bintang, PT. Indofood Sukses makmur and PT. Fast Food. Data are taken from Muhammadiyah University JSX Corner from 3 year periods since 2005 until 2007. EVA is a company financial measurement concept introduced by Stern Steward Management Consultant. The basic formula for EVA is Operating Profit After Taxes minus Cost of Capital. Operating profit is defined as sales revenues minus operating cost and taxes, while cost of capital used is total capital times the weighted average cost of that capital. This research is using quantitative analysis technique. The steps are, first defining cost of capital. Second, defining common stock cost by Capital Asset Pricing Model. Third, calculating Weighted Average Cost of Capital. Fourth, calculating EVA and fifth, using Linier Regression analysis to know whether EVA effects stock price of go public food and beverage companies in Indonesian Stock Exchange. Negative EVA means company has not created value through its operation, because the earning has not reached investor expectation. Positive EVA means company has created value through its operation, because the earning has reached investor expectation. The result of research are as follows. PT. Delta Djakarta had negative EVA in 2005. they were (36.691.001.000), but in 2006 and 2007 PT. Delta Djakarta had created economical value. They were 4.848.002.000 and 8.163.431.000. PT. Ultra Jaya had negative EVA in 2005, 2006 and 2007, they were (240.651.394.800), (97.354.021.310) and (79.661.125.375). PT. Siantar Top had negative EVA in 2005 and 2006, they were (39.593.515.370) and (20.944.289.500), but in 2007 PT. Siantar Top had created economic value, they were 11.705.022.430. PT. Indofood Sukses Makmur had negative EVA in 2005, 2006 and 2007, they were (1.413.373.389.000), (863.307.826.000) and (937.223.659.000). PT. Sari Husada had negative EVA in 2005, 2006 and 2007, they were (117.608.163.000), (93.740.199.000) and (68.703.517.000). PT. Multi Bintang had negative EVA in 2005, 2006 and 2007, they were (27.312.238.000), (29.469.450.000) and (15.892.943.000). PT. Fast Food had created economic value in 2005, 2006 and 2007, they were 687.961.000, 39.846.982.900 and 63.246.091.000. Through Linier Regression analysis, can be concluded that EVA has no significant effect toward stock price of go public food and beverage companies in Indonesian Stock Exchange.

Item Type: Thesis (Other)
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Economic > Department of Accounting
Depositing User: Rayi Tegar Pamungkas
Date Deposited: 14 Jun 2012 02:44
Last Modified: 14 Jun 2012 02:44
URI: http://eprints.umm.ac.id/id/eprint/7699

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