PENGARUH ANALISIS RETURN ON EQUITY, ECONOMIC VALUE ADDED, NET WORKING CAPITAL RATIO TERHADAP HARGA SAHAM INDUSTRI MANUFAKTUR DI BURSA EFEK JAKARTA
DOI:
https://doi.org/10.24034/j25485024.y2006.v10.i3.409Keywords:
analysis of Return on equity, Economic value added, Net working capital ratios and stock priceAbstract
Real stock price actually is depend on the fundamental condition of the company. Investor make some invest decision with buy some stock, before that they must consider about emiten profit, deviden, growth of sale and asset for the time frame. Beside that, company prospect in the future must be consider. Stock price influence by EVA and financial ratios. In this research we combines about the influence of financial ratios and EVA to stock prices for the manufacture industries inIndonesia.
This study aims to investigate the impact of economic value added, return on equity and net working capital ratio to the stock price of the manufacture industries in BEJ. We used purposive sampling method, with pooled cross sectional during 2001 until 2003 in 52 companies. Multiple regression model was used to test hypthesis with take 3 free variables.
The test hypthesis about return on equity, economic value added and net working capital ratio in BEJ during 2001 until 2003, doesn’t put to a test. It’s identification with one variable wich is doesn’t give the influence to the stock price in manufacture industries, the variable is return on equity ratios and the other variables which are give the influence to the stock price are : economic value added and net working capital ratio.
References
Anthoni, Robert N & Vijay Govindarajan, 1998, Management Control System, Ninth Edition,Irwin.
Anthoni, Robert N & Vijay Govindarajan, 2003, Sistem Pengendalian Manajemen, Edisi keenam, Jilid 1, Alih Bahasa: F.X. Kurniawan Tjakrawala, Jakarta: Salemba Empat.
Bank Indonesia, 1999, Laporan Tahunan Bank Indonesia Tahun 1999, Bank Indonesia.
Dharmadiaksa, Ida, 2003,”EVA Sebagai Variabel yang memoderasi hubungan antara kebijakan deviden dengan return saham”, Tesis. UGM Yogyakarta
Gatot Widayanto, 1993, EVA / NITAMI : Suatu Terobosan Baru Mengukur Kinerja Perusahaan, Usahawan No. 12 Th. XXII (Desember).
Husnan, Suad & Enny Pujiastuti, 1996, Dasar-dasar Manajemen Keuangan, Edisi Pertama, Cetakan kedua, Yogyakarta:AMP.YKPN.
Husnan, Suad, 1993, Pembelanjaan Perusahaan, Edisi Keempat, Yogyakarta: Liberty.
Lieber, Ronald.B, 1996, “Who Are The Real Wealth Creators?”, Fortune, December 9, 1996.
McConville, Daniel J., 1992. All About EVA, Industry Week, April.
Mirza, Teuku. April 1997, “EVA Sebagai Alat Penilai”, Usahawan No.4, Tahun XXVI.
Prawirosentono, Suyadi, 1999, Kiat Membangun Organisasi Kompetitif Menjelang Perdagangan Bebas Dunia, Edisi Pertama, Cetakan Pertama, Yogyakarta: BPFE.
Rahardjo, Handojo, 2001, “Perbandingan Penilaian Kinerja Keuangan Antara EVA dengan ROI”. Skripsi UGM Yogya 2001
Stewart, G. Bennett dan Joel M. Stern, 1992, The Quest Of Value The EVA Management Guide, USA : Harper Business.
Triana,Nina, 2003, Hubungan EVA dengan Market Value Added di BES, Skripsi, UGM Yogya 2003.
Tully, Shawn, 1992, The Real Key to Make Wealth, Fortune, September 20.
Usman, Marzuki, 1987, Apakah Pasar Modal Indonesia Lesu?, Makalah Untuk Short Monetary Course, Jakarta : Departemen Keuangan.
