Analysis of performance company : Based on Value Added and Financial Statement

Rieke Pernamasari


This research is the concept of proving the function and / or important factors analytically and experimentally. This study aims to analyze investment decisions as measured by stock prices with performance measures as the independent variable. Company performance measures measured through economic value added (EVA), market value added (MVA), Return on Equity (ROE), and Earning Per Share (EPS). The research method used is quantitative research and the sample of this study is an investor index company listed on the Indonesia Stock Exchange (BEI) in 2015 - 2018. The method of analysis used is multiple regression test. The results of this study indicate that EVA and MVA have no effect on stock prices, while ROE and EPS have an effect on stock prices. So it can be denied that investors in Indonesia, company investors 33, look at the figures shown in historical financial reports more than they look at the residual income.


EVA; MVA; ROE; EPS; Stock Prices.

Full Text:



Aisyana, M., & Sun, Y. (2012). Analisis Pengaruh Likuiditas, Solvabilitas, dan Profitabilitas terhadap Market Value Added (MVA). Binus Business Review, 3(1), 199–209.

Al-awawdeh, H. A., & Kareem, A. (2018). The Impact of Economic Value Added , Market Value Added and Traditional Accounting Measures on Shareholders ’ Value : Evidence from Jordanian Commercial Banks. International Journal of Economics and Finance, 10(10), 40–51.

Al Umar, A. U. A., & Nur Savitri, A. S. (2015). Analisis Pengaruh Roa, Roe, Eps Terhadap Harga Saham. Jurnal EMBA, 3(4), 691–697.

Ali, T. F. (2018). The Influence of Economic Value Added and Market Value Added on Corporate Value. RJOAS, 2(74), 90–98.

Atidhira, A. T., & Yustina, A. I. (2017). The Influence of Return on Asset, Debt to Equity Ratio, Earnings per Share, and Company Size on Share Return in Property and Real Estate Companies. JAAF (Journal of Applied Accounting and Finance), 1(2), 128–146. Retrieved from

Brigham, E. F. & Houston, J. F. (2013). Essential of Financial Management (11th ed.). Jakarta: Salemba Empat.

Brigham, E. F., & Houston, J. F. (2014). Dasar-Dasar Manajemen Keuangan (11th ed.). Jakarta: Salemba Empat.

Costin, D. M. (2017). Economic Value Added – A General Review of the Concept. “Ovidius” University Annals, Economic Sciences Series, XVII(1), 168–173.

Daengs, Achmad; Ichromi, Luqi Dian; Rahmansyah, M. R. (2017). Implementation of Economic Value Added and Markert Valuer Added Analysis as Valuation Tools of Invest. SINERGI, 7(2), 6–15.

Dirman, A. (2019). The Effect of Corporate Social Responsibility Disclosure and Value Based Management on Cost of Equity Capital. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(2), 266–280.

Eliyani, L. R., & Utami, W. (2016). A study of investor response to new product launching: a competitive strategy approach. Malaysian Accounting Review, 15(2), 263–290.

Faitullah. (2016). Analisis Pengaruh EPS, ROA< ROE, EVA, dan MVA terhadap Harga Saham Pada Perusahaan Subsektor Farmasi yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen Dan Bisnis Sriwijaya, 14(3), 297–320.

Ghaeli, M. R. (2017). Price-to-earnings ratio: A state-of-art review. Accounting, 3(2), 131–136.

Gulo, W. A., & Ermawati, W. J. (2011). Analisis Economic Value Added ( EVA ) dan Market Value Added ( MVA ) sebagai Alat Pengukur Kinerja Keuangan PT SA. Jurnal Manajemen Dan Organisasi, II(2), 123–133.

Haddad, F. S. (2012). The relationship between economic value added and stock returns: Evidence from Jordanian banks. International Research Journal of Finance and Economics, 89(February), 6–14.

Ikbar, M. M., & Dewi, A. S. (2015). The Analysis of Effect of Economic Value Added ( EVA ) and Market Value Added ( MVA ) on Share Price of Subsector Companies of Property Incorporated in LQ45 Indonesia Stock Exchange in Period of 2009-2013. International Journal of Science and Research, 4(4), 2310–2314.

Marietta, M. S. (2012). The influence of capital structure on firms’ performance: A case of selected firm’s listed in Nairobi securities exchange, Kenya. College of Education and External Studies (CEES).

Maryyam Anwaar. (2016). Impact of Firms’ Performance on Stock Returns (Evidence from Listed Companies of FTSE-100 Index London, UK). Global Journal of Management and Business Research: D Accounting and Auditing, 16(1), 678–685.

Mulyadi. (2001). Balanced Scorecard: Alat Manajemen Kontenporer untuk Pelipatganda Kinerja Keuangan Perusahaan. Jakarta: Salemba Empat.

Pernamasari, R., Purwaningsih, S., Tanjung, J., & Rahayu, D. P. (2020). Effectiveness of Firm Performance and Earnings Management to Stock Prices. EPRA International Journal of Multidisciplinary Research (IJMR)-Peer Reviewed Journal, 6(1), 75–83.

Rahmawati, F. I., & Handayani, S. R. (2017). The Influence of Good Corporate Governance Practice on the Stock Price (Study on Company of LQ45 Index in Indonesia Stock Exchange during 2012-2016). Administrasi Bisnis, 50 No. 6(6), 164–173. Retrieved from

Sabol, Andrija; Sverer, F. (2017). A review of the economic value added literature and application. UTMS Journal of Economics 8, 8(1), 19–27.

Sakti, E. B. (2015). Implications and Application of Economic Value. International Journal of Economics, Commerce and Management, III(2), 1–15.

Salamat, W. A. Al, & Mustafa, H. H. H. (2016). The Impact of Capital Structure on Stock Return : Empirical Evidence from Amman Stock Exchange. International Journal of Business and Social Science, 7(9), 183–196. Retrieved from

Sharma, Anil K; Kumar, S. (2010). Economic Value Added ( EVA ) - Literature Review and Relevant Issues. International Journal of Economics and Finance, 2(2), 200–220.

Silitonga, W. P., Ramadhani, R. A., & Nugroho, R. (2019). the Effect of Economics Value-Added, Market Value-Added, Total Asset Ratio, and Price Earnings Ratio on Stock Return. Jurnal Akuntansi Trisakti, 5(2), 239.

Simbolon, F. (2015). Perbandingan Sistem Pengukuran Kinerja Perusahaan. Binus Business Review, 6(1), 91–100. Retrieved from Sistem Pengukuran Kinerja Perusahaan

Sugiyono. (2013). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.

Utami, W. R., Hartoyo, S., Nur, T., & Maulana, A. (2015). The Effect of Internal and External Factors on Stock Return : Empirical Evidence from the Indonesian Construction Subsector. Asian Journal of Business and Management, 3(5), 370–377.



  • There are currently no refbacks.

Creative Commons License

Jurnal ASET (Akuntansi Riset) is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

View My Stats Visitor