Implementation of Economic Value Added and Market Value Added Analysis as Valuation Tools of Invest Feasibility

Achmad Daengs GS, Moch Rizaldy Rahmansyah

Abstract


For the investors, financial statement is a benchmark of investors in assessing the company's performance. In fact, investors are not always receiving the accurate company's financial statements information and its levels of fairness are in doubt. The financial statement analysis with using financial ratios is not enough. The investors may need to use alternatives financial statement analyses techniques that reflect the actual company's performance. Therefore, both of the investors and the prospective can use Economic Value Added (EVA) and Market Value Added (MVA) analysis. With these technical analyses, the investors may know the company's performance where they are invested or to be used as a place to invest whether it has value added or not. With the results of these analyses, it is the expected for the investors to be more confident in making decision whether to buy, sell or hold the ownership in the company.


Keywords


Economic Value Added, Market Value Added, Investment

Full Text:

PDF

References


Ahmad Marzuki, Vol. 1. No. 3. Oktober 2013. Analisis Persepsi Pengaruh Tekanan Lingkungan Eksternal Terhadap Kemampuan Manajemen Keuangan Sebagai Potensi Untuk Membangun Dinamic Capability, Journal of Business and Entrepreneurship, Jakarta, Sampoerna School of Business, 68-90.

Amelia Setiawan, Vol. 5. No. 2. November 2006. Penerapan Sistem Informasi Untuk Mendukung Pengambilan Keputusan pada Bagian Produksi Studi Kasus di BUMN yang Menyediakan Layanan Berupa Produksi Billing / Account Statemnet, Journal of Accounting and Information Technology, Department of Accounting, Faculty of Economic of Universitas Surabaya: 129-139.

Anis Eliana, year XIX. No. 3 December 2009. Organizational Culture in the Successful Global Business, Economic Magazine, Faculty of Economic Universitas Airlangga Surabaya: 347-360.

Anis Chariri, Vol. 14. No. 1 April 2011. Financial Reporting Practice as A Ritual Understanding Accounting Within Institutional Framework, JEBAV, Ventura, Surabaya, STIE Perbanas : 89-106.

Ariadi Kusuma, Ketut. 2000. The True Economic Profit. Information and Business Opportunity SWA Sembada. Jakarta : Yayasan Sembada Swakarya Publisher.

Brigham, Eugene F. dan Joel F. Houston. 2006. Dasar-Dasar Manajemen Keuangan, Book 1, 10th Edition, Jakarta: Salemba Empat Publisher.

Daengs, Wiratna, Diana, Luqi. 2011. Penerapan Analisis Economic Value Added Dan Market Value Added Sebagai Alat Penilaian Kelayakan Berinvestasi. The Research, Surabaya, Univ’ 45

David HM Hasibuan, Vol. 1 No. 1 April 2013. Evaluasi Sistem Informasi Akuntansi Penjualan dan Kaitannya dengan Efektivitas Pengendalian Intern, Scientific Journal of Accounting of Kesatuan, Bogor, STIE KESATUAN, 17-26.

Dedhy Sulistiawan, Vo. 5. No. 2 November 2006. Persepsi Komunitas Akuntansi Terhadap Praktik Creative Accounting, Journal of Accounting and Information Technology, Department of Accounting, Faculty of Economic of Universitas Surabaya : 115-128.

Fanny Andriani Setiawan, Herni Kurniawati, Vol. XVIII/01/Februari/2014. Pengaruh Needs for Achievement dan Karakteristik Pribadi Terhadap Keinginan Berwirausaha, Journal of Management, Jakarta, FE Universitas Tarumanagara, 36-50.

Firmansyah. 2003. Dampak Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Akuisisi. Malang : Universitas Merdeka.

Hamidah, Vol. 16. No. 2 Agustus 2013. Adopsi International Financial Reporting Standart (IFRS) di Indonesia, JEBAV, Ventura, Surabaya, STIE Perbanas : 355-372.

Herlina Wijayanti, Sony Agus Irwandi, Vol. 4. No. 1 Januari 2014. The Effect of Real Earnings Management Through Operating Cash Flow Approach on Company Performance, TIAR, Surabaya, STIE Perbanas, 1-14.

Hitt, Michael A, Jeffrey S. Harrison, dan R. Duane Ireland. 2002. Merger dan Akuisisi. Panduan Meraih Lata Bagi Para Pemegang Saham. First edition. Jakarta: Murai Kencana Publisher.

Indraham. 2003. Penilaian Kinerja Keuangan Perusahaan Sebelum dan Sesudah Akuisisi Dengan Menggunakan Analisis Economic Value Added. Surabaya : Universitas Airlangga.

Irfan Syauqi Beik, Wisnu Wardhana, Tahun XXI. No. 2 Agustus 2011. The Relationship Between Jakarta Islamic Index and Other Selected Markets: Evicdence from Influence Respons Function, Economic Magazine, FEB Universitas Airlangga Surabaya : 100-110.

Katalia, Bova. 2003. Analisis Pengaruh EVA, ROE, dan DER Terhadap Harga Saham Pada Kelompok Industri Pulp and Paper Di BES. Surabaya : Surabaya Universitas Airlangga.

Khuzaifah, Nurul. 2004. Pengaruh Kinerja Keuangan Perusahaan Dengan Alat Ukur EVA dan MVA Terhadap Harga Saham Perusahaan Manufaktur Sub Sektor House Ware Di BES. Surabaya: Universitas Negeri Surabaya.

Moin, Abdul. 2004. Merger, Akuisisi & Divestasi. Second Edition. Yogyakarta: Ekonisia Publisher.

Purnamawati, Rita. 2003. Konsep EVA untuk Menilai Kinerja Keuangan Tiga Perusahaan Rokokyang Go Publik Di BES. Malang : Universitas Merdeka.

Ryanda Bella Rengku, Vol. 2. No. 2 November 2012. Faktor Internal dan Pengaruhnya Terhadap Risk Perception dan Expected Return Perception, Journal of Business & Banking, STIE Perbanas Surabaya : 185-198.

Santoso, Sonny Wahyu. 2004. EVA,PER,dan Deviden Growth Model Sebagai Salah Satu Cora Menilai Kinerja Keuangan Perusahaan Dalam Harga Saham yang Wajar Untuk Dasar Pertimbangan Keputusan Investasi Pada Perusahaan yang Go Publik Di BES. Malang : Poltek Negeri Malang.

Sawir, Agnes. 2000. Analisis Kinerja dan Perencanaan Keuangan Perusahaan, Jakarta: PT Gramedia Pustaka Utama.

Selvi, Vol. XVIII/01/Februari/2014. Pengaruh Struktur Modal Terhadap Kinerja Keuangan Yang Diukur Dengan Rasio Profitabilitas dan Nilai Tambah Ekonomis, Jurnal Manajemen, Jakarta, FE Universitas Tarumanagara : 97-113.

Sembel Roy. 2001. Saatnya Mengejar The True Economic Profit. Information and Business Opportunity Magazine SWA Sembada. Jakarta : Yayasan Sembada Swakarya Publisher.

Siauw Hong, Goei. 2001. Saatnya Mengejar The True Ekonomic Profit. Information and Business Opportunity Magazine SWA Sembada. Jakarta : Penerbit Yayasan Sembada Swakarya.

Silalahi, Gabriel Amin. 2003. Metodologi Penelitian dan Studi Kasus. First edition. Sidoarjo : Citramedia Publisher

Sukesi, Vol. 13 No. 2 Juni 2009. Kualitas Kinerja Perusahaan Daerah (BUMD) : Analisis Behavioral Intentions Pelanggan Pada PDAM Kota Surabaya, Journal of Economic and Financial EKUITAS, Surabaya, Sekolah Tinggi Ilmu Ekonomi Indonesia : 259-283.

Sulaeman Rahman Nidar, Juni Dearmita Damanik, Vol. XII. No. 1 Maret 2011. Analisis Likuiditas, Solvabilitas, Tingkat Pertumbuhan dan Rasio Pembayaran Dividen Studi Empiris Pada BUMN Tahun 2003 - 2006, JBM, Departmentof Business and Management, Faculty of Economic Universitas Padjajaran : 49-64.

Surya, Alexander. 2002. Metodologi Perhitungan EVA. Information and Business Opportunity Magazine SWA Sembada. Jakarta : Yayasan Sembada Swakarya Publisher.

Sya'hadha, Allimah. 2005. Pengukuran Kinerja Keuangan Perusahaan sebelum dan sesudah Akuisisi dengan Menggunakan Analisis Economic Value Added pada PT. Dynaplast, Tbk di Jakarta. Surabaya: Universitas 45.

Tri Marlina, Vol. I. No. 1 April 2013. Pengaruh Earning Per Share, Return on Equity, Debt to Equity Ratio dan Size Terhadap Price to Book Value, Scientific Journal of Accounting Kesatuan, Bogor, STIE KESATUAN, 59-72.

Utama, Siddarta. 2002. Mencermati Permainan EVA. Information and Business Opportunity Magazine SWA Sembada. Jakarta : Yayasan Sembada Swakarya Publisher.

Wahyudi Wibowo, Vol. XVI. No. 2 Agustus 2013. The Prospects of ASEAN Economic Community, JEBAV, Ventura, Surabaya, STIE Perbanas : 187-198.

Warsoko, Soetanto, Vol. VI. No. 1 Mei 2007. Faktor-faktor Yang Mempengaruhi Kualitas Informasi Akuntansi Pada Implementasi Basis Data Program Financial Accounting, and Monitoring System (Peams), Journal of Accounting and Information Technology, Department of Accounting, Faculty of Economic of Universitas Surabaya : 47-63.

Widi Hidayat, Vol. XIII. No. 2 Juni 2009. Confirmation Factor Analysis Internal dan Eksternal Keuangan, Free Cash Flow, dan Return Saham Perusahaan Manufaktur Go Public di Indonesia, Journal of Economic and Financial EKUITAS, Surabaya, Sekolah Tinggi Ilmu Ekonomi Indonesia : 139-156.

Widjaja Tunggal, Amin. 2000. Pengukuran Kinerja dengan Balanced Score Card. Jakarta: Harvarindo Publisher.

Yunus, Hadori, dan Hamanto. 1999. Akuntansi Keuangan Lanjutan. First edition. Twelfth printing. Yogyakarta: BPFE Publisher.




DOI: http://dx.doi.org/10.25139/sng.v7i2.360

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.


INDEXED BY :

     
       
      
       
     
       
       


OFFICE :

Program Studi Magister Management

Economic and Business Faculty
Universitas DR Soetomo Surabaya
Semolowaru No. 84
SURABAYA, Jawa Timur
Phone. (031) 5926116/Fax (031) 59338935
E-mail: sinergi@unitomo.ac.id

Situs Jurnal : http://ejournal.unitomo.ac.id/index.php/feb/index

Creative Commons License
SINERGI is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

 

 free
web stats View My Stats