Pengaruh Economic Value Added Dan Market Value Added Terhadap Return Saham Pada PT Astra International

Abstract

This research aims to empirically examine the effect of Economic Value Added and Market Value Added on Stock Returns in manufacturing companies listed on the Indonesia Stock Exchange. The period used in this study is 3 (three) years, starting from 2011-2013. The population in this study is all annual financial reports at PT Astra Internasional Tbk. The sample selection method in this study was a purposive sampling method. The sample criteria in this study is the availability of financial data at PT Astra International Tbk that fits the research needs. In addition, to fulfill parametric data, it is necessary to follow the central limit theorem where the minimum sample required is 30.The test results for the t-test value for EVA are 0.796. The t-count value of EVA is smaller than the t-table value (t-count 0.796 t-table 1.697). From these results it was also found that the EVA significance level was 0.438 α0.05 which resulted in the decision that Ho was accepted and Ha was rejected. Economic Value Added (EVA) partially has no significant effect on stock returns. The test results on the t test show that the MVA t count is 11.363. The t calculated MVA value is greater than the t table value (t calculated MVA 11.363 t table 1.697. From these results it was also obtained that the MVA significance level was 0.000 α0.05 which resulted in a decision that Ho was rejected and Ha was accepted, Market Value Added (MVA) partially positive significant effect on stock returns.