ANALISIS PENGARUH ECONOMIC VALUE ADDED (EVA), MARKET VALUE ADDED (MVA), DAN RETURN ON INVESTMENT (ROI) TERHADAP HARGA SAHAM (Studi Pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2009-2012)
Abstract
The activities of the stock always need to invest funds as the cost of capital and the risks of stocks to be acquired the company definitely vary. In accordance with the principles of investing, the higher the level of investment risk and the higher the stock return was also desired by investors. This research aims to know the influence of the Economic Value Added (EVA), Market Value Added (MVA), and Return on Investment (ROI) of stock prices on the Real Estate and Property Companies listed on the Indonesia stock exchange period 2009-2012. This type of research is explanatory research conducted with the quantitative approach through analytical methods a descriptive analysis, inferensial, multiple linear regression analysis and hypothesis testing. Research results are simultaneously (F test) and partially (t-test) shows that EVA, MVA, and ROI impact significantly to stock prices. The third variable is free from EVA, MVA, and the ROI is the most dominant influence significantly to stock prices is ROI. The influence of the EVA, the MVA and ROI to the stock price, the company was able to increase performance for investment decision making in particular with regard to increased profitability and the welfare of the investor.
Keywords: Cost of Capital, Risk Stock, Investment, and Return Stock
ABSTRAK
Kegiatan berinvestasi terhadap saham selalu membutuhkan dana sebagai biaya modal dan resiko saham yang akan diperoleh perusahaan pasti berbeda-beda. Sesuai dengan prinsip investasi, semakin tinggi tingkat resiko investasi maka semakin tinggi pula return saham yang diinginkan oleh investor. Penelitian ini bertujuan untuk mengetahui pengaruh dari Economic Value Added (EVA), Market Value Added (MVA), dan Return on Investment (ROI) terhadap harga saham pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2009-2012. Jenis penelitian yang dilakukan adalah explanatory research dengan pendekatan kuantitatif melalui metode analisis inferensial, analisis deskriptif, analisis regresi linear berganda, dan pengujian hipotesis. Hasil penelitian secara simultan (uji F) dan secara parsial (uji t) menunjukkan bahwa EVA, MVA, dan ROI berpengaruh signifikan terhadap harga saham. Dari ketiga variabel bebas EVA, MVA, dan ROI yang paling dominan berpengaruh secara signifikan terhadap harga saham adalah ROI. Adanya pengaruh EVA, MVA dan ROI terhadap harga saham, perusahaan mampu meningkatkan kinerja untuk pengambilan keputusan investasi khususnya yang berkaitan dengan peningkatan profitabilitas dan kesejahteraan para investor.
Kata kunci: Biaya Modal, Resiko Saham, Investasi, dan Return Saham
