PENGARUH ECONOMIC VALUE ADDED (EVA), MARKET VALUE ADDED (MVA) DAN ARUS KAS OPERASI TERHADAP RETURN SAHAM PERUSAHAAN LQ-45

Abstract

Buying and selling shares in the capital market is one method to overcome
problems of liquidity and as a means of investment for those who have excess
funds. Investment in capital markets is one of high liquidity category investments and
convertible (easily converted) so it is important for issuers to consider the interests of
capital owners that is to maximize firm value.
This study intended to determine how the value of Economic Value Added
(EVA), Market Value Added (MVA), operating cash flow and stock return and the
influence of EVA, MVA and operating cash flow on stock return in 33 companies LQ-45
index period of August 2009-January 2010 at the BEI. As for investors can be used as
recommendation for investment.
The results indicate that the companies have value of positive and negative EVA,
positive and negative MVA, all positive operating cash flow, and positive, 0, and
negative stock returns. From the regression equation, EVA has a regression coefficient
value 0.122, the regression coefficient of MVA has value – 0.227, and the regression
coefficient of operating cash flow has value 0.221. Test results show that the value of
EVA, MVA, and operating cash flow have no effect significantly on stock returns. This is
due to the absence of capital market efficiency over the stock price, that investors have
not fully use the available information to analyze a particular company's stock. Thus
stock prices that occurred, did not reflect actual corporate performance.