Article Sidebar

Download
PDF
Statistic
Read Counter : 329 Download : 208

Main Article Content

Abstract

Purpose: This research aimed to evaluate the financial performance of cosmetics companies traded on the Indonesia Stock Exchange (IDX) using Economic Value Added (EVA) analysis.


Research Design and Methodology: The study employed a descriptive-analytical approach, using audited financial statements from PT Mustika Ratu Tbk, PT Martina Berto Tbk, and PT Mandom Indonesia Tbk for the years 2017–2019. Quantitative data derived from secondary sources were analyzed using the EVA method to assess economic performance.


Findings and Discussion: Results showed that PT Mustika Ratu Tbk and PT Martina Berto Tbk achieved positive EVA values, indicating favorable economic performance. In contrast, PT Mandom Indonesia Tbk had negative EVA values, reflecting financial difficulties. EVA analysis effectively distinguishes between successful and struggling companies.


Implications: The findings offer valuable insights for investors and management to evaluate corporate performance using Economic Value Added (EVA). Companies with negative EVA values should enhance financial management. Future research may apply EVA to other industries or extend the study period.

Keywords

Economic Value Added Financial Performance

Article Details

Creative Commons License

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

How to Cite
Indriakati, A. J. (2023). Financial Performance Analysis Using the Economic Value Added Method. BRIMOB PEMBUNUH, 1(2), 81–92. https://doi.org/10.60079/aaar.v1i2.89
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Adiguna, I. N., Murni, S., & Tumiwa, J. (2017). Analisis kinerja keuangan dengan menggunakan metode economic value added (eva) pada perusahaan plastik dan kemasan yang terdaftar di bursa efek indonesia periode tahun 2011-2015. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2). https://doi.org/10.35794/emba.5.2.2017.15693
  2. Ahmad, S., Mus, A. R., Shaleh, M., & Muslim, M. (2023). Good Corporate Governance dan Kinerja Keuangan Perusahaan. Paradoks: Jurnal Ilmu Ekonomi, 6(2), 128–141. https://doi.org/10.57178/paradoks.v6i2.636
  3. Amin, A. R. S., Syafaruddin, S., Muslim, M., & Adil, M. (2022). Pengaruh Rasio Likuiditas, Rasio Leverage, dan Rasio Aktivitas terhadap Pertumbuhan Laba pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia. Jurnal Mirai Management, 7(3), 757-761. https://doi.org/10.37531/mirai.v7i2.2285
  4. Arindia, C. A., Handayani, S. R., & Rahayu, S. M. (2016). Analisis rasio keuangan dan metode economic value added (eva) sebagai penilaian kinerja keuangan perusahaan (studi pada perusahaan cement yang termasuk dalam saham blue chip yang terdaftar di Bursa Efek Indonesia Periode 2009-2011). Brawijaya University. https://www.neliti.com/publications/73577/analisis-rasio-keuangan-dan-metode-economic-value-added-eva-sebagai-penilaian-ki
  5. Arindia, C. A., Handayani, S. R., & Rahayu, S. M. (2017). Analisis rasio keuangan dan metode economic value added (eva) sebagai penilaian kinerja keuangan perusahaan. Fakultas Ilmu Administrasi Universitas Brawijaya, Malang. http://download.garuda.kemdikbud.go.id/article.php
  6. Bahtiar, D. (2018). Analisis kinerja keuangan perusahaan menggunakan metode analisis rasio keuangan dan economic value added (EVA): Studi pada perusahaan sub sektor semen yang terdaftar di Bursa Efek Indonesia periode 2012-2016. Universitas Islam Negeri Maulana Malik Ibrahim. http://etheses.uin-malang.ac.id/13180/
  7. Costin, D. M. (2017). Economic value added–a general review of the concept.“. Ovidius” University Annals, Economic Sciences Series, 17(1), 168–173. https://elearning.skbu.ac.in/files/69E37EBF16012636120.pdf
  8. Dewi, M. (2017). Penilaian kinerja keuangan perusahaan dengan menggunakan metode EVA (economic value added) (studi kasus pada PT. Krakatau Steel Tbk Periode 2012-2016). Jurnal Manajemen Dan Keuangan, 6(1), 648–659. http://jurnal.unsam.ac.id/index.php/jmk/article/view/212
  9. Hajering, H., & Muslim, M. (2022). Pengaruh Rasio-Rasio Keuangan Terhadap Pertumbuhan Laba. SEIKO: Journal of Management & Business, 4(3), 164-179. https://doi.org/10.37531/sejaman.v4i3.2536
  10. Hasanuddin, R., Elpisah, E., & Muslim, M. (2021). The Influence of Financial Performance Dimensions on Local Government Capital Expenditure Allocation. Atestasi: Jurnal Ilmiah Akuntansi, 4(2), 291–300. Retrieved from https://jurnal.feb-umi.id/index.php/ATESTASI/article/view/545
  11. Hefrizal, M. (2018). Analisis metode economic value added untuk menilai kinerja keuangan pada PT. Unilever Indonesia. Jurnal Akuntansi Dan Bisnis: Jurnal Program Studi Akuntansi, 4(1). http://ojs.uma.ac.id/index.php/jurnalakundanbisnis/article/view/1552
  12. Irham, F. (2012). Pengantar Manajemen Keuangan. Bandung: Alfabeta.
  13. Kang, J., Kim, K., & Henderson, W. C. (2012). Economic Value Added (EVA): a financial performance measure. Journal of Accounting and Finance Research, 10(1), 48. https://search.proquest.com/openview/8cf51185e1f9782cdf6cd799a41cbb85/1?pq-origsite=gscholar&cbl=33611
  14. Khan, M. K., Nouman, M., TENG, J.-Z., Khan, M. I., & Jadoon, A. U. (2017). Determinants of financial performance of financial sectors (An assessment through economic value added). https://mpra.ub.uni-muenchen.de/id/eprint/82386
  15. Kosalathevi, T. (2013). Impact of economic value added on financial performance: special reference to selected private banks in Sri Lanka. Developing Country Studies, 3(13), 102–108. https://core.ac.uk/download/pdf/234681409.pdf
  16. Lee, W. (2011). Manajemen keuangan usaha kecil. Yogyakarta: Sinar Ilmu Publishing.
  17. Martono, A. (2010). Manajemen Keuangan.
  18. Melita Sari, Y. (2017). Analisis kinerja keuangan dengan menggunakan rasio rentabilitas, solvabilitas dan economic value added (eva) pada pt. Bank syariah mandiri. http://repository.radenfatah.ac.id/15281/1/
  19. Putra, E., & Liyanti, L. (2016). Analisis kinerja keuangan dengan menggunakan economic value added (eva) dan financial value added (fva) padapt. Perkebunan nusantara iii (persero) medan. Jurnal Riset Akuntansi & Bisnis, 16(2). http://dx.doi.org/10.30596%2Fjrab.v16i2.1770
  20. Renaldi, A. D., & Utiyati, S. (2016). Analisis rasio keuangan dan metode economic value added untuk menilai kinerja keuangan. Jurnal Ilmu Dan Riset Manajemen (JIRM), 5(4). http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/download/616/627
  21. Ridwan, S. R. P., Pramukti, A., Pelu, M. F. A., & Muslim, M. (2023). Financial Performance on Firm Value with Corporate Social Responsibility Disclosure as Moderating Variable. Paradoks: Jurnal Ilmu Ekonomi, 6(2), 71–84. https://doi.org/10.57178/paradoks.v6i2.631
  22. Rosalina Harida, P., & Zahroh, Z. A. (2015). Analisis du pont system dan economic value added (eva) untuk menilai kinerja keuangan perusahaan (studi pada PT. Holcim Indonesia Tbk, PT. Indocement Tunggal Prakarsa Tbk, dan PT. Semen Indonesia Tbk Periode 2011-2013). Jurnal Administrasi Bisnis (JAB)| Vol, 28(2). http://download.garuda.kemdikbud.go.id/article.php
  23. Salehi, M., Enayati, G., & Javadi, P. (2014). The relationship between intellectual capital with economic value added and financial performance. Iranian Journal of Management Studies, 7(2), 259–283. https://ijms.ut.ac.ir/article_36618_4692.html
  24. Salmah, N. N. A. (2013). Perbedaan kinerja keuangan perusahaan subsektor semen di Bursa Efek Indonesia dengan metode eva (economic value added). Jurnal Media Wahana Ekonomika, 10(2), 13–25. http://dx.doi.org/10.31851/jmwe.v10i2.3615
  25. Santoso, Y. (2018). Analisis kinerja keuangan PT. Semen Indonesia (Persero) Tbk. melalui pendekatan economic vitae added (eva). Universitas Muhammadiyah Gresik. http://eprints.umg.ac.id/456/
  26. Sari, M. (2015). Analisis penilaian kinerja keuangan perusahaan dengan menggunakan metode economic value added (eva) (studi kasus PT. Bukit Asam (Persero), Tbk yang terdaftar di Bursa Efek Indonesia). Jurnal Ekonomi Dan Bisnis. http://feb.unila.ac.id/wp-content/uploads/2015/08/27022015_06410311681.pdf
  27. Sartono, A. (2008). Manajemen Keuangan, teori dan aplikasi.
  28. Supriyanto, S., & Lestari, W. (2015). Analisis kinerja keuangan dengan menggunakan metode economic value-added pada PT. Bank Mandiri (Persero), Tbk. Jurnal Bis-A: Jurnal Bisnis Administrasi, 4(1), 53–61. https://core.ac.uk/download/pdf/235003911.pdf
  29. Syamni, G. (2016). Analisis EVA dan MVA pada perusahaan Jakarta Islamic Indeks. https://doi.org/10.37598/jimma.v6i1.505
  30. Wahyuni, N. (2015). Analisis economic value added pada perusahaan jakarta islamic index yang terdaftar di Bursa Efek Indonesia. UIN Alauddin Makassar. http://repositori.uin-alauddin.ac.id/9867/
  31. Xin’e, Z., Ting, W., & Yuan, Z. (2012). Economic value added for performance evaluation: A financial engineering. Systems Engineering Procedia, 5, 379–387. https://doi.org/10.1016/j.sepro.2012.04.059