Abstract
The creation of value-based performance measurement can be an alternative in measuring the company's financial performance. Results can be used as indicators of assessments by investors, and these indicators can influence the stock returns. Besides, macroeconomic variables also affect stock returns. This study aimed to analyze the financial performance of companies in the process of creation of value-added with EVA, MVA, and Tobin's Q approach. Impacts of these performance measurements and macroeconomic variables (exchange rates, interest rates, and inflation) on stock returns of the subsector animal feed industry were studied. Descriptive analysis was applied in analyzing the company's financial performance. The impacts of the company financial performance and macroeconomic variables were assessed by using panel data regression analysis. The results related to the company's performance showed that 1) EVA performance dominantly obtained a positive EVA value; 2) MVA performance predominantly produced a positive MVA value in 3 companies and a negative MVA value in the other company; 3) Tobin’s Q performance predominantly generated a value of Q>1 in 2 companies and a value of Q<1 in the other 2 companies. The results of the panel data regression analysis concluded the independent variables influencing the stock return were the performance variables while the macroeconomic variables had no effects on stock return. Keywords: macroeconomic variables, panel data regression, stock return, subsector of animal feed, value-based performance
Highlights
The creation of value-based performance measurement can be an alternative in measuring the company's financial performance
This study aimed to analyze the financial performance of companies in the process of creation of value-added with Economic Value Added (EVA), Market Value Added (MVA), and Tobin's Q approach
The impacts of the company financial performance and macroeconomic variables were assessed by using panel data regression analysis
Summary
Pasar modal memiliki peranan strategis dalam menunjang pembangunan dan perekonomian nasional, antara lain menjadi salah satu sumber pembiayaan dan investasi. Hal ini terlihat dari perkembangan nilai kapitalisasi pasar atas saham subsektor industri pakan ternak di pasar modal. Berdasarkan data dari Bursa Efek Indonesia (BEI), juga tercatat memberikan kontribusi nilai kapitalisasi pasar yang cukup signifkan terhadap pasar modal Indonesia, khususnya di sektor industri dasar dan kimia. Menjadi menarik untuk melihat lebih jauh kinerja keuangan perusahaan perusahaan-perusahaan pakan ternak publik pada periode yang bersangkutan dan melihat pengaruhnya terhadap return saham. Tujuan penelitian ini adalah menganalisis kinerja keuangan perusahaan-perusahaan subsektor industri pakan ternak yang terdaftar di BEI melalui pendekatan EVA, MVA, dan Tobin’s Q. Selanjutnya, menganalisis pengaruh kinerja Tobin’s Q, EVA, dan MVA, serta variabel makroekonomi (nilai tukar, tingkat suku bunga, dan inflasi) terhadap return saham pada perusahaan subsektor industri pakan ternak yang terdaftar di BEI. Perhitungan untuk penilaian kinerja EVA, MVA dan Tobin’s Q menggunakan formula sebagai berikut:
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