ANALISIS PENGARUH FAKTOR DETERMINAN TERHADAP ECONOMIC VALUE ADDED DAN IMPLIKASINYA TERHADAP PERGERAKAN HARGA SAHAM PROPERTI DI BURSA EFEK INDONESIA

Afriyeni Afriyeni and Jhon Fernos

No qf5nm, OSF Preprints from Center for Open Science

Abstract: Property sector companies whose shares are traded on the Indonesia Stock Exchange (IDX) has a period of booming growth dynamics of a property crash period when the economic crisis. Economic Value Added (EVA) valuing the company economically while assessing the company's stock price is the market. Four determinant factors in the EVA model framework: profitability (ROA), capital structure (debt ratio), beta stocks and interest rates; investigated its effect on EVA and its implications for stock price movement. Testing hypotheses through stages: (i) the design of the model-path (path analytical model), (ii) parameter estimation, (iii) analysis of the model, and (iv) model evaluation. Estimation models with SPSS ver ver 10:05 and 8:51 LISREL. The results are: (i) EVA influenced by, from the most dominant, ROA profitability levels, interest rates, debt ratio, and beta stocks (R2 = 95%). ROA has a positive effect, interest rate and debt ratio negatively, whereas no significant effect of beta stocks (balance); (ii) The movement of stock prices are influenced by, from the most dominant, beta stocks, interest rates, ROA, and the debt ratio (R2 = 20%). ROA beta and positive influence, a negative influence interest rates, whereas the effect of debt ratio balance; (iii) If the ROA rose one standard unit, precision EVA rose 0.98 units and the stock price rose 0.20 units, if the interest rates go down one unit, EVA rose by 0.10, the stock price rose 0.25 units; if debt ratio down one unit, EVA rose 0.06 units, but does not cause a change in the stock price; when beta stocks rose one-unit standard, EVA has not changed but the stock price will rise by 0:37 units, ceteris paribus. Single regression analysis model EVA exogenous to the movement of stock prices show that the company's share price movements in the property sector IDX very little influenced by variations in EVA (4.7%), the stock price will rise by 0:22 dipresisikan if EVA unit up one unit, ceteris paribus.

Date: 2019-03-15
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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:qf5nm

DOI: 10.31219/osf.io/qf5nm

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