KINERJA KEUANGAN BERBASIS PENCIPTAAN NILAI, FAKTOR MAKROEKONOMI, DAN RETURN SAHAM SEKTOR PERTANIAN

Authors

  • Arif Kurniadi Program Pascasarjana Manajemen Bisnis Institut Pertanian Bogor Jl. Raya Pajajaran, Bogor 16143
  • Noer Azam Achsani Program Pascasarjana Manajemen Bisnis Institut Pertanian Bogor Jl. Raya Pajajaran, Bogor 16143
  • Hendro Sasongko Program Pascasarjana Manajemen Bisnis Institut Pertanian Bogor Jl. Raya Pajajaran, Bogor 16143

:

https://doi.org/10.9744/jmk.16.2.141-152

Keywords:

Return Saham, Sektor Pertanian, Analisis Kinerja Berbasis Penciptaan Nilai, Faktor Makroekonomi, Model Random Effect

Abstract

Tujuan dari penelitian ini adalah: (1) menganalisis kinerja keuangan menggunakan EVA, MVA, Q-Tobin, (2) menganalisis pengaruh EVA, MVA, Q-Tobin dan faktor makroekonomi terhadap return saham, (3) mengembangkan implikasi manajerial. Data dikumpulkan dari 8 perusahaan sektor pertanian yang ter-daftar di BEI sebelum tahun 2005. Hasil menunjukkan sebagian besar perusahaan memperoleh EVA negatif, MVA positif, dan nilai q < 1. Variabel MVARET dan Q-TobinRET berpengaruh signifikan terhadap return saham

References

Ali, R. & Afzal, M. 2012. Impact of Global Financial Crisis on Stock Markets: Evidence from Pa-kistan and India. E3 Journal of Business Management and Economics, 3(7): 275–282.

Andati, T. 2012. Pengaruh Faktor-faktor Makro-Mikro terhadap Pertumbuhan Investasi Sektoral dalam Era Liberalisasi Keuangan: Analisis Q-Tobin. Disertasi. Bogor: Institut Pertanian Bogor.

Bacidore, J. M., Boquist, J. A., Milbourn, T. T., & Thakor, A. V. 1997. The Search for the Best Financial Performance Measure. Financial Analysist Journal, 54(1): 11–20.

Badan Pusat Statistik. 2013. Produk Domestik Bruto atas Dasar Harga Konstan Tahun 2000 Me-nurut Sektor Usaha 2005–2011, (http://www. bps.go.id/tab_sub/view.php?kat=2&tabel=1& daftar=1&id_subyek=11&notab=16, diunduh 9 Januari 2013).

Butt, B. Z., Rehman, K. U., Khan, M. A., & Safwan, N. 2009. Do Economic Factors Influence Stock Return? A Firm and Industry Level Analysis. African Journal of Business Management, 4(5): 583–593.

Chandra, R. 2010. Analisis Pemilihan Saham oleh Investor Asing di Bursa Efek Indonesia. Jurnal Ilmu Administrasi dan Organisasi, 17(2): 101–113.

Chen, S. & Dodd, J. L. 1997. Economic Value Added (EVA): An Empirical Examination of New Corporate Measure. Journal Managerial, 9(3): 316–333.

Chung, K. H. & Pruitt. 1994. A Simple Approxima-tion of Tobin’s q. Financial Management, 23(3): 70–74.

Harney, M. & Tower, R. 2003. Predicting Equity Returns Using Tobin’s q and Price Earning Ra-tios. The Journal of Investing, 12(3): 58–70.

Indonesia Stock Exchange. 2010. Buku Panduan In-deks Harga Saham Bursa Efek Indonesia. Jakar-ta: Indonesia Stock Exchange.

_________. 2013. IDX Statistics, (http://www.idx.co. id/id-id/beranda/publikasi/ statistik.aspx, diun-duh 9 Januari 2013).

Irwansyah. 2001. Analisis Pengaruh Kinerja Keuang-an Perusahaan dengan Alat Ukur EVA, MVA, dan ROA terhadap Return pada Saham Per-usahaan Manufaktur di BEJ. Tesis. Semarang: Universitas Diponegoro.

Ismail, I. 2011. The Ability of EVA Attributes in Pre-dicting Company Performance. African of Bu-siness Management, 5(12): 4993–5000.

Janor, H., Rahim, R. A., Yaacob, M. H., & Ibrahim, I. 2010. Stock Returns and Inflation with Supply and Demand Shocks: Evidence from Malaysia. Jurnal Ekonomi Malaysia, 44(2010): 3–10.

Juanda, B. 2009. Metodologi Penelitian Ekonomi dan Bisnis. Bogor: IPB Press.

Juanda, B. & Junaidi. 2012. Ekonometrika Deret Waktu: Teori dan Aplikasi. Bogor: IPB Press.

Kartini & Hermawan, G. 2008. Economic Value Ad-ded dan Market Value Added Terhadap Re-turn Saham. Jurnal Keuangan dan Perbankan, 12(3): 12–24.

Lehn, K. & Makhija, A. K. 1996. EVA & MVA as Performance Measures and Signals for Strategic Change. Strategy & Leadership, 24(3): 34–38.

Mankiw, N. G. 2007. Macroeconomics. New York, USA: Chaterine Woods and Craig Bleyer.

Masyami, R. C., Howe, L. C., & Hamzah, M. A. 2004. Relationship between Macroeconomic Variables and Stock Market Indices: Cointegra-tion Evidence from Stock Exchange of Singa-pore’s All-S Sector Indices. Jurnal Pengurusan, 24(1): 47–77.

Smithers, A. & Wright, S. 2000. Valuing Wall Street. New York: McGraw-Hill.

Sodikin, A. 2007. Variabel Makro Ekonomi yang Mempengaruhi Return Saham di BEJ. Jurnal Manajemen, 6(2): 1–15.

Sohail, N. & Hussain, Z. 2012. Macroeconomic Poli-cies and Stock Returns in Pakistan: A Com-parative Analysis of Three Stock Exchanges. Interdisciplinary Journal of Contemporary Re-search and Business, 3(10): 905–918.

Sum, V. 2013. Tobin’s q and Stock Market Perfor-mance. Working Papers Social Science Research Network, 1–10.

Vadiei, M. H. & Hosseini, S. M. 2012. Accounting Criteria and Economic Performance Evaluation with Stock Return: Iranian Scenario. Asian Jour-nal of Management Sciences and Education, 1 (3): 5–9.

Winarno, W. W. 2011. Analisis Ekonometrika dan Statistika dengan Eviews. Yogyakarta: UPP STIM YKPN.

Downloads

Published

2014-09-01

How to Cite

Kurniadi, A., Achsani, N. A., & Sasongko, H. (2014). KINERJA KEUANGAN BERBASIS PENCIPTAAN NILAI, FAKTOR MAKROEKONOMI, DAN RETURN SAHAM SEKTOR PERTANIAN. Jurnal Manajemen Dan Kewirausahaan, 16(2), 141-152. https://doi.org/10.9744/jmk.16.2.141-152

Issue

Vol. 16 No. 2 (2014): SEPTEMBER 2014

Section

Articles

License

Authors who publish on this journal agree to the following terms:


    1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.

    1. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.

  1. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).