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

Arif Kurniadi, Noer Azam Achsani, Hendro Sasongko




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


Keywords


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

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