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PENGARUH ECONOMIC VALUE ADDED DAN MARKET VALUE ADDED TERHADAP RETURN SAHAM PADA PERUSAHAAN LQ 45 YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2018-2020 Edi Sudiarto; Lailatul Badriyah; Dwi Danesty Deccasari
Dinamika Ekonomi: Jurnal Ekonomi dan Bisnis Vol 17 No 2 (2024): DINAMIKA EKONOMI Jurnal Ekonomi dan Bisnis Vol.17 no.2 September 2024
Publisher : Sekolah Tinggi Ilmu Ekonomi Nasional (STIENAS) Banjarmasin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53651/jdeb.v17i2.561

Abstract

This study aims to analyze the influence of Economic Value Added (EVA) and Market Value Added (MVA) on Stock Returns in LQ-45 companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2020 period. The research employs a quantitative approach using multiple linear regression methods to examine the relationship between corporate financial performance and stock returns, particularly amid the impact of the COVID-19 pandemic on the capital market. The findings indicate that EVA has a negative and insignificant effect on stock returns, suggesting that economic value-added performance does not always reflect investment decisions in the stock market. In contrast, MVA has a positive and significant effect on stock returns, highlighting that higher market value positively influences investor confidence. Simultaneously, EVA and MVA were found to have an impact on stock returns with varying levels of significance. This study updates previous research by focusing on the COVID-19 pandemic period, which affected the global economy and capital market activities. The results of this research are expected to serve as a reference for investors and corporate management in optimizing financial strategies and enhancing investment attractiveness in the capital market.
Moderating Role of Firm Size in the Relationship between Profitability, Leverage, and Stock Returns: Evidence from Indonesian Agriculture Sector Evi Maria; Edi Sudiarto
BIMA Journal (Business, Management, & Accounting Journal) Vol. 6 No. 2 (2025)
Publisher : Perkumpulan Dosen Muda (PDM) Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37638/bima.6.2.1579-1588

Abstract

Purpose: This study explores the effect of Return on Assets (ROA) and Debt to Equity Ratio (DER) on stock returns, with firm size as a moderating variable in agricultural companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2021. Methodology: Using a quantitative approach and purposive sampling, 20 firms were analyzed over four years. Data were tested through classical assumption tests, hypothesis testing, and Moderated Regression Analysis (MRA). Results: ROA significantly and positively affects stock returns, while DER shows no direct impact. Firm size does not moderate the ROA–stock return relationship but does moderate the DER–stock return relationship. Findings: Profitability enhances investor value regardless of company size. However, the influence of leverage on stock returns varies depending on firm size. Novelty: This study highlights firm size as a conditional factor, offering new insights into its role in financial performance within Indonesia’s agricultural sector. Originality: Unlike prior research, firm size is treated as a moderator, not merely a control variable, revealing its strategic relevance. Conclusion: Company size selectively moderates financial indicators, emphasizing its importance in evaluating market performance. Type of Paper: Empirical research.