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All Journal Ascendia: Journal of Economic and Business Advancement
Raihan Maulana Jailani
Universitas Islam Nusantara
Economics, Econometrics & Finance

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Determinan Economic Value Added (EVA) pada Perusahaan Sektor Kesehatan yang Terdaftar di Bursa Efek Indonesia Raihan Maulana Jailani; Nani Ernawati; Yulianita Rahayu; Mochammad Rizaldy Insan baihaqqy
Journal of Economic and Business Advancement Vol. 2 No. 1 (2026): : September: Ascendia: Journal of Economic and Business Advancement
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/jgkx6d93

Abstract

This study examines the determinants of Economic Value Added (EVA) in healthcare sector companies listed on the Indonesia Stock Exchange during 2019–2025. Using a quantitative causal approach, the study analyzes 84 firm-year observations from 12 companies selected through purposive sampling. The independent variables consist of Current Ratio, Debt to Equity Ratio, Return on Assets, Total Asset Turnover, and Operational Efficiency, while EVA serves as the dependent variable. Panel data regression with the Fixed Effect Model and White cross-section covariance was employed to obtain robust estimates. The results indicate that Current Ratio, Debt to Equity Ratio, Total Asset Turnover, and Operational Efficiency do not significantly affect EVA individually. In contrast, Return on Assets has a positive and significant effect on EVA. Simultaneously, all independent variables significantly influence EVA, with an Adjusted R-squared of 0.914873, indicating that 91.49% of EVA variation is explained by the model. These findings emphasize the importance of asset profitability in creating economic value and support integrated financial management strategies for healthcare companies. Effective asset utilization therefore remains central to strengthening shareholder value creation and long-term corporate performance.  
Co-Authors Mochammad Rizaldy Insan Baihaqqy Yulianita Rahayu