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Stock Returns and Economic Value Added: The Mediating Role of Earnings Per Share – Predicting Firms’ Financial Performance in Financial Markets Suryana, Asep; Rifa'i, Asep Achmad; Prakoso, Sugih; Zaky, Muhammad; Suaebah, Ebah
International Journal of Business, Law, and Education Vol. 6 No. 1 (2025): International Journal of Business, Law, and Education
Publisher : IJBLE Scientific Publications Community Inc.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56442/ijble.v6i1.1011

Abstract

The purpose of this study is to determine the relationship between Economic Value Added (EVA) and Stock Return (SR), and to test the mediation role of Earning Per Share (EPS). The research design adapts the ex post facto method. The research sample is the financial statements of three Indonesian Telecommunication Companies on the IDX, for 6 years during 2017-2022, with the purposive sampling technique selected. Data analysis using a panel data regression model, developed with an estimated path analysis model using EViews v.14, model selection using CEM, FEM and REM approaches through Chow test, Hausman test, and LM test. The feasibility test of the selected model with the determination coefficient, and the significance test of the effect at alpha 0.05, the mediation test with the Sobel test. The research findings show that CEM as a selected model in the path equation model, with the feasibility criteria of the model being met. EVA has a positive and significant effect on EPS. EVA has a positive and significant direct effect on SR. EPS also has a significant positive effect on SR. The evaluation of mediation pathway parameters concluded that there was an indirect effect through EPS. Where the mediation effect of EPS is at the level of strong predictive ability.
Systematic Analysis of the Influence of Green Product Innovation on Sustainable Competitive Advantage in the Food Industry Sector Prakoso, Sugih; Nugroho, Arissetyanto; Zulkifli
International Journal of Science and Society Vol 7 No 2 (2025): International Journal of Science and Society (IJSOC)
Publisher : GoAcademica Research & Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/ijsoc.v7i2.1434

Abstract

This study aims to analyze the relationship between Green Product Innovation (GPI) and sustainable competitive advantage (SCA) in the context of MSMEs in the food sector in West Java. The approach used is the Systematic Literature Review (SLR) of 30 selected scientific articles from various international databases. The results of the analysis show that the main indicators of GPI include environmentally friendly product design, use of sustainable raw materials, green processing technology, and ecological packaging. The dominant dimensions of SCA include cost advantage, product differentiation, customer loyalty, sustainable innovation, and corporate image (green image). Most of the literature supports a positive relationship between GPI and SCA through the mechanisms of operational efficiency, increased brand value, and market attractiveness. There is a theoretical gap due to the lack of integration between GPI and classical strategy frameworks such as Resource-Based View (RBV) and Porter's Generic Strategies. This study provides practical contributions to the food industry through recommendations for systematic adoption of GPI, as well as theoretical contributions in strengthening the resource-based sustainability model. Further research is recommended to use quantitative and longitudinal approaches to deepen the understanding of the causal relationship between these key variables.