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Research Paper | Economics | Indonesia | Volume 4 Issue 4, April 2015
The Analysis of Effect of Economic Value Added (EVA) and Market Value Added (MVA) on Share Price of Subsector Companies of Property Incorporated in LQ45 Indonesia Stock Exchange in Period of 2009-2013
Muhammad Mara Ikbar [2] | Andrieta Shintia Dewi
Abstract: After the global crisis in 2008, the Indonesian economy grew higher with maintained stability. These numbers eventually push up asset prices, including property. The increase in property prices in turn increases the demand for these properties and affects the growth of the property sector in Indonesia. This is exactly what prompted investors to invest in property companies and ultimately makes the property sub-sector became one of the sectors that look best on the stock. The purpose of this study is to determine effect of Economic Value Added and Market Value Added on share price of subsector companies of property incorporated in LQ45 Indonesia stock exchange in period of 2009-2013 partially or simultaneously. The data used are secondary data obtained from the overall company financial statements issued by the Indonesia Stock Exchange from 2009 to 2013. The analytical method used is panel data regression method and Fixed Effect model. Hypothesis testing uses t-test, test-f and the coefficient of determination. The result shows that, partially, Economic Value Added and Market Value Added significantly affects on the stock price. Furthermore, simultaneously, all independent variables have significant effect on stock prices. In addition, it is found that the coefficient of determination (R2) of 0.869840 which means that the independent variables can explain the dependent variable of 86, 98 % while the remaining number 13, 02 % is explained by other factors beyond research.
Keywords: Stock Price, EVA, MVA, Property, Economics
Edition: Volume 4 Issue 4, April 2015,
Pages: 2310 - 2314