The Effect Of EVA, Leverage, And Liquidity On The Stock Price
DOI:
https://doi.org/10.24912/ja.v27i1.1174Abstract
The study intends to find empirical evidence that shows the effect of economic value added, leverage, and liquidity on stock prices in the manufacturing industry registered on the Indonesia Stock Exchange in the period 2018 to 2020. The study was conducted by taking 71 samples using the technique of purposive sampling. From the results of the partial t-statistical test, it was proved that leverage (DAR) and liquidity (CR) had positive and significant influences towards stock prices, while economic-value-added (EVA) had no significant influence towards stock prices.
References
Angeline, S., Sitorus, J. S., Sumbaya, M. I. S., Purba, S. D. F., and David. (2020). The Effect of Liquidity, Leverage, Profitability and Company Size on Stock Prices in the Period of 2013-2017. Jurnal AKSI (Akuntansi Dan Sistem Informasi), 5(2), 74–82.
Anthony, R., and Govindarajan, V. (2007). Management Control Systems Twelfth Edition. In Journal Management (Issue Singapura: McGraw-Hill). Tata McGraw-Hill Publishing Company Limited.
Bagus Yoga Saputra, Rukmini, and Pardanawati, S. L. (2022). Effect of Profitability, Liquidity, and Leverage on Stock Value. International Journal of Economics, Business and Accounting Research (IJEBAR), 2022(3), 1152–1157.
Bello, U., and Abu, M. M. (2021). Shareholder and Stakeholder Theories. Understanding Corporate Governance Practice. Nile Journal of Business and Economics, April. https://doi.org/10.20321/nilejbe.v7i17.05.
Brigham, E. F., and Houston, J. F. (2019). Fundamentals of Financial Management. (5 edition). Cengage Learning. https://doi.org/10.2307/2327254.
Fajaria, A. Z., Purnamasari, L., and Isnalita. (2018). The Effect of Investment Decision, Funding Decision and Dividend Policy on Company Value. Advances in Economics, Business and Management Research, 35(Miceb 2017), 25–32. https://doi.org/10.2991/miceb-17.2018.5.
Hanie, U. P., and Saifi, M. (2018). Pengaruh Rasio Likuiditas dan Raso Leverage Terhadap Harga Saham Studi Pada Perusahaan Indeks LQ45 Periode 2014-2016. Jurnal Administrasi Bisnis (JAB)|Vol, 58(1), 95–102. www.idx.co.id.
Iqbal, A., Raza, H., Farrukh, M., and Mubeen, M. (2016). Impact of Leverage on Share Price: Evidence from Cement Sector of Pakistan. Research Journal of Finance and Accounting, 7(9), 73–77.
Irawan, F., and Manurung, N. Y. (2020). Analisis Economic Value Added (Eva) Dan Market Value Added (Mva) Sebagai Alat Ukur Kinerja Keuangan Pt Garuda Indonesia Tbk Tahun 2017 -2019. Jurnal Pajak Dan Keuangan Negara (PKN), 2(1), 31–45. https://doi.org/10.31092/jpkn.v2i1.999.
Khan, A. A., Aleemi, A. R., and Qureshi, M. A. (2012). Is Economic Value Added More Associated With Stock Price Than Accounting Earnings ? Evidence From Pakistan Is Economic Value Added More Associated With Stock Price Than Accounting Earnings ? (Issue March).
Khan, R. E. A., and Ali, R. (2016). Causality Analysis of Volatility in Exchange Rate and Stock Market Prices: A Case Study of Pakistan. Asian Economic and Financial Review, 5(5), 805–815. https://doi.org/10.18488/journal.aefr/2015.5.5/102.5.805.815.
Kumar, R. (2017). Strategic Financial Management Casebook. Elsevier Inc. https://doi.org/10.1016/B978-0-12-805475-8.00001-X.
Langager, C., and Brock, T. (2022). Who is Responsible for Shareholder's Interests? Investopedia. https://www.investopedia.com/ask/answers/05/shareholderinterest.asp.
Lie, S., and Ruslim, H. (2020). Pengaruh Dar , Ukuran Perusahaan , Dan Tax Avoidance Terhadap Cost Of Debt. Jurnal Manajerial Dan Kewirausahaan, II(2), 469–478.
Mariani, D., and Suryani. (2018). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kinerja Sosial dan Kinerja Lingkungan Sebagai Variabel Moderator. Jurnal Akuntansi Dan Keuangan, 7(1), 59–78.
Mayangsari, R. (2018). Pengaruh Struktur Modal, Keputusan Investasi, Kepemilikan Manajerial, dan Komite Audit Terhadap Nilai Perusahaan Aneka Industri Yang Listing di Bursa Efek Indonesia Periode 2012-2016. Jurnal Ilmu Manajemen, 6(4), 477–485.
Nugroho, M. (2018). The Effect of Economic Value Added (EVA), Market Value Added ( MVA ), Refined Economic Value Added (REVA) on Stock Prices and Returns Stock at Manufacturing Industries Who Listed on Indonesia Stock Exchange (BEI). Archives of Business Research (ABR), 6(12), 173–188. https://doi.org/10.14738/abr.612.5843.
Pasha, A., and Ramzan, M. (2019). Asymmetric Impact of Economic Value-Added Dynamics on Market Value of Stocks in Pakistan Stock Exchange, a New Evidence From Panel Co-integration, FMOLS and DOLS. Cogent Business and Management, 6(1). https://doi.org/10.1080/23311975.2019.1653544.
Pattisahusiwa, S., and Diyanti, F. (2017). Pengungkapan Corporate Social Responsibility, Struktur Corporate Governance dan Nilai Perusahaan. Jurnal Ekonomi Modernisai, 13(1), 25–36.
Putra, K. K., and Sibarani, M. (2018). Analisis Pengaruh Antara Economic Value Added (EVA) dan Market Value Added (MVA) Terhadap Harga Saham Pada Perusahaan Sektor LQ45 Di Bursa Efek Indonesia (BEI) Periode 2007-2008. Journal of Accounting and Business Studies, 3(2), 1–12.
Putri, M. F. (2020). Pengaruh Likuiditas, Profitabilitas, Solvabilitas, dan Ukuran Perusahaan Terhadap Harga Saham (Studi Kasus Pada Perusahaan Pertambangan yang Terdaftar di BEI 2015-2019). In repository.unimus.ac.id. Univeritas Muhammadiyah Semarang.
Rani. (2019). Pengaruh Modal dan Lama Usaha Terhadap Pendapatan Pedagang di Pasar Tradisional Pasar Minggu. Jurnal Widya Cipta, 3(1), 143–148.
Rosmawati. (2018). Pengaruh Economic Value Added Terhadap Harga Saham Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Pengembangan Sumber Daya Insani, 3(2), 377–381. https://journal.unismuh.ac.id/index.php/Perspektif/article/view/1670/1358.
Ross, S. A., Westerfield, R. W., and Jordan, B. D. (2019). Fundamentals of corporate finance (Twelfth Ed). Mc Graw Hill.
Rosyida, H., Firmansyah, A., and Wicaksono, S. B. (2020). Volatilitas Harga Saham: Leverage, Ukuran Perusahaan, Pertumbuhan Aset. JAS (Jurnal Akuntansi Syariah), 4(2), 196–208. https://doi.org/10.46367/jas.v4i2.256.
Sabol, A., and Sverer, F. (2017). A Review Of The Economic Value Added Literature And Application. Special Issue, UTMS Journal of Economics, 8(1), 19–27.
Sintyawati, N. L. A., and Dewi, M. R. (2018). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Leverage Terhadap Biaya Keagenan Pada Perusahaan Manufaktur. E-Jurnal Manajemen Unud, 7(2), 993–1020.
Supriyadi, S. G., and Sunarmi. (2018). Pengaruh Current Ratio (CR), Debt To Assets Ratio (DAR), Earning Per Share (EPS), Dividen Payout Ratio (DPR) Terhadap Harga Saham Pada Perusahaan Manufaktur Sektor Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Periode 2010-2014. Jurnal Education and Economics, 01(04), 450–463.
Tandelilin, T. (2013). Portofolio dan Investasi: Teori dan Aplikasi. Kanisius.
Utami, W. B., and Pardanawati, S. L. (2016). Pengaruh Likuiditas, Solvabilitas, Dan Manajemen Aset Terhadap Kinerja Keuangan Pada Perusahaan Go Publik Yang Terdaftar Dalam Kompas 100 Di Indonesia. Jurnal Akuntansi Dan Pajak, 17(01), 63–72. https://doi.org/10.29040/jap.v17i01.58.
Widarjono, A. (2018). Ekonometrika pengantar dan aplikasinya disertai panduan eviews (Ed 5). UPP STIM YKPN Yogyakarta.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Jurnal Akuntansi
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License