The Effect of Economic Value Added and Profitability Ratio on Stock Prices in the Banking Sub-Sector on the Indonesia Stock Exchange (2019–2023)

R. Sri Handayani; Siti Badiatus Sholikhah

doi:10.59890/ijaamr.v3i7.57

Authors

R. Sri Handayani Universitas Teknologi Yogyakarta
Siti Badiatus Sholikhah Universitas Teknologi Yogyakarta

DOI:

https://doi.org/10.59890/ijaamr.v3i7.57

Keywords:

Economic Value Added, profitability ratio, stock price

Abstract

This study aims to examine the effect of Economic Value Added (EVA) and profitability ratio on stock prices in banking sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the 2019–2023 period. The method used is a quantitative approach with multiple linear regression analysis. The research sample consisted of 24 companies with a total of 120 annual observations, selected through purposive sampling techniques. The results of the analysis show that partially, EVA has no significant effect on stock prices, while Net Profit Margin (NPM) has a positive and significant effect. Simultaneously, EVA and NPM have a significant effect on stock prices. The Adjusted R² value of 0.239 indicates that 23.9% of the variation in stock prices can be explained by the two independent variables. This finding indicates that investors consider easily accessible profitability indicators such as NPM in making investment decisions, while EVA has not been a primary consideration. The implications of this study are the importance of companies maintaining operational efficiency and profitability to attract investors, as well as the need for investor education regarding the use of EVA indicators as a more comprehensive performance evaluation tool.

References

Brigham, E. F., & Houston, J. F. (2021). Dasar-dasar Manajemen Keuangan. Salemba Empat.

Ghozali, I. (2021). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.

Hutabarat, S. (2020). Manajemen Keuangan dan Kinerja Perusahaan. Gramedia Widiasarana Indonesia.

Kasmir. (2019). Analisis Laporan Keuangan. Rajawali Pers.

Putri, D. F., & Ramadhan, R. A. (2023). Pengaruh Rasio Profitabilitas terhadap Harga Saham pada Perusahaan Manufaktur. Jurnal Akuntansi Indonesia, 12(1), 25–39.

Sobahi, M., et al. (2019). Determinant of EVA and Corporate Value. International Journal of Economics, 8(3), 122–130.

Sugiyono. (2020). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.

Takarini, V. (2022). Faktor-Faktor yang Mempengaruhi Harga Saham di Pasar Modal Indonesia. Jurnal Keuangan dan Perbankan, 26(4), 537–550.

Parhusip, J. M., et al. (2021). Economic Value Added dan Harga Saham. Jurnal Riset Akuntansi Multiparadigma, 10(1), 77–89.

Choky, F. A., et al. (2020). Pengaruh Economic Value Added dan Rasio Profitabilitas terhadap Harga Saham pada Perusahaan Asuransi. Jurnal Ilmu dan Riset Manajemen, 9(2), 112–126.

Lukman, R., & Soliqin, M. (2019). Analisis Pengaruh EVA terhadap Harga Saham. Jurnal Ilmiah Manajemen dan Bisnis, 8(1), 45–57.

Muhidin, M., & Situngkir, H. (2022). Return on Assets dan Earning Per Share terhadap Harga Saham. Jurnal Ilmu Ekonomi dan Bisnis, 14(2), 199–214.