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Analysis of The Effect of Economic Value Added and Market Value Added on Stock Return on The Indonesian Stock Exchange Case Study on Health Companies in 2019-2020

Hasanuddin Journal of Applied Business and Entrepreneurship · Vol. 5 No. 3 (2022) · pp. 60–67

ISSN
2598-0890, 2598-0882
Published
2022-08-18
Publisher
Master of Management, Faculty of Economics and Business, Hasanuddin University.
Language
en

Abstract

The emergence of the Covid-19 pandemic at the beginning of 2020 in Indonesia certainly had a very significant impact and change, especially the lifestyle and habits of people's lives. On the other hand, this pandemic provides opportunities for health companies to provide goods and services that are basic needs during the pandemic. Based on this incident, of course, investors will look to invest some of their funds in these companies. However, before investing, investors must pay attention to the addition or subtraction of the actual value of the company's real condition. Therefore, this study tries to analyze the company's performance using the Economic Value Added (EVA) and Market Value Added (MVA) methods which can become a reference for investors before investing. The purpose of this study is to determine the effect of EVA, MVA, and both on stock returns. The method used is a quantitative approach with descriptive and verification analysis methods. The data used in this study is secondary data from the company's financial statements. The samples analyzed were 16 health sector companies listed on the Indonesia Stock Exchange, the selection of this sample used a non-probability sampling method with purposive sampling technique. The results obtained from this study, namely: EVA has a negative effect on stock returns, MVA has a negative effect on stock returns, and both (EVA + MVA) simultaneously have a negative effect on stock returns. Based on the hypothesis test with Simultaneous Test (F-test) the F count value is 0.0099 with F table value 4.17 (F count < F table), meaning that all independent variables (EVA and MVA) have insignificant effect on stock returns. Hypothesis test with partial test (T test) shows for EVA obtained T count 0.0785 and T table value 2.04 (F count < F table) which means EVA has no effect on stock returns, while for MVA, the T count is 0.1460 and the T table value is 2.04 (F count < F table) which means that MVA also has insignificant effect on stock return prices.

Keywords

Collaboration network of the authors

20 authors · 41 co-authorship links · 17 across different organisations

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Institut Sains dan Bisnis Internasional Singkawang
  • Universitas Sulawesi Tenggara
  • Universitas Bosowa
  • Universitas Muslim Indonesia
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Hasrianto HasriantoInstitut Sains dan Bisnis Internasional Singkawang2
Raivel RaivelUniversitas Sulawesi Tenggara1
Moh Khaidir NoorUniversitas Bosowa1
Haslinda HasanInstitut Sains dan Bisnis Internasional Singkawang1
Hasbi BakriUniversitas Muslim Indonesia1
Andi Ilham SamanlangiUniversitas Bosowa1
Reivel RaivelUniversitas Sulawesi Tenggara1
Arfa ApriliantiAffiliation unknown1
Mursalim NohongAffiliation unknown1
Eko Agustiono Bachrudin YusufAffiliation unknown1
Abd. Rahman KadirAffiliation unknown1
Cepi PahleviAffiliation unknown1
Nawal Ulfah Indah sari NawalAffiliation unknown1
Andi AswanAffiliation unknown1
Riska Prayoga YogaAffiliation unknown1
Muhammad SobarsyahAffiliation unknown1
HerliansyahAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unhas.ac.id/index.php/hjabe/oai, first harvested 2 Nov 2026, last seen 2 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">Analysis of The Effect of Economic Value Added   and Market Value Added  on Stock Return on The Indonesian Stock Exchange  Case Study on Health Companies in 2019-2020</dc:title>
	<dc:creator xml:lang="en">Imran, Ali</dc:creator>
	<dc:creator xml:lang="en">Pakki, Erlina</dc:creator>
	<dc:creator xml:lang="en">Rahim, Fauzi R.</dc:creator>
	<dc:subject xml:lang="en">EVA</dc:subject>
	<dc:subject xml:lang="en">MVA</dc:subject>
	<dc:subject xml:lang="en">Stock Returns</dc:subject>
	<dc:subject xml:lang="en">Health Companies</dc:subject>
	<dc:subject xml:lang="en">Indonesian Stock Exchange</dc:subject>
	<dc:description xml:lang="en">The emergence of the Covid-19 pandemic at the beginning of 2020 in Indonesia certainly had a very significant impact and change, especially the lifestyle and habits of people's lives. On the other hand, this pandemic provides opportunities for health companies to provide goods and services that are basic needs during the pandemic. Based on this incident, of course, investors will look to invest some of their funds in these companies. However, before investing, investors must pay attention to the addition or subtraction of the actual value of the company's real condition. Therefore, this study tries to analyze the company's performance using the Economic Value Added (EVA) and Market Value Added (MVA) methods which can become a reference for investors before investing. The purpose of this study is to determine the effect of EVA, MVA, and both on stock returns. The method used is a quantitative approach with descriptive and verification analysis methods. The data used in this study is secondary data from the company's financial statements. The samples analyzed were 16 health sector companies listed on the Indonesia Stock Exchange, the selection of this sample used a non-probability sampling method with purposive sampling technique. The results obtained from this study, namely: EVA has a negative effect on stock returns, MVA has a negative effect on stock returns, and both (EVA + MVA) simultaneously have a negative effect on stock returns. Based on the hypothesis test with Simultaneous Test (F-test) the F count value is 0.0099 with F table value 4.17 (F count &amp;lt; F table), meaning that all independent variables (EVA and MVA) have insignificant effect on stock returns. Hypothesis test with partial test (T test) shows for EVA obtained T count 0.0785 and T table value 2.04 (F count &amp;lt; F table) which means EVA has no effect on stock returns, while for MVA, the T count is 0.1460 and the T table value is 2.04 (F count &amp;lt; F table) which means that MVA also has insignificant effect on stock return prices.</dc:description>
	<dc:publisher xml:lang="en">Master of Management, Faculty of Economics and Business, Hasanuddin University.</dc:publisher>
	<dc:date>2022-08-18</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
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	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unhas.ac.id/index.php/hjabe/article/view/21662</dc:identifier>
	<dc:source xml:lang="en">Hasanuddin Journal of Applied Business and Entrepreneurship; Vol. 5 No. 3 (2022): Hasanuddin Journal of Applied Business and Entrepreneurship; 60-67</dc:source>
	<dc:source>2598-0890</dc:source>
	<dc:source>2598-0882</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://journal.unhas.ac.id/index.php/hjabe/article/view/21662/8539</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2022 Hasanuddin Journal of Applied Business and Entrepreneurship</dc:rights>
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