ECONOMIC VALUE ADDED (EVA) AND LEVERAGE ANALYSIS TO MEASURE THE FINANCIAL PERFORMANCE OF CIGARETTE COMPANIES
Keywords:
Economic Value Added, Debt to Assets Ratio, Debt to Equity Ratio
Abstract
Financial statements are reports that can be used as a reference tool in making financial decisions and assessing performance in a company. This study is aimed at analyzing the assessment of the financial performance of cigarette companies using Economic value added (EVA) and leverage ratios. This type of research is descriptive quantitative, with variables consisting of EVA, DAR, and DER. Data is sourced from secondary data by the method of collection using documentation. The sample of this study is the financial statements of three cigarette companies for 2013 – 2017. The data analysis method used is descriptive with EVA, DAR, and DER ratios. The results showed that the assessment of financial performance in the form of EVA all cigarette companies had good performance (positive EVA value), PT. Gudang Garam Tbk has a better performance than others, because the value of EVA every year tends to increase, DAR for PT. Wismilak Inti Makmur Tbk is in the good category, but the company's DAR ratio every year decreases to a ratio of 20%, the DER ratio of PT. Gudang Garam Tbk and PT. PT. Wismilak Inti Makmur Tbk with good criteria
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Sumarsan, Thomas. (2010). Management Control System Concept, Application, And Performance Measurement, Print I. Jakarta: Indeks.
Sunardi, Nardi. (2018). Analysis of Economic Value Added (EVA), Financial Value Added (FVA) and Market Value Added (MVA) With Time Series Approach as a Tool for Assessing Financial Performance (Study on the Construction Industry (BUMN) in Indonesia Listed on the IDX in 2013-2017). Journal of Securities (Financial and Investment Economics Stocks), Vol. 2, No.1, September 2018, ISSN (online) : 2581-2777 & ISSN (print) : 2581-2696. Universitas Pamulang.
Suripto. (2015). Financial Management, Corporate Value Creation Strategy Through Economic Value Added Approach, First Printing. Yogyakarta: Graha Ilmu.
Susmonowati, Trinik. (2018). Economic Value Added (Eva) As A Measurement Of Financial Performance In The Telecommunications Industry An Empirical Analysis. Journal of Transparency, Vol. 1, No. 1, Juni 2018, pp. 101-119E-ISSN 2622-0253. Institut Ilmu Sosial dan Manajemen STIAMI.
Umbara, Ani. (2016). Financial Performance Assessment Analysis Reviewed from Economic Value Added (EVA) and Return On Investment (ROI) in Pharmaceutical Companies Listed on the IDX. eJournal Business Administration Sciences, Volume 4 Nomor 2, 2016: 479-490, ISSN 2355-5408. Samarinda: Universitas Mulawarman.
Utari, Dewi, Purwanti, Ari, Prawironegoro, Darsono. (2016). Management Accounting Practical Approach, 4th Edition. Jakarta: Mitra Wacana Media.
Wibowo. (2016). Performance Management (5th ed.). Rajawali Pers.
www.idx.co.id
Denny, E. (2018). Financial Statement Ratio Analysis to Assess the Company's Performance of PT Kino Indonesia Tbk. Jurnal Ecodemica, 2(1), 12–20. https://ejournal.bsi.ac.id/ejurnal/index.php/ecodemica/article/download/2752
Di, K. L.-, & Efek, B. (2015). Effect of Economic Value Added (EVA) and Market Value Added (MVA) on Stock Price in LQ-45 Group Companies on the Indonesia Stock Exchange. 2, 97–110.
Fahmi, Irham. (2017). Financial Statement Analysis, Sixth Printing. Bandung: ALFABETA.
Ginanjar, G., & Ferlina MT, A. (2015). Financial Performance Analysis Using Economic Value Added (EVA) And Market Value Added (MVA) Methods: A study on cigarette companies listed on the Indonesia Stock Exchange (IDX) for the 2009-2013 Period Gigin. E-Proceeding of Management, 2(2), 1–8.
Hanafi, Mahmud M. (2015). Financial Management, EditionI, Eighth Printing. Yogyakarta: BPFE.
Harahap, Sofyan Syafri. (2008). Accounting Theory, Revised Edition. Jakarta: Rajawali Pers.
_____________. (2009). Critical Analysis of Financial Statements, Edition I. Jakarta: Rajawali Pers.
Ikbar, M. M., & Dewi, A. S. (2015). Analysis of the Effect of Economic Value Added (EVA) and Market Value Added (MVA) on the Share Price of Property Subsector Companies Incorporated in the Lq45 Indonesia Stock Exchange. E-Proceeding of Management, 2(2), 1148–1155.
Kasmir. (2016). Financial Statement Analysis, 9th Printing. Jakarta: Rajawali Pers.
Keown, Arthur J., Martin, John D., Petty, J. William, JR., David F. Scott,. (2008). Financial Management, Principles and Applications, Tenth Edition Volume 1. Jakarta: Indeks.
Kieso, Donal E., Weygandt, Jerry J., Warfield, Terry D. (2008). Intermediate Accounting, Issue 12, Volume 1. Jakarta: Erlangga.
Meutia Dewi. (2017). Assessment of the Company's Financial Performance using the EVA (Economic Value Added) Method (Case Study at PT. Krakatau Steel Tbk period 2012-2016). Journal of Management And Finance Unsam, 6(1), 648–659. https://ejurnalunsam.id/ index.php/jmk/article/view/212/162.
Novitasari, M., & Erari, A. (2017). Pengaruh Economic Value Added dan Market Value Added Terhadap Indeks Harga Saham Individual Pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2013-2015. Journal Of Management & Business Vol. 1 No. 1 (Januari 2017) 38–49. Http://jurnal.man.feb.uncen.ac.id/ index.php/jmb/article/download/4/6
Sonia R, B., Zahroh, Z. ., & Azizah, D. F. (2014). Analysis of the Effect of Economic Value Added (EVA), Market Value Added (MVA), and Return On Investment (ROI), on Stock Prices (Study on Property and Real Estate Companies Listed on the Indonesia Stock Exchange for the 2009-2012 Period. Journal of Business Administration, 9(1), 1–9.
Suad Husnan dan Enny Pudjiastuti. (2006). Analysis of Influence Economic Value Added and Market Added to Return To Share In Manufacturing In BEI.
Sudana, Made I. (2011). Corporate Financial Management Theory and Practice. Jakarta: Erlangga.
Sugiyono. 2016. Quantitative, Qualitative, and R&D Research Methods. Bandung: ALFABETA.
Sujarweni, V. Wiratna. (2015). Methodology of Economic Business Research. Yogyakarta: Pustaka Baru Press.
Sumarsan, Thomas. (2010). Management Control System Concept, Application, And Performance Measurement, Print I. Jakarta: Indeks.
Sunardi, Nardi. (2018). Analysis of Economic Value Added (EVA), Financial Value Added (FVA) and Market Value Added (MVA) With Time Series Approach as a Tool for Assessing Financial Performance (Study on the Construction Industry (BUMN) in Indonesia Listed on the IDX in 2013-2017). Journal of Securities (Financial and Investment Economics Stocks), Vol. 2, No.1, September 2018, ISSN (online) : 2581-2777 & ISSN (print) : 2581-2696. Universitas Pamulang.
Suripto. (2015). Financial Management, Corporate Value Creation Strategy Through Economic Value Added Approach, First Printing. Yogyakarta: Graha Ilmu.
Susmonowati, Trinik. (2018). Economic Value Added (Eva) As A Measurement Of Financial Performance In The Telecommunications Industry An Empirical Analysis. Journal of Transparency, Vol. 1, No. 1, Juni 2018, pp. 101-119E-ISSN 2622-0253. Institut Ilmu Sosial dan Manajemen STIAMI.
Umbara, Ani. (2016). Financial Performance Assessment Analysis Reviewed from Economic Value Added (EVA) and Return On Investment (ROI) in Pharmaceutical Companies Listed on the IDX. eJournal Business Administration Sciences, Volume 4 Nomor 2, 2016: 479-490, ISSN 2355-5408. Samarinda: Universitas Mulawarman.
Utari, Dewi, Purwanti, Ari, Prawironegoro, Darsono. (2016). Management Accounting Practical Approach, 4th Edition. Jakarta: Mitra Wacana Media.
Wibowo. (2016). Performance Management (5th ed.). Rajawali Pers.
www.idx.co.id
Published
2022-10-30
How to Cite
Priantono, S., & Khoirun, N. (2022). ECONOMIC VALUE ADDED (EVA) AND LEVERAGE ANALYSIS TO MEASURE THE FINANCIAL PERFORMANCE OF CIGARETTE COMPANIES. Brilliant International Journal Of Management And Tourism , 2(3), 216-231. https://doi.org/10.55606/bijmt.v2i3.477
Section
Articles
