PENGARUH KINERJA BERBASIS PENCIPTAAN NILAI DAN VARIABEL MAKROEKONOMI TERHADAP RETURN SAHAM INDUSTRI PAKAN TERNAK
Abstract: The creation of
value-based performance measurement can be an alternative in measuring the
company's financial performance. Results can be used as indicators of
assessments by investors, and these indicators can influence the stock returns.
Besides, macroeconomic variables also affect stock returns. This study aimed to
analyze the financial performance of companies in the process of creation of
value-added with EVA, MVA, and Tobin's Q approach. Impacts of these performance
measurements and macroeconomic variables (exchange rates, interest rates, and
inflation) on stock returns of the subsector animal feed industry were studied.
Descriptive analysis was applied in analyzing the company's financial
performance. The impacts of the company financial performance and macroeconomic
variables were assessed by using panel data regression analysis. The results
related to the company's performance showed that 1) EVA performance dominantly
obtained a positive EVA value; 2) MVA performance predominantly produced a positive
MVA value in 3 companies and a negative MVA value in the other company; 3)
Tobin’s Q performance predominantly generated a value of Q>1 in 2 companies
and a value of Q<1 in the other 2 companies. The results of the panel data
regression analysis concluded the independent variables influencing the stock
return were the performance variables while the macroeconomic variables had no
effects on stock return.
Keywords: macroeconomic
variables, panel data regression, stock return, subsector of animal feed,
value-based performance
Penulis: Evi Karmilah, Rita
Nurmalina, Budi Setiawan
Kode Jurnal: jppertaniandd160068