ANALISIS ECONOMIC VALUE ADDED (EVA) DALAM HUBUNGANNYA DENGAN HARGA SAHAM PADA PERUSAHAAN JASA TRANSPORTASI YANG LISTING DI BURSA EFEK JAKARTA PERIODE 2003—2005

Abstract

Capital is an important component that determines company’s operation. Issuing
stock would be effective if it can add value to the company economically. One approach that
can be implemented for company valuation is Economic Value Added (EVA), which takes into
account the cost of capital. This cost is formerly abandoned by companies, although it is very
crucial in value creation for the company. This research tries to asses company’s financial
performance using EVA approach and correlate it to stock price.
Research objects cover transportation service companies listed on the Jakarta Stock
Exchange (JSX) during period of 2003-2005. The companies have important roles in
mobilizing product and services needed by society.
The result shows that most transportation companies listed on the JSX during 2003-
2005 have not able to create economic value added. Result of correlation analysis shows that
the relationship between EVA value and stock price is not in the same direction (negative),
very weak, and not significant.