Factors That Affect Stock Returns in Food and Beverage Companies Listed on the Indonesian Stock Exchange
Main Article Content
Wahyu Indah Mursalini*
Esi Sriyanti
Attila Nurhida Putri
The primary objective of this research is to analyze the financial progress of Food and Beverage Companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. The study focuses on four main parameters: Economic Value Added (EVA), Market Value Added (MVA), Refined Economic Value Added (REVA), and Financial Value Added (FVA), and their influence on stock returns. The research methodology employed is quantitative. The target population consists of all Food and Beverage Companies listed on the Indonesia Stock Exchange during the specified period. A purposive sampling method was used to select 20 samples that met specific criteria. Data were collected from secondary sources, specifically annual reports. Data analysis was conducted using SPSS 25 software to assess the influence of EVA (X1), MVA (X2), REVA (X3), and FVA (X4) on stock returns. The results of the study indicate that EVA (X1) and MVA (X2) do not significantly impact stock returns, with t-values of -0.266 and 1.485, respectively. Similarly, REVA (X3) does not show a significant effect on stock returns, with a t-value of 0.643. However, FVA (X4) demonstrates a significant negative relationship with stock returns, with a t-value of -2.423. When considered collectively, EVA, MVA, REVA, and FVA do not have a significant effect on stock returns. The F-value was 1.738, with a significance level of 0.153.
Aulya, R., & Agustin, H. (2023). Pengaruh Ekonomi Value Added dan Market Value Added terhadap Return Saham. Jurnal Eksplorasi Akuntansi, 5(4), 1334–1351. https://doi.org/10.24036/jea.v5i4.705
Destriyanti, D. I., & Isynuwardhana, D. (2020). Analisis Kinerja Keuangan dengan Menggunakan Metode Economic Value Added, Financial Value Added, dan Market Value Added (Studi Kasus Perusahaan Sub Sektor Industri Rokok Yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2018). Journal of Accounting and Finance, 7(1), 639–746.
Donny Prima Rocky, Nirwana Ida, R. S. (2023). Dampak Petumbuhan Modal Dan Utang Terhadap Kinerja Keuangan Perusahaan Sub Sektor Kontruksi Dan Bangunan Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2016-2020. Jurnal Penelitian Ekonomi Manajemen Dan Bisnis, 2(1), 18–30.
Irawan, F., Kinanti, A., & Suhendra, M. (2020). The impact of transfer pricing and earning management on tax avoidance. Talent Development & Excellence, 12(3), 3203–3216.
Lestari, A., & Oktaria, H. (2019). Pengaruh Refined Economic Value Added Terhadap Return Saham Pada Perusahaan Nonkeuangan Yang Terdaftar Di Bursa Efek Indonesia. Journal of Applied Managerial Accounting, 3(1), 107–115.
Midfi, S. K., Djatnika, D., & Tripuspitorini, F. A. (2021). Kinerja Keuangan Berbasis Value Added Menggunakan Konsep EVA, MVA, REVA, FVA, dan SVA pada Perusahaan Semen Kategori Indeks LQ45. Indonesian Journal of Economics and Management, 1(3), 510–522. https://doi.org/10.35313/ijem.v1i3.3008
Nurmalasari, N., Laturrohman, N., Widarwati, E., & Wityasminingsih, E. (2024). The Impact of Green Intellectual Capital on Financial Performance: Case of Indonesian Manufacturing Industry During Pandemic. Journal of Management and Muamalah, 14(1), 36–51.
Oktianto, B. A. (2019). Pengaruh kinerja keuangan terhadap harga saham pada perusahaan industri makanan dan minuman di Bursa Efek Indonesia. Jurnal Ilmu Manajemen, 6(2), 151–163.
P.D Charara Bhuntar, M. I. W., & Netty, I. (2023). Pengaruh Volume Perdagangan Saham, Volatilitas Harga Saham Dan Kapitalisasi Pasar Terhadap Return Saham Pada Perusahaan Perdagangan Besar Yang Terdaftar Pada Bursa Efek Indonesia (Bei) Periode 2016-2020. Jurnal Penelitian Ekonomi Manajemen Dan Bisnis, 2(1), 185–195.
Palepu, K. G., Healy, P. M., Wright, S., Bradbury, M., & Coulton, J. (2020). Business analysis and valuation: Using financial statements. Cengage AU.
Safira Nada, & Usman Susanti. (2021). Analisis Kinerja Keuangan Dengan Menggunakan Metode Eva, Mva,Fva, Reva Pada Perusahaan Sub Sektor Semen Yang Terdaftar DiBursa Efek Indonesia Periode 2016-2020. Open Journal Systems, 16(2), 6377–6390.
Sari, D. P. A., Hartono, A., & Sayidatul, N. (2022). Pengaruh Kinerja Keuangan Terhadap Return Saham pada BRIlife. Formosa Journal of Multidisciplinary Research, 1(4), 957–974. https://doi.org/10.55927/fjmr.v1i4.880
Silalahi Esli, M. M. (2021). Pengaruh Economic Value Added Dan Market Value Added Terhadap Return Saham Pada Perusahaan Manufaktur Yang Tedaftar DiBursa Efek Indonesia. Junal Akuntansi, 7(1), 30–41.
Very, I. (2022). Impairment In Value of PSAK 7 Financial Accounting Standards, Classification of Accounting Measurements in Hedging Companies in The Banking Sector Due To Corona Virus. Marginal : Journal of Management, Accounting, General Finance and International Economic Issues, 1(4), 219–240. https://doi.org/https://doi.org/10.55047/marginal.v1i4.341
Wulandari, D., Bukit, R., & Absah, Y. (2019). Analysis of Factors Affecting Stock Prices Through Capital Adequacy Level in Conventional Commercial Banks Listed on Indonesia Stock Exchange in 2015-2017. Journal of Public Budgeting, Accounting and Finance, 2(4), 1–14.
